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

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Chapter 10

Meeting the challenge

Introduction

Our final chapter provides a brief account of some of the challenges for the profession based on comments from writers from the internal audit community and beyond. Note that all references to IIA definitions, code of ethics, IIA attribute and performance standards, practice advisories and practice guides relate to the International Professional Practices Framework (IPPF) prepared by the Institute of Internal Auditors in 2009. The areas that are touched on include:

10.1 The New Dimensions of Internal Auditing

10.2 The Audit Reputation

10.3 Globalization

10.4 Providing Audit Assurances

10.5 Meeting the Challenge

Summary and Conclusions

10.1 The New Dimensions of Internal Auditing

We accept that internal audit must deliver added value to the organization and this is defined by the IIA as:

Value is provided by improving opportunities to achieve organizational objectives, identifying operational improvement, and/or reducing risk exposure through both assurance and consulting services.

Against this measure is the changing context of internal auditing which is summed up in the IIA's work on the context for internal auditing competency frameworks, in Chapter 5 of the IIA Handbook Series on Implementing the Professional Practices Framework:

Past Focus Additional Focus
hard controls soft controls
control evaluation self-assessment
control risk
risk context
risk threats risk opportunities
past future
review preview
detective ...

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