Evaluating controls and advising managers at all levels
The Internal Auditor’s work includes assessing the tone and risk management culture of the organisation as well as evaluating and reporting on the effectiveness and efficiency of the implementation of management policies.
Evaluating risks
Internal Auditors identify key activities and relevant risk factors and assess their significance. Changing trends and business/economic conditions impact the way the internal auditor assesses risk. The techniques of internal auditing have changed from a reactive and control based form to a more proactive and risk based approach. This enables the internal auditor to anticipate possible future concerns and opportunities as well as identifying current issues.
Analysing operations and confirming information
Internal Auditors work closely with line managers to review operations then report their findings. The internal auditor must be well versed in the strategic objectives of the organisation, so that they have a clear understanding of how the operations of any given part of the organisation fit into the bigger picture.
Reviewing compliance
Compliance review ensures that the organisation is adhering to rules, regulations, laws, codes of practice, guidelines and principles as they apply individually and collectively to all parts of their organisation.
3.0 Mandate
IAs have a duty to senior management and the Council via the audit committee on the state of governance, risk management and control within the organisation.
4.0 Areas of Focus
IAs focus on the whole organisation, all departments, functions and operations
5.0 Independence
IAs are part of the organization but independent of management, they provide internal audit assurance and report to the audit committee.
6.0 Risk and Control
IAs provide an independent view on the organisation’s governance, risk management and control processes. They review, the adequacy of control design to ensure that risks are effectively managed, and then test operation of key controls to ensure they are operating as intended and therefore are effective in managing the organisation’s risk.
7.0 Driving Result
As make recommendations to improve the overall internal control environment and to improve the operational performance of the organisation as a whole.
