Book Title: Internal Auditing: A Practical Approach

Book Description

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. The internal audit profession has a rich history dating back to the early twentieth century, when companies began establishing internal audit departments to ensure financial reporting and compliance with laws and regulations.

The role of internal auditing has evolved significantly over the years, and today’s internal auditors are responsible for a wide range of activities that go beyond traditional financial audits. This includes assuring the effectiveness of internal controls, risk management, and governance processes and assisting management in efficiently using resources. The internal audit function also plays a crucial role in ensuring compliance with laws and regulations, protecting an organization’s assets, and promoting ethical behaviour.

Internal auditing is essential in today’s business environment, where organizations face increasing regulatory scrutiny and a rapidly changing business environment. The internal audit function assures the board of directors and senior management that the organization’s risk management, control, and governance processes are effective. This ensures that the organization can achieve its objectives, comply with laws and regulations, and protect its assets.

In addition to its traditional role in ensuring compliance and protecting assets, internal auditing is increasingly recognized as a valuable management tool that can help organizations improve their performance. Internal auditors use their knowledge and skills to identify areas where the organization can improve and to provide recommendations for change. They also use data analytics and other advanced techniques to identify and assess risks, detect fraud, and improve the efficiency and effectiveness of internal controls.

Internal auditing is a critical function in today’s society, and internal auditors are essential to the success of organizations in a wide range of industries. This textbook is designed to give you a comprehensive understanding of the internal audit profession, including its history, role, and importance in today’s business environment.

This textbook provides a comprehensive overview of the field of internal auditing, including its history, role, and importance in organizations. It covers the key objectives and scope of internal auditing and the profession’s latest trends and challenges. The textbook also explores professional standards, authoritative guidance for internal auditing, and best practices for managing the internal audit function. It also delves into the role of internal auditors in governance, risk management, and control and guides long- and short-term interior audit planning. The text also explores planning audits for various functional areas, preparing audit reports and auditing in the public sector.