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Internal Audit Practice from A to Z.

By: Nzechukwu, Patrick Onwura.
Material type: TextTextSeries: eBooks on Demand.Internal Audit and IT Audit: Publisher: Boca Raton : CRC Press, 2016Copyright date: ©2016Description: 1 online resource (675 pages).Content type: text Media type: computer Carrier type: online resourceISBN: 9781498742061.Subject(s): Auditing, InternalGenre/Form: Electronic books.Additional physical formats: Print version:: Internal Audit Practice from A to ZDDC classification: 657.45 Online resources: Click here to view this ebook.
Contents:
Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- List of Figures -- List of Tables -- Preface -- Acknowledgments -- About the Author -- 1: Introduction -- 1.1 Background Information -- 1.2 Definition -- 1.2.1 Meaning of Internal Auditing -- 1.2.2 Four Resources -- 1.2.3 Internal Audit Function -- 1.3 Scope -- References -- 2: Internal Audit Procedure and Techniques -- 2.1 Introduction -- 2.2 Internal Audit Procedure and Objectives -- 2.3 Internal Audit Planning -- 2.4 Audit Conduct -- 2.4.1 Assessment Techniques -- 2.4.1.1 Preliminary Phase Assessment Techniques -- 2.4.1.2 Fieldwork Phase Assessment Techniques -- 2.5 Documentation of Audit Results -- 2.6 Audit Conduct Analysis -- 2.7 Audit Findings, Follow-Up and Closure -- 2.8 Internal Auditing Process: A Collaborative Effort -- 2.9 Balanced Scorecard (BSC) in Internal Audit Department -- 2.9.1 Terminologies -- 2.9.2 Benefits of a BSC -- 2.9.3 Performance Measures for Internal Auditing -- 2.9.3.1 Identifying Critical Performance Categories -- 2.9.3.2 Identifying Performance Category Strategies and Measurements -- 2.9.3.3 Reasons for Performance Measurement -- 2.9.3.4 Creating an Effective Performance Measurement and Reporting Process -- 2.9.3.5 Strategic Questions to Address -- 2.9.3.6 Evaluation of Current Internal Auditing Performance Metrics -- 2.9.4 Steps to Create a BSC -- 2.9.4.1 Step 1-Identify What Your Customers/Clients Want -- 2.9.4.2 Step 2-Assess Internal Audit's Capabilities -- 2.9.4.3 Step 3-Develop Strategic Objectives -- 2.9.4.4 Step 4-Identify Performance Measures -- 2.9.4.5 Step 5-Identify Targets and Initiatives -- 2.9.4.6 Step 6-Develop a Strategic Map -- 2.9.4.7 Step 7-Develop a Scorecard for Each Category -- 2.10 Technology-Based Audit Techniques -- 2.10.1 Data Mining in Auditing -- 2.10.1.1 Introduction.
2.10.1.2 Data Mining as an Auditing Tool -- 2.10.1.3 Why Is Data Mining Better than Traditional Auditing Methods? -- 2.10.1.4 Applications of Data Mining -- 2.10.1.5 General Auditing Software versus Data Mining Software -- 2.10.2 Analytics in Internal Auditing -- 2.10.2.1 Business Intelligence (BI) -- 2.10.2.2 Predictive Analytics -- 2.10.2.3 Prescriptive Analytics -- 2.10.2.4 Why Analytics in Internal Auditing? -- 2.10.2.5 Benefits of Analytics in Internal Auditing -- 2.10.2.6 Approach Comparison -- 2.10.2.7 Analytics Maturity Model -- References -- 3: Internal Audit Charter -- 3.1 Introduction -- 3.2 Mission/Purpose and Objective of Internal Audit -- 3.3 Scope of Internal Audit Activity -- 3.4 Role and Responsibility of Management -- 3.5 Role and Responsibility of the Internal Audit Function -- 3.6 Relationship with External Auditors -- 3.7 Relationship with Audit Committee -- 3.8 Authority -- 3.9 Independence and Objectivity -- 3.10 Internal Audit Report and Monitoring -- 3.11 Confidentiality -- 3.12 Organization and Resources of Internal Audit Function -- 3.13 Internal Audit Plan -- 3.14 Periodic Assessment (Quality Assurance and Improvement Program) -- 3.15 Approval and Amendment of the Charter -- References -- 4: Managing the Internal Audit Function (IAF) -- 4.1 Introduction -- 4.2 Policies and Procedures -- 4.3 Planning -- 4.3.1 Strategic Audit Plan (Internal Audit Planning at the Organizational Level) -- 4.3.2 Annual Internal Audit Plan (Planning Individual Engagements) -- 4.4 Organizing -- 4.4.1 Internal Audit Operating Models -- 4.4.1.1 General Structure -- 4.4.1.2 Overview of the Internal Audit Operating Models -- 4.4.1.3 Internal Audit Operating Models and Reporting Structures -- 4.4.1.4 In-House Internal Audit Department -- 4.4.1.5 Co-Sourced Internal Audit Department -- 4.4.1.6 Outsourced Internal Audit Department.
