Internal Audit Basics 2
A professional who evaluates and improves the effectiveness of risk management, control, and governance processes within an organization.
Internal Auditor
Procedures and policies implemented to ensure the integrity, confidentiality, and availability of information technology systems and data.
IT Controls
Enhances the Bank’s ability to achieve its objectives by providing advice, insight, and foresight.
Value Addition
An audit that assesses whether an organization is adhering to regulatory requirements, internal policies, and procedures to ensure compliance.
Compliance Audit
The senior executive responsible for managing the internal audit function, ensuring its effectiveness and alignment with organizational objectives.
Chief Internal Auditor
An independent professional who conducts audits of an organization's financial statements and disclosures to ensure they are accurate and free from material misstatements.
External Auditor
Controls designed to prevent errors or fraud from occurring in the first place, such as authorization and segregation of duties.
Preventive Controls
Reviews that improve the efficiency and effectiveness of operations
Operational Efficiency
An objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization.
Assurance Services
A formal document that defines the internal audit activity's purpose, authority, and responsibility.
Audit Charter
Suggestions made by auditors to improve processes, controls, or compliance based on the findings and conclusions of the audit.
Recommendations
Controls designed to identify and correct errors or fraud that have already occurred, such as reconciliations and audits.
Detective Controls
Confirm and report adherence to relevant laws, regulations and internal policies
Compliance
Advisory activities provided by internal auditors to help improve an organization's operations and address specific issues or challenges.
Consulting Services
A subcommittee of the board of directors responsible for overseeing the financial reporting process, audit process, internal controls, and compliance with laws and regulations.
Audit Committee
Ensuring that information is accessible only to those authorized to have access, protecting sensitive data from unauthorized disclosure.
Confidentiality
Measures implemented to correct identified issues or deficiencies in internal controls, ensuring that errors or irregularities are addressed and prevented from recurring.
Corrective Controls
Evaluate and enhance the effectiveness of risk control processes to protect the Bank’s assets.
Risk Management
The continuous observation and analysis of systems, processes, or activities as they occur, allowing for immediate detection and response to issues.
Real-time Monitoring
Established guidelines and principles that govern the auditing process, ensuring consistency, reliability, and quality in audit practices.
Audit Standards
Outlines the standards or expectations against which the audit is being conducted, such as company policies, regulations, or industry best practices.
Criteria
Mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.
Internal Controls
The system by which organizations are directed and controlled involving the relationships among the board, management, shareholders, and other stakeholders.
Governance
Validate the accuracy and integrity of financial records and statements
Financial Audits
Outlines principles of integrity, objectivity, confidentiality, and competency, guiding the ethical behavior and decision-making of internal auditors.
Code of Ethics