Strengthening Internal Audit

IDevice Icon Which one?

Scenario:

While taking a walk in the park, you and your friends came across two swings. You were eager to sit on one. Which swing would you choose?


IDevice Icon Swing 1 and Swing 2
Show swing 1 Image
swing 1
Show swing 2 Image
swing 2
IDevice Icon Choice Sharing

Procedure:

  1. Make your choice.
  2. Record your reasons for the particular choice.
  3. Apply the reason or reasons in your work place by quoting a specific example.
  4. Share the outcome with all.

iDevice icon Let's reflect!

What if there is no MS ISO in our institute?

What will happen?

Let's get to basics.

Procedure:

  1. Individually, identify key words on internal audit.
  2. From the list made, form a sentence to define internal audit.
  3. Share your understanding with all.

The official Definition of Internal Auditing says all that:

“Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.

Chartered Institute of Auditors, http://www.iia.org.uk/en/Knowledge_Centre/Resource_Library/internal-audit.cfm

Note:

  • whether the systems and processes that make sure the organisation is on track are themselves working well. That is assurance!
  • also help the managers to improve those systems and processes where necessary. That is consulting! 

What is the role of Internal Auditor (IA)?

  • organisation's critical friend - the independent advisor and a catalyst for improvement
  • independent assurance service
  • reviewing effectiveness of QMS and control processes that has been put into place

In sum, two key words to describe IA's role:

Quality Assurance

 

Consulting Services

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LeGan