4.4.1.7 Insourcing the Internal Audit Department -- 4.4.1.8 Conclusion -- 4.4.1.9 Public Sector Structure -- 4.4.2 Audit Teams -- 4.4.3 Making IAF Management Training Ground (MTG) -- 4.5 Staffing -- 4.5.1 Hiring -- 4.5.2 Training -- 4.5.3 Types of Employee Training Programs -- 4.5.4 Forms or Methods of Training -- 4.5.5 Become a Professional Internal Auditor (PIA) -- 4.5.6 Analyzing Task Structure -- 4.5.7 Necessary Skills -- 4.5.8 Managing Knowledge and Other Resources in the IAF -- 4.5.9 Performance Measurement -- 4.5.10 Compensation -- 4.5.11 Retention -- 4.6 Leading -- 4.6.1 Leadership -- 4.6.2 Communication -- 4.7 Controlling -- 4.7.1 Measuring and Controlling the Performance of the IAF as a Whole -- 4.8 Internal Audit Management Challenges -- 4.9 Overcoming the Challenges -- References -- 5: Internal Audit Practice Layout -- 5.1 Introduction -- 5.2 Internal Audit Planning -- 5.2.1 Developing a Risk-Based Internal Audit Plan -- 5.3 Risk Management Process -- 5.3.1 Types and Categories of Risks -- 5.3.2 Principles of Risk Management -- 5.3.3 Risk Assessment Process to Facilitate Audit Planning -- 5.3.4 Risk Identification -- 5.3.5 Risk Analysis -- 5.3.6 Internal Audit Risk Evaluation -- 5.3.7 Rating of Risks -- 5.3.8 Approach to Conduct the Risk Assessment Exercise -- 5.4 Integrating Risk Management Activities in the Organization Planning Process -- 5.4.1 Determining the Audit Universe -- 5.4.1.1 Methods of Determining the Audit Universe -- 5.4.1.2 Considerations in Defining the Audit Universe -- 5.5 Types and Levels of Internal Audit Plans -- 5.5.1 Formulating a Strategic Audit Plan -- 5.5.2 Formulating an Annual Audit Plan -- 5.5.3 Estimating the Audit Resources -- 5.5.4 Planning Internal Audit Engagement -- 5.5.4.1 Important Definitions -- 5.5.4.2 Purpose of Planning the Audit Engagement -- 5.5.4.3 Team Appointment.
