Learning Outcomes

After working through this textbook, you should be able to:

1. Understand the Fundamentals of Internal Auditing: Explain the objectives, scope, and role in enhancing organizational effectiveness, efficiency, and risk management.
2. Governance and Accountability: Describe the interplay between the board, senior management, and internal auditors in governance, emphasizing their roles and responsibilities for effective oversight.
3. Ethics and Professionalism: Compare ethical standards and professional responsibilities of internal auditors and accountants, highlighting integrity, objectivity, confidentiality, and competence.
4. Standards and Compliance: Apply the International Professional Practices Framework (IPPF) and other Attribute Standards from the Institute of Internal Auditors (IIA) to evaluate the compliance and effectiveness of internal audits.
5. Corporate Governance and Risk Oversight: Analyze the roles of internal auditors, audit committees, and boards in governance, risk oversight, and ethical decision-making.
6. Internal Controls and Risk Assessment: Utilize frameworks like COSO or CoCo to assess internal controls and apply risk assessment methodologies for effective audit planning and resource allocation.
7. Audit Techniques and Process: Illustrate the internal audit process from planning to reporting, including control self-assessment, audit techniques, and preparing comprehensive audit programs.
8. Operational Efficiency and Fraud Detection: Assess organizational operations for efficiency and effectiveness and describe the auditor’s fraud detection and evidence analysis responsibilities.
9. Outsourcing and Quality Control: Examine considerations for outsourcing audit activities, focusing on provider selection, relationship management, and maintaining audit quality.
10. Sector-Specific Auditing: Compare internal auditing practices across the not-for-profit, public, and for-profit sectors, highlighting unique considerations and approaches.