Internal Audit Quality - Hardcover

by Sally-Anne Pitt (Author)

Deliver increased value by embedding quality into internal audit activities

Internal Audit Quality: Developing a Quality Assurance and Improvement Program is a comprehensive and authoritative guide to better practice internal auditing. Written by a global expert in audit quality, this guide is the first to provide complete coverage of the elements that comprise an effective internal audit quality assurance and improvement program. Readers will find practical solutions for monitoring and measuring internal audit performance drawn from The IIA's International Standards for the Professional Practice of Internal Auditing, and complemented by advice and case studies from leading audit practitioners from five different continents.

Major corporate and financial collapses over the past decade have challenged the value of internal audit. With an increased focus on internal audit's role in good governance, management is increasingly demanding that internal audit provides assurance of the quality of its own activities. The IIA standards provide a framework for audit quality in the form of mandatory guidance . Recent research indicates that the majority of internal audit functions do not fully comply with the standards and, as a result, are not servicing the needs of their organizations as well as they might. Internal Audit Quality offers a roadmap to internal audit quality, providing readers the guidance they need to:

• Embed quality into all elements of internal audit from strategic and operational planning down to day-to-day tasks
• Create well-defined internal audit programs and procedures
• Independently self-assess internal audit quality and performance
• Conform with the IIA standards and better practice
• Provide assurance over internal audit efficiency and effectiveness
• Deliver value by meeting stakeholder expectations

As a key component of good governance, internal audit is on the rise. The days of retrospective, compliance-focused auditing is a thing of the past. Organizations expect more of internal audit, and many internal audit activities are accepting the challenge. Rather than relying on audit supervision and external assessments, modern auditors are embedding quality into audit activities to create effective programs. For the auditor looking to distinguish themselves as leading edge, Internal Audit Quality provides the guidance that enables the right work, at the right time, in the right way.

Front Jacket

Major corporate and financial collapses over the past decade have highlighted the value of internal audit. With an increased focus on internal audit's role in good governance, management is demanding that internal audit provides assurance of the quality of its own activities. The IIA standards provide a framework for audit quality in the form of mandatory guidance. However, recent research indicates that the majority of internal audit functions do not fully conform with the standards and, as a result, are not servicing the needs of their organizations as well as they might.

Written by an expert in internal audit quality assurance, Internal Audit Quality provides a roadmap for delivering quality and value aligned with the latest International Standards for the Professional Practice of Internal Auditing. Conformance with global standards is increasingly important in organizations of all sizes. Internal Audit Quality is the only guide that provides practical suggestions for achieving conformance as well as common quality traps that can lead to nonconformance.

The resources in Internal Audit Quality make the Quality Assurance and Improvement Program (QAIP) implementation process fast and efficient. Each chapter contains a list of quality questions that can guide the assessment process, and Sally-Anne Pitt explains the basis of internal audit performance in a way that can be clearly communicated to stakeholders.

In all, Internal Audit Quality is poised to become the authoritative guide to better practice internal auditing. Increasing the maturity of internal audit will require a thorough understanding of quality and value as well as knowledge of strategy, governance, people management, and audit processes. More than that, it will require an ability to communicate effectively with senior management and the board, ensuring that stakeholder expectations are understood and met. This is the primary goal of the QAIP, and reading this book is a major step toward achieving this goal.

Back Jacket

INTERNAL AUDIT QUALITY

Major corporate and financial collapses over the past decade have highlighted the value of internal audit. With an increased focus on internal audit's role in good governance, management is demanding that internal audit provides assurance of the quality of its own activities. The IIA standards provide a framework for audit quality in the form of mandatory guidance. However, recent research indicates that the majority of internal audit functions do not fully conform with the standards and, as a result, are not servicing the needs of their organizations as well as they might.

Written by an expert in internal audit quality assurance, Internal Audit Quality provides a roadmap for delivering quality and value aligned with the latest International Standards for the Professional Practice of Internal Auditing. Conformance with global standards is increasingly important in orga-nizations of all sizes. Internal Audit Quality is the only guide that provides practical suggestions for achieving conformance as well as common quality traps that can lead to nonconformance.

The resources in Internal Audit Quality make the Quality Assurance and Improvement Program (QAIP) implementation process fast and efficient. Each chapter contains a list of quality questions that can guidethe assessment process, and Sally-AnnePitt explains the basis of internal audit performance in a way that can be clearly communicated to stakeholders.

In all, Internal Audit Quality is poised to become the authoritative guide to better practice internal auditing. Increasing the maturity of internal audit will require a thorough understanding of quality and value as well as knowledge of strategy, governance, people management, and audit processes. More than that, it will require an ability to communicate effectively with senior management and the board, ensuring that stakeholder expectations are understood and met. This is the primary goal of the QAIP, and reading this book is a major step toward achieving this goal.

Author Biography

SALLY-ANNE PITT is recognized as a global expert in audit quality. She is the Managing Partner of Pitt Group, a consulting firm specializing in assurance and evaluation services, where her key audit clients include major Australian government departments. Between 2008 and 2012, Sally-Anne oversaw the external quality assessment program for the Institute of Internal Auditors-Australia, and she helped author the IIA's 2012 Practice Guide: Quality Assurance and Improvement Program. Sally-Anne has under-taken in excess of 60 external quality assessments of Australian and global orga-nizations from the public, financial, mining, telecommunications, and not-for-profit sectors.