As part of her higher education studies, Synergy’s Executive Director Diana Hamono conducted intensive research into knowledge management and internal audit. In a series of weekly blog posts, she shares her knowledge with you.
Internal auditing is a dynamic profession that helps organisations achieve their objectives by evaluating and improving the effectiveness of their risk management, control and governance processes.
Internal auditing organisations invest a lot in auditors – for the purpose of winning new work and delivering upon that work.
In my experience, internal audit teams that provide services to a range of clients have a wealth of existing and new information available to deliver quality services.
In the past, internal audit team members have needed to re-invent the wheel when it comes to developing internal audit programs. This usually costs the organisation in terms of revenue and staff turnover.
However, there is often a range of useful material on internal auditing available both internally and on the Internet that can be used to make sure the work is conducted more efficiently.
Many audits are technically focussed on ICT or regulatory operations, while others look more strategically at governance and business planning processes and activities.
Audit clients generally always have an annual internal audit program which contains a variety of audits ranging from financial compliance to security, regulatory and performance audits.
Each internal audit assignment is slightly different to the next, but all are required to follow standard procedures to collect the sufficient and necessary evidence to defend any potentially adverse findings.
This might involve:
- an entry meeting
- information gathering
- data and information analysis
- evaluation of analysis
- report writing
- an exit meeting
It is important for auditors to follow rules around certain aspects of auditing, such as sample sizes for audit testing.
It is also valuable to have auditors with a wealth of experience to allow professional judgement decisions to be made during certain audit assignments.
Being a capable internal auditor requires special skills, attributes, experience and knowledge.
Organisations are constantly searching for people with the right mix of skills, attributes and experience that could see them become highly capable and valuable internal auditors.
These are the people that organisations need to ensure they attract and keep on board.
Want to know more about internal auditing? Stay tuned for next Monday’s blog post.