To point out what key features that EA may take seriously if setting up an Internal Audit Team is in its future plans based on standards
The internal audit activity must be independent, and internal auditors must be objective in performing their work. (Performance Standards)
The chief audit executive must report to a level within the organization that allows the internal audit activity to fulfill its responsibilities. The chief audit executive must confirm to the board, at least annually, the organizational independence of the internal audit activity. (Performance Standards)
The chief audit executive must effectively manage the internal audit activity to ensure it adds value to the organization. (Attribute Standards)
The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes. (Attribute Standards)
There are many more standards that acts as safeguards to how an internal audit activity be done objectively and prevents large scale errors or frauds to happen.
These SOP in Internal Audit are proven methods ran by almost all large corporations and banks all over the world.
I know very little about these things, but yeah I would think if serious money is involved, it may be good to have someone with experience at one of the Big 4 accounting firms (or similar) have a position in these orgs.
The whistleblower system is a good idea. But Internal Audit Reviews done through International Standards for the Professional Practice of Internal Auditing by an Independent EA Internal Audit Team is still the best solution in ensuring the quality of EA procedures across all EA organizations.
If you want I’d like to see what you think the most important points of that doc are.
Hi Nathan,
To point out what key features that EA may take seriously if setting up an Internal Audit Team is in its future plans based on standards
The internal audit activity must be independent, and internal auditors must be objective in performing their work. (Performance Standards)
The chief audit executive must report to a level within the organization that allows the internal audit activity to fulfill its responsibilities. The chief audit executive must confirm to the board, at least annually, the organizational independence of the internal audit activity. (Performance Standards)
The chief audit executive must effectively manage the internal audit activity to ensure it adds value to the organization. (Attribute Standards)
The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes. (Attribute Standards)
There are many more standards that acts as safeguards to how an internal audit activity be done objectively and prevents large scale errors or frauds to happen.
These SOP in Internal Audit are proven methods ran by almost all large corporations and banks all over the world.
All the best,
Miguel
I know very little about these things, but yeah I would think if serious money is involved, it may be good to have someone with experience at one of the Big 4 accounting firms (or similar) have a position in these orgs.