Internal Audit Lecture PPT

Internal Audit Lecture PPT - Management Auditing...

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Management Auditing This lesson sets the stage for your study of management auditing. You will consider: the definition and scope of management auditing (or internal auditing). the business environment and its accompanying risks, the role of the management auditor and review the various types of auditing assignments you can expect as a management auditor. ethical considerations faced by management auditors on the job. Control frameworks and the Role of the Board of Directors’ Audit Committee Introduction to management auditing
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Define management auditing or internal auditing. Internal auditing is now defined by the Institute of Internal Auditors (IIA) as: “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.”
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Three elements comprising the scope of management auditing. Risk management : identify and evaluate significant exposures to risk and contribute to the improvement of risk management and control systems. Control : maintain effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement. Governance : assess and make appropriate recommendations for improving the governance process in the accomplishment of the organization’s objectives.
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Briefly outline the various organizations of the internal auditing profession. The principal professional organization for management auditors is the Institute of Internal Auditors (IIA), an international organization based in Florida. The IIA issues professional standards and provides certification examinations for the CIA designation. The Information Systems Audit and Control Association (ISACA) is a professional association for those active in the audit of information technology (IT auditing).
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Continued… ISACA sets standards for information systems auditing and provides certification examinations for the CISA designation. Many Canadian management auditors are CGAs, CMAs, or CAs . Chairman remarks
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What are the 4 main functions of management? Planning is the development of a clear idea of the purpose, long-term objectives, and short-term goals of an organization. Organizing entails establishing a rule structure to help achieve the goals of the organization. Directing is the process of inducing members of an organization to perform their roles successfully. Controlling is the comparison of actual performance with pre-determined standards, plans, or objectives .
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Summarize the main purpose of, and requirements for, achieving management control. The main purpose of management control is to
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Internal Audit Lecture PPT - Management Auditing...

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