As a Professional (HIA), it's pivotal that you understand how to develop yourself and your team as well as build powerful partnerships with the board and audit committee, thereby becoming their ‘trusted adviser’. As the leader of internal audit activity, you have overall responsibility for delivering the internal audit function's efficiency and effectiveness. You are also a key starting point for determining the quality of execution, which includes risk-based internal audit plans, and strategic plans aligned to an organisations goals and objectives. Leading by example, you'll work closely with colleagues across the organisation in areas including risk, fraud, security and GDPR.
Contents
HIAs must lead from the front and manage their teams with knowledge and expertise. Your key responsibilities are as follows:
IA Professionals understand how to critically evaluate/interpret the internal and wider external environment of the organisation being audited.
Research report: The role of internal audit in non-financial and integrated reporting |
IA Professionals understand characteristics of good corporate governance and risk management, including the strategic role of IA.
What is good Corporate Governance |
|
Governance of risk: Three lines of defence When should an organisation establish an internal audit activity? |
In respect of an organisation’s approach to audit planning and reporting, IA Professionals understand risk and control implications of different organisational structures, business processes and IT systems.
IA Professionals know the types of controls to manage the risks, management control techniques, and internal control framework characteristics.
IA Professional understand management skills/leadership styles, conflict management, project management & change management.
IA Professionals build long-term relationships based on trust and respect, both within IA and with management across an organisation.
Position paper: Internal audit’s relationship with external audit Raising the profile of internal audit |
IA Professionals communicate clearly and succinctly, both verbally and in writing, turning complex issues into plain language.
IA Professionals wield influence and motivate others through collaboration to remove organisational barriers, manage conflict, reach consensuses and achieve results.
Raising the profile of internal audit |
IA Professionals determine use of data analytics/data extraction software, and communicate requirements to others.
Computer assisted audit techniques (CAATs) |
IA Professionals interpret/articulate key risks impacting organisations and apply wider understanding to drive audit plans.
Risk appetite – concept and theory
|
Risk appetite – the board’s role |
IA Professionals understand different types of control, management control techniques and internal control framework characteristics used in organisations.
Annual internal audit coverage plans |
IA Professionals lead/manage audit assignments to deliver quality work against a set budget and timeline.
Ensuring quality in the smallest internal audit activities |
IA Professionals act as role models, motivate others to deliver results, create environments to encourage creative thinking, and manage through others to deliver results.
Coordination of assurance services How to set up a new internal audit activity |
Models of effective internal audit |
IA Professionals effectively use business systems/software to deliver IA outcomes.
Research report: Data analytics Using internal audit software – top tips |
IA Professionals will act with integrity to their profession and the ethical code of conduct of their organisation/auditee, acting as a role model.
IA Professionals apply their knowledge of the organisation and wider context to identify improvements/opportunities to meet objectives and deliver on promises.
Supervising an audit engagement |
Measuring internal audit effectiveness and efficiency |
IA Professionals take responsibility for own/audit team’s professional development by seeking out opportunities to learn and grow, and are mindful of others wellbeing, encouraging resilience.
Internal audit document retention |
IA Professionals are proactive, able to think ahead to adapt their approach to manage conflicting priorities as circumstances and priorities change.
IA Professionals demonstrate an attitude that includes a challenging mind and being alert to conditions that may indicate possible misstatement of information due to error or fraud.
Things to consider when preparing for your annual internal audit opinion |
In addition to specific guidance to meet the needs of internal auditors at the various stages of their career, there is a generic range of functions and subject areas that inform all levels of our competence framework.
Our technical team are on-hand to answers any questions you may have, whether that be in relation to your skill-level or a specific piece of guidance.