March%202011%20U%20of%20Illinois%20Accy%20304%20and%20PwC

March%202011%20U%20of%20Illinois%20Accy%20304%20and%20PwC -...

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Unformatted text preview: Subtitle and date (move higher if title is only one line) University of Illinois and PwC Risk Assurance – Internal Audit Services March 2011 Internal Audit – How is it defined? “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes .” The Institute of Internal Auditors’ Definition of Internal Auditing § The Institute of Internal Auditors (IIA) is the profession’s leader in certification, education, research and technical guidance. § The IIA provides guidance through the Professional Practices Framework § The Definition § The Code of Ethics § The International Standards for the Professional Practice of Internal Auditing (the Standards) § Practice Advisories, Practice Guides and Position Papers § The Certified Internal Auditor (CIA) is the globally accepted certification for internal auditors. Internal Audit – How does the profession look? Internal Audit – How does internal audit’s role in its company look? § The stature and impact of Internal Audit have significantly increased § A trusted advisor to executive management and the audit committee § Chief Audit Executives are being upgraded and are reporting higher § Internal Audit is often a highly desired talent source § Internal Audit is often used to facilitate major enterprise initiatives § Executive and strategic priorities § Enterprise risk management § Major project assurance and compliance efforts § Cost management, lean and six sigma efforts § Global growth initiatives How is Internal Audit changing?How is Internal Audit changing?...
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March%202011%20U%20of%20Illinois%20Accy%20304%20and%20PwC -...

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