INTERNAL AUDIT STANDARDS: WHY THEY MATTER

[auditnet]

This was a recent post in Dan Swanson's Governance List and I thought it would be a great topic to begin a discussion in this forum.

http://www.theiia.org/download.cfm?file=83632

Today more than ever, audit committees need to work closely with internal auditors to ensure strong internal controls, accurate financial reporting, and adequate risk management in every company they serve. To work effectively with internal auditors, audit committee members need to know best practices for this vital function. By understanding internal audit standards, audit committees can strengthen their own work of oversight."

Roger Raber, former CEO, National Association of Corporate Directors (NACD)

What about the role of the internal auditor?

[suresh_mohan7]

The internal auditor role is involved with:

Evaluating Emerging Technologies
Analyzing Opportunities
Examining Global Issues
Assessing Risks, Controls, Ethics, Quality, Economy, and Efficiency
Assuring that controls in place are adequate to mitigate the risks
Communicating information and opinions with clarity and accuracy.
Such diversity gives internal auditors a broad perspective on the organization.

To effectively fulfill all their roles, internal auditors must be excellent communicators who listen attentively, speak effectively and write clearly.

Regards,
SM