5.5.4.4 Preliminary Team Meeting and In-Office Review -- 5.5.4.5 Engagement/Announcement/Notification Letter -- 5.5.4.6 Internal Audit Opening/Initial/Entrance Conference -- 5.5.4.7 Internal Audit Preliminary Survey -- 5.5.5 Setting Audit Objectives -- 5.5.6 Internal Control Review -- 5.5.7 Unplanned Audits -- 5.6 Preparing the Internal Audit Engagement Work Program -- 5.6.1 Things to Consider while Preparing the Audit Program -- 5.6.2 Framing the Program -- 5.6.3 Advantages of a Well-Prepared Audit Program -- 5.6.4 Terminologies Used in Audit Programs -- 5.6.5 Linking Audit Objectives to Audit Procedures -- 5.6.6 Internal Audit Time Budget -- 5.7 Internal Audit Fieldwork -- 5.7.1 Important Definitions -- 5.7.2 Qualities of Good Audit Evidence -- 5.7.3 Testing Procedures, Strategies, and Techniques -- 5.7.3.1 Testing Process -- 5.7.3.2 Testing Strategies -- 5.7.3.3 Testing Techniques -- 5.7.3.4 Recognizing and Recording of Audit Finding -- 5.7.3.5 Attributes of Audit Finding -- 5.7.4 Advice and Informal Communications -- 5.7.5 Internal Audit Summary -- 5.7.6 Internal Audit Working Papers -- 5.8 Internal Audit Report -- 5.8.1 Discussion Draft -- 5.8.2 Exit Conference -- 5.8.3 Formal Draft -- 5.8.4 Client Response -- 5.8.5 Final Report -- 5.8.6 Internal Audit Annual Report to the Board -- 5.8.7 Client Comments -- 5.9 Audit Follow-Up -- 5.9.1 Follow-Up Review -- 5.9.2 Follow-Up Report -- 5.9.3 Internal Audit Follow-Up Policy -- 5.9.3.1 Purpose -- 5.9.3.2 Policy and Procedure -- References -- 6: Internal Audit Documentation and Reporting -- 6.1 Introduction -- 6.2 Internal Audit Record Retention and Disposal -- 6.2.1 Records -- 6.2.2 Record Retention -- 6.2.3 External Service Providers/Shared Services/Third-Party Assurance -- 6.2.4 Reasons for Record Retention -- 6.2.5 Retention Schedule -- 6.3 Working Papers -- 6.3.1 Objectives of Audit Working Papers.
6.3.2 Principles of Maintaining Audit Working Papers -- 6.3.3 Preparation of Working Papers -- 6.3.4 Internal Audit Program -- 6.3.5 Planning and Preliminary Survey (Appendix A) -- 6.3.5.1 Planning and Preliminary Survey Checklist/Template -- 6.3.5.2 Work Paper Cover Template -- 6.3.5.3 Information Request List -- 6.3.5.4 Request for Management Input -- 6.3.5.5 Internal Audit Engagement Letter -- 6.3.5.6 Planning Memorandum Form (Format A) -- 6.3.5.7 Audit Assignment Form (Format B) -- 6.3.5.8 Entrance Conference Form (Format A) -- 6.3.5.9 Analysis of Internal Controls -- 6.3.5.9.1 Individual Interview Form -- 6.3.5.9.2 Self-Assessment Questionnaire-Preliminary Survey (Format A-Corporate) -- 6.3.5.9.3 Self-Audit Questionnaire (Format B-Institutions/MDAs) -- 6.3.5.9.4 Internal Control Questionnaire Form -- 6.3.5.9.5 Internal Control Review Checklist -- 6.3.5.10 Risk Evaluation Form -- 6.3.5.11 Planning Paperwork Index Template W/P Reference -- 6.3.5.12 Auditor Assignment and Independence Statement Form -- 6.3.5.13 Quality Control Checklist-Survey Phase -- 6.3.6 Internal Audit Fieldwork and Templates (Appendix B) -- 6.3.6.1 Compliance Issues -- 6.3.6.2 Internal Control Questionnaire (Deposit Accounts) -- 6.3.6.3 Interview Summary Form -- 6.3.6.4 Project Observation Form -- 6.3.6.5 Internal Audit Finding Record -- 6.3.6.6 Internal Audit Review Point Sheet -- 6.3.6.7 Quality Control Checklist-Fieldwork Phase -- 6.4 Communicating Internal Audit Results -- 6.4.1 Communicating Results Procedures -- 6.4.2 Exit Conference Document -- 6.4.3 Internal Audit Report (Appendix C) -- 6.4.3.1 Definition of Internal Audit Report -- 6.4.3.2 Objective and Function of the Internal Audit Report -- 6.4.3.3 Types of Audit Procedure Reports -- 6.4.3.4 Report Writing Planning Worksheet -- 6.4.3.5 Types of Internal Audit Reports.
