IIA Standards Part 2 - Managing the Internal Audit Department

Field: Auditing | Delivery Method: Self Study | CPE Hours: 2.0

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As a profession, internal auditors look to the Institute of Internal Auditors (IIA) Standards to provide guidance on how to most effectively execute their fiduciary role. Part One of this series introduced the overall Standards, Mandatory Guidelines, Core Principles, Code of Ethics and Attribute Standards. These are important concepts that internal auditors, management and the board should understand. These guidelines provide the foundation for the profession and are written to ensure effectiveness and consistency in the execution of internal auditing.

This segment will focus on two elements of the Performance Standards which include: managing the internal audit function and the nature of work considered within the realm of internal auditing. Each of these components are critical to the effective execution of internal audit’s responsibilities.
Requirements for managing internal audit extend far beyond managing a specific project or individual audit. It includes management of the entire audit process from development through to execution and reporting. It also includes:
  • Ensuring the team has the relevant knowledge and expertise for engagement assignments
  • Appropriate resourcing and budgeting exists to support the Mission of the function
  • Establishing the right communication protocols with management and the board.
When examining the nature of work of internal audit, the Institute of Internal Auditors Standards outline three very critical areas that internal auditors should be engaged with. These include:
  • Controls
  • Risk Management
  • Governance
Inherently, most individuals within management understand the requirements around internal audit’s evaluation of controls, but many struggle with how or if internal audit should be involved in risk management and governance activities.
This course delves deeper into managing the internal audit activity and the challenges that may be faced along with properly identifying internal audit's nature of work. The participant will come away with an appreciation for the intent of the Standards and a recognition of alternatives to promoting the value oriented activities internal audit can provide to an organization.
Learning Objectives
  • Explore the many facets to effectively managing the internal audit function
  • Identify the challenges and alternative solutions internal auditors can consider when attempting to manage the function in line with the Standards while also balancing management expectations.
  • Discover the nature of work outlined by the Institute of Internal Auditors (IIA) Standards which internal auditors are directed to be involved with including: control reviews, risk management and governance
  • Identify the challenges and alternative solutions internal auditors may face/use when attempting to execute on the various forms of control reviews, risk management projects and governance reviews.


Field: Auditing
CPE: 2
Delivery Method: Self-Study
Format: Video


Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  IIA Standards Part 2 - Managing the Internal Audit Department
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