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Presentation on theme: " The Institute & the Profession Personalize here with presenter name."— Presentation transcript:

1 The Institute & the Profession Personalize here with presenter name.

2 The IIA: Global Professional Association Recognized Authority Acknowledged Leader Principal Educator

3 IIA Motto Progress through Sharing

4 IIA History 1941: Established in New York, USA 1944: Established 1 st Affiliate, Canada 1948: Established 2 nd Affiliate, England 2006: -246 Affiliates -160 Countries -More than 120,000 members

5 IIA Strategic Objectives Advocacy Globalization Service to members

6 The IIA Provides: Global Affiliate Network Membership Services Certification Professional Development & Training Educational Materials Benchmarking Network Professional Practices Framework IIA Research Foundation (IIARF) IIRF Reports & Educational Products

7 Professional Practices Framework (PPF) Code of Ethics Standards Practice Advisories (PAs)

8 Internal Auditing Independent Objective Assurance & consulting activity Adds value Monitors & improves –Risk Management –Internal Control –Governance Processes Helps meet organizational objectives

9 Internal Auditors: Evaluate Risk Confirm Information Analyze Operations Monitor Ethics Review Compliance Recommend Controls Assure Safeguards

10 Differentiation Internal and external auditing are two different professions.

11 Organizational Governance Four Cornerstones: Board of Directors Executive Management Internal Auditors External Auditors

12 Cornerstones

13 Audit Committee Primary Responsibilities: Financial Reporting Corporate Governance Corporate Control

14 Reporting Relationships The internal auditor should have a dual reporting relationship to the audit committee and to the CEO.

15 Internal Control Components: Control Environment Risk Assessment Control Activities Information & Communication Monitoring

16 Risk Management Identify Assess Rank Communicate Anticipate Mitigate

17 Enterprise Risk Management Strategic Risk Operational Risk Financial Risk Hazard Risk Compliance Risk Risk to Reputation

18 COSOs ERM Framework

19 Visit Call For more information:

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