6.4.3.6 Elements of an Effective Engagement Report.
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Item type Current location Call number URL Status Date due Barcode
Electronic Book UT Tyler Online
Online
HF5668.25.N943 2017 (Browse shelf) http://ebookcentral.proquest.com/lib/uttyler/detail.action?docID=4748393 Available EBC4748393

Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- List of Figures -- List of Tables -- Preface -- Acknowledgments -- About the Author -- 1: Introduction -- 1.1 Background Information -- 1.2 Definition -- 1.2.1 Meaning of Internal Auditing -- 1.2.2 Four Resources -- 1.2.3 Internal Audit Function -- 1.3 Scope -- References -- 2: Internal Audit Procedure and Techniques -- 2.1 Introduction -- 2.2 Internal Audit Procedure and Objectives -- 2.3 Internal Audit Planning -- 2.4 Audit Conduct -- 2.4.1 Assessment Techniques -- 2.4.1.1 Preliminary Phase Assessment Techniques -- 2.4.1.2 Fieldwork Phase Assessment Techniques -- 2.5 Documentation of Audit Results -- 2.6 Audit Conduct Analysis -- 2.7 Audit Findings, Follow-Up and Closure -- 2.8 Internal Auditing Process: A Collaborative Effort -- 2.9 Balanced Scorecard (BSC) in Internal Audit Department -- 2.9.1 Terminologies -- 2.9.2 Benefits of a BSC -- 2.9.3 Performance Measures for Internal Auditing -- 2.9.3.1 Identifying Critical Performance Categories -- 2.9.3.2 Identifying Performance Category Strategies and Measurements -- 2.9.3.3 Reasons for Performance Measurement -- 2.9.3.4 Creating an Effective Performance Measurement and Reporting Process -- 2.9.3.5 Strategic Questions to Address -- 2.9.3.6 Evaluation of Current Internal Auditing Performance Metrics -- 2.9.4 Steps to Create a BSC -- 2.9.4.1 Step 1-Identify What Your Customers/Clients Want -- 2.9.4.2 Step 2-Assess Internal Audit's Capabilities -- 2.9.4.3 Step 3-Develop Strategic Objectives -- 2.9.4.4 Step 4-Identify Performance Measures -- 2.9.4.5 Step 5-Identify Targets and Initiatives -- 2.9.4.6 Step 6-Develop a Strategic Map -- 2.9.4.7 Step 7-Develop a Scorecard for Each Category -- 2.10 Technology-Based Audit Techniques -- 2.10.1 Data Mining in Auditing -- 2.10.1.1 Introduction.

2.10.1.2 Data Mining as an Auditing Tool -- 2.10.1.3 Why Is Data Mining Better than Traditional Auditing Methods? -- 2.10.1.4 Applications of Data Mining -- 2.10.1.5 General Auditing Software versus Data Mining Software -- 2.10.2 Analytics in Internal Auditing -- 2.10.2.1 Business Intelligence (BI) -- 2.10.2.2 Predictive Analytics -- 2.10.2.3 Prescriptive Analytics -- 2.10.2.4 Why Analytics in Internal Auditing? -- 2.10.2.5 Benefits of Analytics in Internal Auditing -- 2.10.2.6 Approach Comparison -- 2.10.2.7 Analytics Maturity Model -- References -- 3: Internal Audit Charter -- 3.1 Introduction -- 3.2 Mission/Purpose and Objective of Internal Audit -- 3.3 Scope of Internal Audit Activity -- 3.4 Role and Responsibility of Management -- 3.5 Role and Responsibility of the Internal Audit Function -- 3.6 Relationship with External Auditors -- 3.7 Relationship with Audit Committee -- 3.8 Authority -- 3.9 Independence and Objectivity -- 3.10 Internal Audit Report and Monitoring -- 3.11 Confidentiality -- 3.12 Organization and Resources of Internal Audit Function -- 3.13 Internal Audit Plan -- 3.14 Periodic Assessment (Quality Assurance and Improvement Program) -- 3.15 Approval and Amendment of the Charter -- References -- 4: Managing the Internal Audit Function (IAF) -- 4.1 Introduction -- 4.2 Policies and Procedures -- 4.3 Planning -- 4.3.1 Strategic Audit Plan (Internal Audit Planning at the Organizational Level) -- 4.3.2 Annual Internal Audit Plan (Planning Individual Engagements) -- 4.4 Organizing -- 4.4.1 Internal Audit Operating Models -- 4.4.1.1 General Structure -- 4.4.1.2 Overview of the Internal Audit Operating Models -- 4.4.1.3 Internal Audit Operating Models and Reporting Structures -- 4.4.1.4 In-House Internal Audit Department -- 4.4.1.5 Co-Sourced Internal Audit Department -- 4.4.1.6 Outsourced Internal Audit Department.

