Internal Audit Basics 1
An independent, objective assurance, and consulting activity, designed to add value and improve and organisation's operations.
Internal Audit
Sample size for automated controls
One
An independent, objective assurance, and consulting activity, designed to add value and improve and organisation's operations.
Internal Audit
It is the ability to express your emotions and needs with clarity without violating others’ rights and without being aggressive
Assertiveness
Based on strategy-prioritisation grid, iyou should do this if the matter/task is not important but urgent.
Delegate
This document provides a detailed outline of the audit, including the plan, scope and approach of the audit, as discussed and approved by the Audit Management and reviewed with the stakeholders.
Audit Planning Memo
This part of the report is structured to introduce the topic (usually first in the paragraph), states the paragraph's main point, provide a sense of direction, unifies the paragrpah's content and summarizes the paragraph's main point.
Executive Summary
These are uncertain future events which could influence the achievement of the organisation's objectives, including strategic, operational, financial and compliance objectives.
Risks
This is the written record of the basis for our conclusions that provides the support for our observations and recommendations whether they are contained in a report or otherwise.
Audit Documentation
Official record of the most important discussions, tasks accomplished and decisions taken.
Minutes of Meeting
Give at least 3 items that engagement communication should include per IIA Standard 2410.
Objective, Scope, Conclusions, Recommendations, Action Plans
What are the four testing techniques?
Inquiry, Observation, Examination , Reperformance
What are the four types of controls?
Preventative, Detective, Manual and Automated
The skill of carefully listening to another person and replaying back in order to correct any inaccuracies or misunderstandings.
Reflective Listening
The purpose of this activity is to provide the opportunity for the business unit and the internal audit team to discuss and understand the overall rating of the audit, the findings and investigations that took place
Exit Interview
What are the four phases in internal audit life cycle?
Planning, Fieldwork, Reporting and Quality
What are the four elements of a finding?
Criteria, Cause, Condition and Effect (Risk Impact)
Two types of sampling approach
Statistical and Non-statistical
The purpose of this activity is to provide the opportunity for the business unit and the internal audit team to discuss and understand the purpose of the audit, the roles and responsibilities of the people involved in the audit as well as to agree deadlines and expectations for the audit.
Entrance Interview
These are guiding principles by which people make decisions and conduct their lives.
Ethics
We prioritize each audit findings according to the severity of a given risk exposure (risk rating). What are two factors we consider in determining severity?
Probability of occurrence (frequency) and impact
Give at least 4 items that may be included in the audit planning memo.
Background, Risk Overview, Audit Approach, Resources, Budget, Target Dates
Internal audit helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of __________, ___________ and _____________.
Risk Management, Control and Governance Process
Audit mandate should be reflected in this document
Internal Audit Charter
Give at least 5 items which are generally included in the format of working papers
Review name, audit process/test, date of fieldwork, audit period, description, control objectives, risks/controls, scope, testing attributes and legends and findings & conclusions