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The Institute & the Profession

The Institute & the Profession. Personalize here with presenter name. The IIA:. Global Professional Association Recognized Authority Acknowledged Leader Principal Educator. IIA Motto. Progress through Sharing. IIA History. 1941: Established in New York, USA

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The Institute & the Profession

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  1. The Institute & the Profession Personalize here with presenter name.

  2. The IIA: • Global Professional Association • Recognized Authority • Acknowledged Leader • Principal Educator

  3. IIA Motto Progress through Sharing

  4. IIA History • 1941: Established in New York, USA • 1944: Established 1st Affiliate, Canada • 1948: Established 2nd Affiliate, England • 2006: -246 Affiliates -160 Countries -More than 120,000 members

  5. IIA Strategic Objectives • Advocacy • Globalization • Service to members

  6. The IIA Provides: • Global Affiliate Network • Membership Services • Certification • Professional Development & Training • Educational Materials • Benchmarking Network • Professional Practices Framework • IIA Research Foundation (IIARF) • IIRF Reports & Educational Products

  7. Professional Practices Framework (PPF) • Code of Ethics • Standards • Practice Advisories (PAs)

  8. Internal Auditing • Independent • Objective • Assurance & consulting activity • Adds value • Monitors & improves • Risk Management • Internal Control • Governance Processes • Helps meet organizational objectives

  9. Internal Auditors: • Evaluate Risk • Confirm Information • Analyze Operations • Monitor Ethics • Review Compliance • Recommend Controls • Assure Safeguards

  10. Differentiation Internal and external auditing are two different professions.

  11. OrganizationalGovernance Four Cornerstones: • Board of Directors • Executive Management • Internal Auditors • External Auditors

  12. Cornerstones

  13. Audit Committee Primary Responsibilities: • Financial Reporting • Corporate Governance • Corporate Control

  14. The internal auditor should have a dual reporting relationship to the audit committee and to the CEO. Reporting Relationships

  15. Internal Control Components: • Control Environment • Risk Assessment • Control Activities • Information & Communication • Monitoring

  16. Risk Management • Identify • Assess • Rank • Communicate • Anticipate • Mitigate

  17. Enterprise Risk Management • Strategic Risk • Operational Risk • Financial Risk • Hazard Risk • Compliance Risk • Risk to Reputation

  18. COSO’s ERM Framework

  19. For moreinformation: Visitwww.theiia.org Call+1-407-937-1111 E-mail PR@theiia.org

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