4.4.1.7 Insourcing the Internal Audit Department -- 4.4.1.8 Conclusion -- 4.4.1.9 Public Sector Structure -- 4.4.2 Audit Teams -- 4.4.3 Making IAF Management Training Ground (MTG) -- 4.5 Staffing -- 4.5.1 Hiring -- 4.5.2 Training -- 4.5.3 Types of Employee Training Programs -- 4.5.4 Forms or Methods of Training -- 4.5.5 Become a Professional Internal Auditor (PIA) -- 4.5.6 Analyzing Task Structure -- 4.5.7 Necessary Skills -- 4.5.8 Managing Knowledge and Other Resources in the IAF -- 4.5.9 Performance Measurement -- 4.5.10 Compensation -- 4.5.11 Retention -- 4.6 Leading -- 4.6.1 Leadership -- 4.6.2 Communication -- 4.7 Controlling -- 4.7.1 Measuring and Controlling the Performance of the IAF as a Whole -- 4.8 Internal Audit Management Challenges -- 4.9 Overcoming the Challenges -- References -- 5: Internal Audit Practice Layout -- 5.1 Introduction -- 5.2 Internal Audit Planning -- 5.2.1 Developing a Risk-Based Internal Audit Plan -- 5.3 Risk Management Process -- 5.3.1 Types and Categories of Risks -- 5.3.2 Principles of Risk Management -- 5.3.3 Risk Assessment Process to Facilitate Audit Planning -- 5.3.4 Risk Identification -- 5.3.5 Risk Analysis -- 5.3.6 Internal Audit Risk Evaluation -- 5.3.7 Rating of Risks -- 5.3.8 Approach to Conduct the Risk Assessment Exercise -- 5.4 Integrating Risk Management Activities in the Organization Planning Process -- 5.4.1 Determining the Audit Universe -- 5.4.1.1 Methods of Determining the Audit Universe -- 5.4.1.2 Considerations in Defining the Audit Universe -- 5.5 Types and Levels of Internal Audit Plans -- 5.5.1 Formulating a Strategic Audit Plan -- 5.5.2 Formulating an Annual Audit Plan -- 5.5.3 Estimating the Audit Resources -- 5.5.4 Planning Internal Audit Engagement -- 5.5.4.1 Important Definitions -- 5.5.4.2 Purpose of Planning the Audit Engagement -- 5.5.4.3 Team Appointment.

