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Leading the internal audit function

Author: Lynn Fountain
Publisher: Boca Raton : CRC Press, Taylor & Francis Group, [2016]
Series: Internal audit and IT audit.
Edition/Format:   Print book : EnglishView all editions and formats

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Document Type: Book
All Authors / Contributors: Lynn Fountain
ISBN: 9781498730426 1498730426
OCLC Number: 907495159
Description: xvii, 293 pages ; 24 cm.
Contents: Lessons of an AuditorIntroductionManagement's ViewSection 1: Lessons LearnedIntroductionLesson 1: Clarify/Define Management Expectations for Internal AuditLesson 2: Balance Management Expectations with the International Institute of Auditors StandardsLesson 3: Validate the Internal Audit Charter Is Fact and Not FictionLesson 4: Clarify the Purpose and Execution of Risk-Based AuditingLesson 5: Define "Independent Risk Assessment" in Relation to the Audit PlanLesson 6: Add Value while Maintaining IndependenceScenario: When the CAE Is Expected to Be a Yes Man/Ma'amLesson 7: Serve the Audit CommitteeVerbal CommunicationLesson 8: Communication of Issues When Management ObjectsLesson 9: Understand How the CAE Role and Audit Department Are ViewedLesson 10: Gaining a "Seat at the Table"Section 2: Is It Legal or Is It Ethical?-The CAE's DilemmaIntroductionEveryone Is ResponsibleTone at the Top Is EssentialHonesty Is Still the Best PolicyIntegrity Can Be a Measure of EthicsCorporate Responsibility and Communications Must Be PrevalentSilence Is Not AcceptableSummaryDefining the Purpose of the Internal Audit FunctionIntroductionSection 1: Understanding the Definition and Purpose of Internal AuditChallenge 1: Independence and ObjectivityChallenge 2: Assurance and Consulting ActivityChallenge 3: Add Value and Improve an Organization's OperationChallenge 4: Disciplined Approach to Evaluate and Improve the Effectiveness of Risk Management, Control, and Governance ProcessesSummary: Internal Audit Definition ChallengesScope of Internal AuditProfessional Standards-Principles for Internal Auditor EffectivenessSection 2: The Internal Charter-Reality or Fiction?IntroductionChallenge 5: Internal Audit CharterChallenge 6: Positioning and AuthoritySection 3: Internal Audit versus Quality Assurance FunctionsIntroductionInternal Audit versus Quality Assurance-The RealityMini-Audit FunctionsScenario: "Mini-Audit" ProcessChallenge 7: Internal Audit versus Quality AssuranceSection 4: Management Expectations versus StandardsIntroductionManagement Expectations and the StandardsCertified Internal AuditorChallenge 8: Attribute Standards Integrity and Ethical ValuesChallenge 9: Attribute Standards Proficiency and Due CareChallenge 10: Attribute Standards Quality Assurance and ImprovementSection 5: Performance StandardsIntroductionChallenge 11: Performance Standard 2000Section 6: Standards and Report WritingIntroductionChallenge 12: Performance Standard 2400 Communicating ResultsSection 7: Realities of Embracing Risk-Based AuditingIntroductionChallenge 13: Risk-Based AuditingSection 8: Internal Audit as Governance PillarIntroductionChallenge 14: Internal Audit's Role in GovernanceSummaryBuilding an Internal Audit TeamIntroductionTeam First and the Leader WithinSection 1: Internal Audit Resourcing, Staffing, and Building a TeamChallenge 15: Internal Audit Team StructureChallenge 16: Department Sourcing MethodsChallenge 17: Resourcing to Address Significant RisksSection 2: Skills Requirements for an Effective Internal Auditor IntroductionTechnical versus Soft SkillsBalanced Skill SetChallenge 18: Defining the Required Skill Set for Internal AuditorsSection 3: Internal Audit as a Management Training GroundIntroductionChallenge 19: Internal Audit as a Management Training GroundSection 4: Outsourcing, Co-sourcing, and In-sourcingIntroductionChallenge 20: OutsourcingChallenge 21: Co-sourcingChallenge 22: In-sourcingSummarySection 5: Internal Audit Skill Sets and KnowledgeIntroductionChallenge 23: Maintaining Appropriate Skill SetsSummaryAudit PlanIntroductionSection 1: Developing an Independent Audit PlanIntroductionChallenge 24: Audit Plan Time FrameChallenge 25: Audit Plan Resource AllocationChallenge 26: Audit Plan Development ApproachChallenge 27: Audit Plan ResultsSection 2: The Risk Assessment ApproachIntroductionChallenge 28: Enterprise Risk Management AssessmentChallenge 29: Executing the Enterprise Risk Management ProcessChallenge 30: Enterprise Risk Management Reporting versus Internal Audit ReportingExecuting Internal Audit ResponsibilitiesIntroductionSection 1: Aligning the Concept of Risk-Based AuditingIntroductionStep 1: Understand the ProcessChallenge 31: Audit Planning PhaseStep 2: Identify the Control StructureChallenge 31 Potential Actions: Audit Planning PhaseChallenge 32: Individual Audit Area Control EnvironmentChallenge 33: COSO as Part of the Risk-Based Audit ProcessStep 3: Understand, Identify, and Assess the RisksChallenge 34: Understanding, Identifying, and Assessing RiskStep 4: Measuring the Risk ImpactChallenge 35: Risk Tolerance versus Risk AppetiteRisk AppetiteStep 5: Summarizing Results and Identifying Risk- Mitigating ActionsChallenge 36: Summarizing Results and Identifying Risk-Mitigating ActionsSection 2: Internal Audit's Role in Corporate GovernanceIntroductionChallenge 37: Evaluating the Board of DirectorsBoard and Internal ControlSummarySection 3: Internal Audit's Role in Fraud ProcessesIntroductionPre-Sarbanes-Oxley IssuesPost-Sarbanes-OxleyChallenge 38: Internal Audit's Role in Fraud AwarenessChallenge 39: Internal Audit's Role in Fraud Risk AssessmentChallenge 40: Internal Audit's Role in Fraud InvestigationSummarySection 4: Performing Consulting EngagementsIntroductionChallenge 41: Internal Auditors as ConsultantsInternal Audit Reporting and CommunicationIntroductionSection 1: Internal Audit Reporting MethodsIntroductionChallenge 42: Internal Audit Reporting FormatChallenge 43: Internal Audit Report Writing Challenge 44: Management Action Plans versus Management Response Challenge 45: Providing an Overall Internal Audit OpinionChallenge 46: Management Representation at the Audit Committee MeetingSection 2: Functional and Administrative Reporting LinesIntroductionChallenge 47: Reporting to CFO or CLOChallenge 48: Reporting to the CEOChallenge 49: Reporting to the Audit Committee and Keys to Building RelationshipsSection 3: Legal, Regulatory, and Discovery ConceptsIntroductionChallenge 50: Understanding the Legal PrivilegeSection 4: When Adequate Management and Audit Committee Support Is LackingChallenge 51: Management and the Audit Committees' View of Internal Audit Are Extremely Different from the Standards and Those of the CAEChapter 7 Final WordIntroductionTen "Potential" Commandments for Auditors
Series Title: Internal audit and IT audit.
Responsibility: Lynn Fountain, CRMA, CGMA.


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