Leading the Internal Audit Function (Internal Audit and IT Audit)

Leading the Internal Audit Function (Internal Audit and IT Audit)

By: Lynn Fountain (author)Hardback

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While the Institute of Internal Auditors (IIA) has provided standards and guidelines for the practice of internal audit through the International Professional Practice Framework (IPPF), internal auditors and Chief Audit Executives (CAEs) continue to experience difficulties when attempting to balance the requirements of the IPPF with management expectations. The true challenge for any internal auditor is to appropriately apply the Standards while exerting adequate independence and objectivity in the face of management pressure. In Leading the Internal Audit Function, Lynn Fountain presents lessons learned from her extensive experience as an internal auditor, internal audit manager, and CAE to help internal auditors understand the challenges, issues, and potential alternative solutions when executing the role. The book identifies more than 50 challenges for auditors and discusses potential alternative actions the auditor can take when they experience a similar challenge. The book explains how to: Build a value-oriented function that abides by the standards and supports the objectives and goals of the organization. Execute the many aspects of the internal audit, including assurance and consulting work. Build a risk-based audit process. Develop and sustain the internal audit team. Develop and manage relationships with management and the audit committee. Manage internal audit's role in corporate governance, compliance, and fraud. Leading the Internal Audit Function includes real-life examples, scenarios, and lessons learned from internal auditors and CAEs to emphasize the importance of carefully managing all aspects of the internal audit. The author summarizes her many lessons learned into ten "commandments" for both CAEs and internal auditors. By following the guidelines in this book, you should be well-equipped to gain management support, perform effective and ethical audits, and uphold IIA Standards.

About Author

Lynn A. Fountain, CGMA, CRMA, MBA has over 35 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author of both a personal book and professional books. Ms. Fountain is a subject matter expert and specializes in internal audit, Sarbanes-Oxley, Enterprise Risk Management, fraud, governance, ethics, and compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley, and governance frameworks. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She also holds her certificate in Certified Public Accountancy.


