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d. Professional education & training. a. Global audit scandals.

Is an independent, objective assurance &


Training to increase knowledge in assisting the Pressured from the public, demand for consulting activity designed to add value &
BOD to achieve the cos goals. sound risk mgt & control processes. improve an organizations operations.
To influence the BOD & AC on recommendation b. Commitments of IIA. It helps an organization accomplish its
to improve the goals. Continuous development in the quality objectives by bringing a systematic,
e. Professional discipline (ISPPIA) framework. of IA function. disciplined approach to evaluate & improve
Includes code of ethics & ISPPIA to earn trust & c. Brand scope of IA functions . the effectiveness of risk management control
confidence from the shareholders/stakeholders on To add value to the organization as to & governance process.
the reliability & effectiveness of audit activities. meet the changing demands of the (Explanation page 2 & 3)
Governs ethical behaviour such as integrity, shareholders & stakeholders. Assess CG process and make recommendation
confidentiality, objectivity & competency . in achieving the objectives of CG which are
f. Direct reporting channel to AC. Discuss how internal auditors assist mgt to a. Promoting appropriate ethics & values
Strengthen the role of IA. fulfil their responsibilities in respect of risk within the organization,
Secure the support from BOD/AC. mgt. (10 marks) b. Ensuring effective organizational
Enforce recommendation. performance mgt & accountability,
g. Awakening of shareholders activism. c. Communicating risks & control info to
Demand from the shareholders. appropriate areas of the organization
The IA convince the shareholders that the BOD Factors of re-
effectively, &
are acting in the best interest of the co . imaging of the IA
d. Effectively co -ordinating the activities of
h. Support & recognition by th e regulators as stated in Definition & communicating information among the
MCCG (2007) board external & interna l auditors & mgt.
CHAPTER 1
Development of the Operational audit/ performance audit/value
1. Reporting responsibility Profession of IA for money audit.
IA to BOD/AC Involves an examination of the control
EA shareholders procedure in the organization to determine
2. Objectives Differences Types of IA whether the control procedures are
IA depends on mgt between IA & EA functioning effectively & efficiently to
EA financial statement show true & fair view achieve the objectives of the org.
3. Role & duties Program audit/performance audit/ mgt audit
IA determine by mgt Evaluate whether the objectives of the
EA determine by companys Act & statute Information technology audit
project have been achieved & whether a
4. Status Involves an independent appraisal & testing
alternative approach can e achieve at a lower
IA employee of the co of the IT system through the various stages of
cost.
EA independent from the co design, development & installation.
Fraud Audit
Control self-assessment audit
5. Responsibility Involves a proactive & methodology to audit
IA evaluating, examining the effectiveness of the Involves sharing of audit re sponsibility with
for evidence of fraud.
governance, control & risk mgt processes mgt in evaluating their stage of controls &
Ethical business practices audit
EA expression of opinion by independently level of risk exposure. The IA would provide
Determines the extent of compliance with
reporting of financial statement by the mgt the necessary trai ning to the mgt by
established codes of conduct, policies &
6. Fraud establishing a problem solving partnership.
standards of ethical practise.
IA all types of fraud Financial audit
Compliance audit
EA material fraud Involves an examination of financial planning
Determines the extent of compliance with
7. Professional qualification & reporting process, the conduct of financial
applicable rules which may originate
IA not necessary (CIA) operations, the reliability & integrity of
internally such as corporate by-laws, policies
EA compulsory being the member of MIA to get financial records, & the appraisal of the
& procedures, or externally such as laws &
audit licence controls relating to financial functions.
regulations.