The Institute and the Profession
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The Institute and the Profession: 1
History
• 1941: New York, United States
• 1944: Toronto, Canada
• 1948: London, England
The Institute and the Profession: 2
Our Motto
Progress Through Sharing
The Institute and the Profession: 3
Objectives
• Global Organization
• Recognized Authority
• Acknowledged Leader
• Principal Educator
The Institute and the Profession: 4
Premier Source
More than:
• 85,000 Members
• 120 Countries
• 230 Affiliates
The Institute and the Profession: 5
Services, Programs, & Products
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Training
Certifications
Benchmarking
Guidance
Technology
Educational Products
Research Foundation
The Institute and the Profession: 6
Professional Practices
Internal Auditing
• Independent
• Objective
• Assurance & Consulting Activity
• Adds Value
• Helps Meet Objectives
The Institute and the Profession: 7
Professional Practices Framework
• Code of Ethics
• Standards
• Practice Advisories (PAs)
• Development and Practice Aids
The Institute and the Profession: 8
Strategic Directives
• Professionalism
• Technology
• Global Voice
• Process
The Institute and the Profession: 9
IA - Roles and Responsibilities
• Evaluate Risk
• Confirm Information
• Analyze Operations
• Review Compliance
• Recommend Controls
• Assure Safeguards
The Institute and the Profession: 10
IA – Reporting Relationships
The internal auditor
should report directly
to the Audit Committee
on a functional basis
and to the CEO on
administrative matters.
The Institute and the Profession: 11
Corporate Governance
The Four Cornerstones
• Audit Committee of the Board
• Executive Management
• Internal Auditors
• External Auditors
The Institute and the Profession: 12
The Institute and the Profession: 13
Audit Committee
Primary Responsibilities
• Financial Reporting
• Corporate Governance
• Corporate Control
The Institute and the Profession: 14
Internal Control
Components
• Control Environment
• Risk Assessment
• Control Activities
• Information & Communication
• Monitoring
The Institute and the Profession: 15
Risk Management
• Identify
• Assess
• Rank
• Communicate
• Anticipate
• Mitigate Risks
The Institute and the Profession: 16
Enterprise Risk Management
• Strategic Risk
• Operational Risk
• Financial Risk
• Hazard Risk
The Institute and the Profession: 17
COSO’s ERM Framework
The Institute and the Profession: 18
The Institute and the Profession
For more information:
• Visit www.theiia.org
• Call +1-407-937-1111
• E-mail custserv@theiia.org
The Institute and the Profession: 19