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The Essential Guide to Internal Auditing, 2nd Edition by K. H. Spencer Pickett

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Chapter 1

Introduction

Introduction

The 1000 page Internal Auditing Handbook 3rd Edition contains a comprehensive account of the role, responsibilities and work of the internal audit profession and this new book is a streamlined text from the same author that draws heavily from the main Handbook. The second edition of The Essential Guide to Internal Auditing reflects the significant changes in the field of internal auditing over the last few years. Since the last edition there have been many developments that impact the very heart of the audit role. There really are ‘new look’ internal auditors who carry the weight of a heightened expectation from society on their shoulders. Auditors no longer spend their time looking down at detailed working schedules in cramped offices before preparing a comprehensive report on low-level problems that they have found for junior operational managers. They now spend much more time presenting ‘big picture’ assurances to executive boards after having considered the really high-level risks that need to be managed properly. Moreover, the internal auditor also works with and alongside busy managers to help them understand the task of identifying and managing risks to their operations. At the same time the internal auditor has to retain a degree of independence so as to ensure the all-important professional scepticism that is essential to the audit role. The auditor's report to the board via the Audit Committee must have a resilience and dependability ...

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