Transcript The Institute and the Profession

The Institute
& the
Profession
Personalize here with presenter name.
www.theiia.org
The IIA:
• Global Professional Association
• Recognized Authority
• Acknowledged Leader
• Principal Educator
www.theiia.org
IIA Motto
Progress through Sharing
www.theiia.org
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
www.theiia.org
IIA Strategic Objectives
• Advocacy
• Globalization
• Service to members
www.theiia.org
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
www.theiia.org
Professional Practices
Framework (PPF)
• Code of Ethics
• Standards
• Practice Advisories (PAs)
www.theiia.org
Internal Auditing
•
Independent
•
Objective
•
Assurance & consulting activity
•
Adds value
•
Monitors & improves
– Risk Management
– Internal Control
– Governance Processes
•
Helps meet organizational objectives
www.theiia.org
Internal Auditors:
•
Evaluate Risk
•
Confirm Information
•
Analyze Operations
•
Monitor Ethics
•
Review Compliance
•
Recommend Controls
•
Assure Safeguards
www.theiia.org
Differentiation
Internal and
external auditing
are two different
professions.
www.theiia.org
Organizational
Governance
Four Cornerstones:
•
Board of Directors
•
Executive Management
•
Internal Auditors
•
External Auditors
www.theiia.org
Cornerstones
www.theiia.org
Audit Committee
Primary Responsibilities:
• Financial Reporting
• Corporate Governance
• Corporate Control
www.theiia.org
Reporting Relationships
The internal auditor
should have a
dual reporting
relationship to the
audit committee and
to the CEO.
www.theiia.org
Internal Control
Components:
• Control Environment
• Risk Assessment
• Control Activities
• Information & Communication
• Monitoring
www.theiia.org
Risk Management
• Identify
• Assess
• Rank
• Communicate
• Anticipate
• Mitigate
www.theiia.org
Enterprise
Risk Management
•
Strategic Risk
•
Operational Risk
•
Financial Risk
•
Hazard Risk
•
Compliance Risk
•
Risk to Reputation
www.theiia.org
COSO’s ERM Framework
www.theiia.org
For more
information:
• Visit www.theiia.org
• Call +1-407-937-1111
• E-mail [email protected]
www.theiia.org