IA Module 2: Strategic Roles, Positioning, and Attributes of High Impact Audit Groups (IAM2)

Overview

A highly effective internal audit group’s value to an organization is directly related to its independence and competence in fulfilling its charter. To function optimally, an internal audit group needs unrestricted access to the subject matter it is reviewing, a clear reporting path to an independent overseer, and must possess the essential skills and capabilities required of this ever demanding and evolving profession. In this course, we’ll review the optimal structure(s) of high performance internal audit departments, including the major roles and responsibilities of the group and its key members, as well as, its critical reporting authority within an organization. The course will also address how an internal audit group’s charter, other governing documents, and practices, define the nature of its value adding services, and establish a sound administrative framework to support its ongoing functional activities and growth, including but not limited to, all level personnel training and development.

Major Topics:

Independence / objectivity and the internal audit function

Internal audit organizational reporting structure(s)

Major roles and responsibilities of the internal audit activity and its members

Effective oversight of the internal audit group

Clarity and alignment of internal audit organizational governance/ documentation and messaging (including its charter, reporting lines/ structure, and policies/ procedures)

Required knowledge, skills, and competencies of a high-quality internal audit group

Orientation and ongoing training / development needs of internal auditors (at all levels)

Learning Objectives:

Understand the concepts of independence and objectivity and their practical application from both an internal audit organizational and individual level(s)

Identify organizational reporting structures that support internal audit independence

Emphasize the range of value-added services that a high impact internal audit group provides

Recall key internal audit group roles and responsibilities

Identify key elements of effective internal audit group governance and documentation