Lessons of an Auditor Introduction Management's View Section 1: Lessons Learned Introduction Lesson 1: Clarify/Define Management Expectations for Internal Audit Lesson 2: Balance Management Expectations with the International Institute of Auditors Standards Lesson 3: Validate the Internal Audit Charter Is Fact and Not Fiction Lesson 4: Clarify the Purpose and Execution of Risk-Based Auditing Lesson 5: Define "Independent Risk Assessment" in Relation to the Audit Plan Lesson 6: Add Value while Maintaining Independence Scenario: When the CAE Is Expected to Be a Yes Man/Ma'am Lesson 7: Serve the Audit Committee Verbal Communication Lesson 8: Communication of Issues When Management Objects Lesson 9: Understand How the CAE Role and Audit Department Are Viewed Lesson 10: Gaining a "Seat at the Table" Section 2: Is It Legal or Is It Ethical?-The CAE's Dilemma Introduction Everyone Is Responsible Tone at the Top Is Essential Honesty Is Still the Best Policy Integrity Can Be a Measure of Ethics Corporate Responsibility and Communications Must Be Prevalent Silence Is Not Acceptable Summary Defining the Purpose of the Internal Audit Function Introduction Section 1: Understanding the Definition and Purpose of Internal Audit Challenge 1: Independence and Objectivity Challenge 2: Assurance and Consulting Activity Challenge 3: Add Value and Improve an Organization's Operation Challenge 4: Disciplined Approach to Evaluate and Improve the Effectiveness of Risk Management, Control, and Governance Processes Summary: Internal Audit Definition Challenges Scope of Internal Audit Professional Standards-Principles for Internal Auditor Effectiveness Section 2: The Internal Charter-Reality or Fiction? Introduction Challenge 5: Internal Audit Charter Challenge 6: Positioning and Authority Section 3: Internal Audit versus Quality Assurance Functions Introduction Internal Audit versus Quality Assurance-The Reality Mini-Audit Functions Scenario: "Mini-Audit" Process Challenge 7: Internal Audit versus Quality Assurance Section 4: Management Expectations versus Standards Introduction Management Expectations and the Standards Certified Internal Auditor Challenge 8: Attribute Standards Integrity and Ethical Values Challenge 9: Attribute Standards Proficiency and Due Care Challenge 10: Attribute Standards Quality Assurance and Improvement Section 5: Performance Standards Introduction Challenge 11: Performance Standard 2000 Section 6: Standards and Report Writing Introduction Challenge 12: Performance Standard 2400 Communicating Results Section 7: Realities of Embracing Risk-Based Auditing Introduction Challenge 13: Risk-Based Auditing Section 8: Internal Audit as Governance Pillar Introduction Challenge 14: Internal Audit's Role in Governance Summary Building an Internal Audit Team Introduction Team First and the Leader Within Section 1: Internal Audit Resourcing, Staffing, and Building a Team Challenge 15: Internal Audit Team Structure Challenge 16: Department Sourcing Methods Challenge 17: Resourcing to Address Significant Risks Section 2: Skills Requirements for an Effective Internal Auditor Introduction Technical versus Soft Skills Balanced Skill Set Challenge 18: Defining the Required Skill Set for Internal Auditors Section 3: Internal Audit as a Management Training Ground Introduction Challenge 19: Internal Audit as a Management Training Ground Section 4: Outsourcing, Co-sourcing, and In-sourcing Introduction Challenge 20: Outsourcing Challenge 21: Co-sourcing Challenge 22: In-sourcing Summary Section 5: Internal Audit Skill Sets and Knowledge Introduction Challenge 23: Maintaining Appropriate Skill Sets Summary Audit Plan Introduction Section 1: Developing an Independent Audit Plan Introduction Challenge 24: Audit Plan Time Frame Challenge 25: Audit Plan Resource Allocation Challenge 26: Audit Plan Development Approach Challenge 27: Audit Plan Results Section 2: The Risk Assessment Approach Introduction Challenge 28: Enterprise Risk Management Assessment Challenge 29: Executing the Enterprise Risk Management Process Challenge 30: Enterprise Risk Management Reporting versus Internal Audit Reporting Executing Internal Audit Responsibilities Introduction Section 1: Aligning the Concept of Risk-Based Auditing Introduction Step 1: Understand the Process Challenge 31: Audit Planning Phase Step 2: Identify the Control Structure Challenge 31 Potential Actions: Audit Planning Phase Challenge 32: Individual Audit Area Control Environment Challenge 33: COSO as Part of the Risk-Based Audit Process Step 3: Understand, Identify, and Assess the Risks Challenge 34: Understanding, Identifying, and Assessing Risk Step 4: Measuring the Risk Impact Challenge 35: Risk Tolerance versus Risk Appetite Risk Appetite Step 5: Summarizing Results and Identifying Risk- Mitigating Actions Challenge 36: Summarizing Results and Identifying Risk-Mitigating Actions Section 2: Internal Audit's Role in Corporate Governance Introduction Challenge 37: Evaluating the Board of Directors Board and Internal Control Summary Section 3: Internal Audit's Role in Fraud Processes Introduction Pre-Sarbanes-Oxley Issues Post-Sarbanes-Oxley Challenge 38: Internal Audit's Role in Fraud Awareness Challenge 39: Internal Audit's Role in Fraud Risk Assessment Challenge 40: Internal Audit's Role in Fraud Investigation Summary Section 4: Performing Consulting Engagements Introduction Challenge 41: Internal Auditors as Consultants Internal Audit Reporting and Communication Introduction Section 1: Internal Audit Reporting Methods Introduction Challenge 42: Internal Audit Reporting Format Challenge 43: Internal Audit Report Writing Challenge 44: Management Action Plans versus Management Response Challenge 45: Providing an Overall Internal Audit Opinion Challenge 46: Management Representation at the Audit Committee Meeting Section 2: Functional and Administrative Reporting Lines Introduction Challenge 47: Reporting to CFO or CLO Challenge 48: Reporting to the CEO Challenge 49: Reporting to the Audit Committee and Keys to Building Relationships Section 3: Legal, Regulatory, and Discovery Concepts Introduction Challenge 50: Understanding the Legal Privilege Section 4: When Adequate Management and Audit Committee Support Is Lacking Challenge 51: Management and the Audit Committees' View of Internal Audit Are Extremely Different from the Standards and Those of the CAE Chapter 7 Final Word Introduction Ten "Potential" Commandments for Auditors

Product Details

  • ISBN13: 9781498730426
  • Format: Hardback
  • Number Of Pages: 293
  • ID: 9781498730426
  • weight: 590
  • ISBN10: 1498730426

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