New IA IA Clinic March 30, 2013. Definition of Internal Auditing Internal auditing is an independent, objective assurance and consulting activity designed.

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Presentation transcript:

New IA IA Clinic March 30, 2013

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

 Accounting and external auditing were major mechanism  Internal auditing was developed as a separate specialism task of accountant  Focus on financial transactions (Tick and Mark)  Thousands of transactions  Report to finance director/ manager Early stage...

 The Institute of Internal Auditors was founded in 1941in New York  Created the systematic body of knowledge (framework)  Expanded to system- based audit  Review of Input, Process and Output  Still financially focus Recent history

 Risk -based audit  Focus on what really matters  Control assurance framework  Risk Management  Corporate Governance  Consultancy At present

 International Professional Practices Framework (IPPF) • Attribute Standards • Performance Standards • Implementation Standards  Code of Ethics • Integrity • Objectivity • Confidentiality • Competency International Standards

 Certified Internal Auditor (CIA)  Certified Fraud Examiner (CFE)  Certification in Control Self-assessment (CCSA)  Certified Financial Services Auditor (CFSA) …..and more Certificates

Various types of Internal Audit  In house teams  Outsource  Partnership of both

Types of Auditing  Financial Auditing  Operational or Performance Auditing  Compliance Auditing  Management Auditing  Information Technology Auditing  Special Auditing Integrated audit

การเตรียมการตรวจสอบ แผนการ ตรวจสอบ แผนการ ปฏิบัติงาน ตรวจสอบ หารือ หน่วยรับตรวจ รายงานผล การตรวจสอบ ติดตามผล การตรวจสอบ ผลการประเมินความเสี่ยง ข้อตรวจพบ Internal Audit Process Preliminary Survey

Formal Process of work  Plan  Prepare  Document  Evaluate Controls  Test Controls  Field work – substantive test  Report  Follow up

Scope of audit work  Reliable and Completeness of Financial Information  Working systems which have impacts on performance, policy, strategy and legal issues  Asset Management  Effectiveness, Efficiency and Economy  Compliance with laws and regulations

Benefits of being IA  Challenging  Exciting  Meet lots of people  Improve your communication and personal skills  Best training ground for being top manager

Because…  It’s not just about finance!!!  All aspects of the organization  Everyday is different  Meet people well above your own status  They respect your opinion  Know more about your organization

But it’s also…  Need professional skills  Confidential  Hard work  Thought provoking  Stressful  Re-active  Time consuming

17 Competencies needed for internal auditors  Inherent Personal Qualities  Integrity  Passion  Work ethic  Curiosity  Creativity  Initiative  Flexibility

18 Knowledge and Skills  Expertise in more than one area  Technology  Communication  Analytical Thinking

Thank you