Most of the best practices in this chapter require very little money, since they largely involve procedural or management changes that are internal to the department. However, a number of the best practices require a modest investment of time, such as performing annual internal control assessments, creating self-audit guides, and training business unit employees on training issues. Thus, implementing these best practices will require detailed management by the internal audit manager to see when auditor time can be made available to complete the various work items. The cost and installation time required for all the best practices in this chapter are noted in Exhibit 15.1.
|Best Practice||Cost||Install Time|
|Assisting Business Units|
|15–1||Annually update an internal control assessment of each business unit||
|15–2||Issue self-audit guides to business units||
|15–3||Recommend business process ...|