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Date Submitted: 06/24/2012 01:11 AM
It’s A Great Time to be an Internal Auditor
Veronica Johnson, CIA Director, Academic Relations 247 Maitland Avenue Altamonte Springs, FL 32701 USA
www.theiia.org
Discussion Points
What is Internal Auditing? What does an internal auditor do? Why consider the profession of internal auditing? Professionalism
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Definition of Internal Auditing
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.
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Internal Auditing . . .
Bringing a systematic and disciplined approach to evaluating and improving the effectiveness of the organization’s:
• risk management • control • governance processes.
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Traditional Roles Of An Internal Auditor
Ensuring the Accuracy of Financial Records
Internal auditing was an extension of the accounting department Tick and Tie Auditor
Counting Inventories Verifying Petty Cash Auditing Payroll Records Audit by re-doing tasks
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Transitional
Emergence of Operational Auditing
More focus on controls within the organization Assumed a “Management Consultant” role
Checked compliance with company policies and procedures
Evaluated the effective and efficient use of resources Investigated fraud and other special events such as mergers.
Outsourcing and Co-sourcing
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Current Roles
Serves the Entire Organization Independent from Operating Management Partners with Management Participates with Improvement Teams & Task Force Processes Uses Technology
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The IIA says as a Profession for the 21st Century
We know more about modern risk and control models than any other group. We understand the organization’s culture as well...