INTRODUCTION TO INTERNAL AUDITING
1. The three components of the internal audit value proposition are assurance, insight, and objectivity.
2. The Institute of Internal Auditors (IIAs) definition: Internal
Internal Audit - Chapter 12 Introduction to the Assurance Engagement
0 An engagement involving an objective examination of evidence for the purpose of providing an
independent assessment on governance, risk management and control proc
COSO defines risk as . . . the possibility that an event will occur and adversely affect the
achievement of an objective. ISO defines risk as "effect of uncertainty on objectives."
1. The arrows represent the flow of information throughout the governance structure. The board
provides direction to senior management to guide them in carrying out the risk management
What are the three components of the value proposition:
assurance, insight, and objectivity
Control.Internal audit provides assurance