5.5.4.4 Preliminary Team Meeting and In-Office Review -- 5.5.4.5 Engagement/Announcement/Notification Letter -- 5.5.4.6 Internal Audit Opening/Initial/Entrance Conference -- 5.5.4.7 Internal Audit Preliminary Survey -- 5.5.5 Setting Audit Objectives -- 5.5.6 Internal Control Review -- 5.5.7 Unplanned Audits -- 5.6 Preparing the Internal Audit Engagement Work Program -- 5.6.1 Things to Consider while Preparing the Audit Program -- 5.6.2 Framing the Program -- 5.6.3 Advantages of a Well-Prepared Audit Program -- 5.6.4 Terminologies Used in Audit Programs -- 5.6.5 Linking Audit Objectives to Audit Procedures -- 5.6.6 Internal Audit Time Budget -- 5.7 Internal Audit Fieldwork -- 5.7.1 Important Definitions -- 5.7.2 Qualities of Good Audit Evidence -- 5.7.3 Testing Procedures, Strategies, and Techniques -- 5.7.3.1 Testing Process -- 5.7.3.2 Testing Strategies -- 5.7.3.3 Testing Techniques -- 5.7.3.4 Recognizing and Recording of Audit Finding -- 5.7.3.5 Attributes of Audit Finding -- 5.7.4 Advice and Informal Communications -- 5.7.5 Internal Audit Summary -- 5.7.6 Internal Audit Working Papers -- 5.8 Internal Audit Report -- 5.8.1 Discussion Draft -- 5.8.2 Exit Conference -- 5.8.3 Formal Draft -- 5.8.4 Client Response -- 5.8.5 Final Report -- 5.8.6 Internal Audit Annual Report to the Board -- 5.8.7 Client Comments -- 5.9 Audit Follow-Up -- 5.9.1 Follow-Up Review -- 5.9.2 Follow-Up Report -- 5.9.3 Internal Audit Follow-Up Policy -- 5.9.3.1 Purpose -- 5.9.3.2 Policy and Procedure -- References -- 6: Internal Audit Documentation and Reporting -- 6.1 Introduction -- 6.2 Internal Audit Record Retention and Disposal -- 6.2.1 Records -- 6.2.2 Record Retention -- 6.2.3 External Service Providers/Shared Services/Third-Party Assurance -- 6.2.4 Reasons for Record Retention -- 6.2.5 Retention Schedule -- 6.3 Working Papers -- 6.3.1 Objectives of Audit Working Papers.

6.3.2 Principles of Maintaining Audit Working Papers -- 6.3.3 Preparation of Working Papers -- 6.3.4 Internal Audit Program -- 6.3.5 Planning and Preliminary Survey (Appendix A) -- 6.3.5.1 Planning and Preliminary Survey Checklist/Template -- 6.3.5.2 Work Paper Cover Template -- 6.3.5.3 Information Request List -- 6.3.5.4 Request for Management Input -- 6.3.5.5 Internal Audit Engagement Letter -- 6.3.5.6 Planning Memorandum Form (Format A) -- 6.3.5.7 Audit Assignment Form (Format B) -- 6.3.5.8 Entrance Conference Form (Format A) -- 6.3.5.9 Analysis of Internal Controls -- 6.3.5.9.1 Individual Interview Form -- 6.3.5.9.2 Self-Assessment Questionnaire-Preliminary Survey (Format A-Corporate) -- 6.3.5.9.3 Self-Audit Questionnaire (Format B-Institutions/MDAs) -- 6.3.5.9.4 Internal Control Questionnaire Form -- 6.3.5.9.5 Internal Control Review Checklist -- 6.3.5.10 Risk Evaluation Form -- 6.3.5.11 Planning Paperwork Index Template W/P Reference -- 6.3.5.12 Auditor Assignment and Independence Statement Form -- 6.3.5.13 Quality Control Checklist-Survey Phase -- 6.3.6 Internal Audit Fieldwork and Templates (Appendix B) -- 6.3.6.1 Compliance Issues -- 6.3.6.2 Internal Control Questionnaire (Deposit Accounts) -- 6.3.6.3 Interview Summary Form -- 6.3.6.4 Project Observation Form -- 6.3.6.5 Internal Audit Finding Record -- 6.3.6.6 Internal Audit Review Point Sheet -- 6.3.6.7 Quality Control Checklist-Fieldwork Phase -- 6.4 Communicating Internal Audit Results -- 6.4.1 Communicating Results Procedures -- 6.4.2 Exit Conference Document -- 6.4.3 Internal Audit Report (Appendix C) -- 6.4.3.1 Definition of Internal Audit Report -- 6.4.3.2 Objective and Function of the Internal Audit Report -- 6.4.3.3 Types of Audit Procedure Reports -- 6.4.3.4 Report Writing Planning Worksheet -- 6.4.3.5 Types of Internal Audit Reports.

6.4.3.6 Elements of an Effective Engagement Report.

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