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Internal Audit Manual

Internal Audit Manual. PEM-PAL Plenary Meeting Zagreb January 26-28, 2011. Jean-Pierre Garitte, CIA, CCSA, CISA, CFE, RFA. Objectives of an internal audit manual. Primary objective Secondary objectives Guidance to newcomers Reliance by other assurance providers Quality review.

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Internal Audit Manual

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  1. Internal Audit Manual PEM-PAL Plenary Meeting Zagreb January 26-28, 2011 Jean-Pierre Garitte, CIA, CCSA, CISA, CFE, RFA

  2. Objectives of an internal audit manual • Primary objective • Secondary objectives • Guidance to newcomers • Reliance by other assurance providers • Quality review

  3. Standards on the internal audit manual • The Institute of Internal Auditors • IIA Practice Advisory 2040-1 • INTOSAI • The US Government Accountability Office (GAGAS)

  4. Internal audit manual framework Senior Management / Audit Committee External Audit (NAO, AA) Institutions (budget spenders) People Planning Planning Execution Quality Improvement Tools Execution Knowledge Fundamentals Reporting CHU

  5. Fundamentals • Mission statement • Reference to regulatory framework • Independence • Applicable professional standards • Professional ethics • Due professional care • Interactions with others

  6. Planning • Strategic audit planning • Audit universe • Risk assessment methodology • Annual audit planning • Annual audit budget • Special audit engagements

  7. Execution • Audit engagement planning • Development of audit objectives • Definition of audit scope • Preliminary survey • Audit program • Working papers • Supervision

  8. Reporting • Draft report • Final report • Follow-up of recommendations • Annual audit report • Annual audit opinion / statement of assurance

  9. Quality improvement • Quality program • Key performance indicators • Internal quality assessment • External quality assessment

  10. Internal audit manual framework Senior Management / Audit Committee External Audit (NAO, AA) Institutions (budget spenders) People Planning Planning Execution Quality Improvement Tools Execution Knowledge Fundamentals Reporting CHU

  11. People • Qualifications • Soft skills • Career planning • Co-sourcing arrangements • Continuing development

  12. Tools • Risk mapping • Sampling • Audit administration • Marketing

  13. Knowledge • File organization • Benchmarking • PEM-PAL

  14. Internal audit manual framework Senior Management / Audit Committee External Audit (NAO, AA) Institutions (budget spenders) People Planning Planning Execution Quality Improvement Tools Execution Knowledge Fundamentals Reporting CHU

  15. Interaction with others • Senior management • Audit committee • External audit • National Audit Office / SAI • Audit Authority • CHU • Budget spenders • Other assurance providers

  16. Questions • Does this skeleton / template for the internal audit manual cover all critical components? • Would this skeleton / template be applicable to other public sector entities (e.g. municipalities)?

  17. Internal Audit Manual PEM-PAL Plenary Meeting Zagreb January 26-28, 2011 Jean-Pierre Garitte, CIA, CCSA, CISA, CFE, RFA

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