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• eBook

  The Role of Internal Audit in Corporate Governance in Europe

  Current Status, Necessary Improvements, Future Tasks
  

  978-3-503-11272-2

  European Confederation of Institutes of Internal Auditing (ECIIA), Bernd Schartmann

  …Based on a survey between all national Institutes of Internal Auditing in Europe this book shows a widespread picture of European Corporate… …in Europe. All insights of the book are concentrated on European companies and offer European solutions for Internal Auditing. They are empirically… …founded and written in a clear and direct way for practical use. This is the first work for the European profession of Internal Audit that formulates eight… …Governance activities and Internal Audit: - Specific questions regarding the current involvement of Internal Audit in Corporate Governance aspects; - the State… …of the art of Internal Audit: position, scope and quality management; - Focal points for improving the role of Internal Audit in Corporate Governance… …focal points for improving the role of Internal Audit in Corporate Governance in Europe. The book shows how Internal Audit can fundamentally strengthen…

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• eBook-Kapitel aus dem Buch The Role of Internal Audit in Corporate Governance in Europe

  Introduction

  European Confederation of Institutes of Internal Auditing (ECIIA)

  …of the European Confedera- tion of Institutes of Internal Auditing (ECIIA) has conducted a survey on the status of Corporate Governance in Europe with… …enhanced role of Internal Audit in the whole Corporate Governance discussion in Europe. The ECIIA and its affiliates in the European countries see a… …member institutes of the ECIIA. Chapter 3 summarises the most important aspects of an up-to-date Internal Audit Function and in Chapter 4, the ECIIA has… …a specific view on Internal Audit and – based on this survey – has drawn up this Position Paper. The objectives of this ECIIA Position Paper are to… …8 to summarise the common understanding of an up-to-date Internal Audit Function2 in European companies and hence to formulate proposals for an… …advantages coming out of SOX. Furthermore in most of the companies listed in the US, the role of Internal Audit has been reduced to testing and documenting… …environments throughout the world are different and the US- solution does not fit to all regions. What are the European needs and solutions? Which kind of… …is missing up to now. This ECIIA Position Paper starts in chapter 2 with an illustration of the re- sults of the survey, which was supported by the… …made proposals for an enhanced role of Internal Audit in Corporate Governance in Europe. As the Position Paper aims to cover general aspects of… …Internal Audit in Corpo- rate Governance, it would go beyond the scope to deal with specific indus- tries or lines of business, e. g. companies in the…

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• eBook-Kapitel aus dem Buch The Role of Internal Audit in Corporate Governance in Europe

  Results of the Survey

  European Confederation of Institutes of Internal Auditing (ECIIA)

  …Internal Audit, i. e. the corresponding national Institute of Internal Auditing. Please find a blank specimen of the survey as attachment 1. 2.1 General… …accepted the Corporate Governance Code With regards to the question of which companies “signed” the CG Code, the majority of the Institutes of Internal… …audit. In all other countries the CG do not define the role of Internal Auditing. 2.2.4 Are there any requirements towards your organisation members… …European country. We recieved 26 re- sponses to the survey from the affiliates. The second part looks at specific questions about the involvement of… …a Board of Management and a Supervi- sory Board overseeing the actions of the Board of Management (German, Austria and a number of Eastern European… …the company, to guarantee an unbiased view. The Board is responsible for a sound system of internal control and a regular dialogue with all… …. Shareholders When it comes to shareholder rights, the laws in the different ECIIA member countries show a very high degree of unanimity, independent of the… …controlled. Referring to the countries belonging to the European Union a significant degree of company law standardisation has been achieved in the last… …other countries not belonging to the European Union. European Rules Beside their local laws and regulations, member states of the EU have to fol- low… …European Union regulations. The legal basis of the EU is the primary 2 Results of the Survey 15 law, which especially comprises the memorandum of…

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• eBook-Kapitel aus dem Buch The Role of Internal Audit in Corporate Governance in Europe

  State of the art Internal Audit

  European Confederation of Institutes of Internal Auditing (ECIIA)

  …mandate the external (and internal) auditor, to determine auditing focal points. • • • • • • • 3.1 Position of Internal Audit in a Corporate… …practice requires: a sound knowledge of the International Standards for the Professional Practice of Internal Auditing (hereafter referred to as the… …auditors to obtain such qualifications. The ECIIA recommends that internal auditors should make use of these opportunities to become professionally… …espoused by COSO, these auditing activities should follow a top-down approach. 3.2 Scope of Internal Audit 34 The auditors focus on the business… …State of the art Internal Audit 37 procedure should be implemented within the auditing organisation in order to establish an open dialog with… …23 3 State of the art Internal Audit In this chapter we intend to summarise some important aspects of a “state of the art” Internal Audit… …enhanced role in Corporate Governance as the survey showed that the current role of Internal Audit is still quite minor in comparison with other parties… …. The most important aspects centre around the organisation of the Internal Audit Function within companies as well as its relationship with other stake-… …holders, and Internal Audit’s scope, methods and procedures. Internal auditing is defined by the IIA as an independent, objective assur- ance and… …regarded as a common denominator of Corporate Governance content (see chapter 2.1.1). 3.1 Position of Internal Audit in a Corporate Organisation Internal…

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• eBook-Kapitel aus dem Buch The Role of Internal Audit in Corporate Governance in Europe

  Proposals for the Role of Internal Audit in Corporate Governance in Europe

  European Confederation of Institutes of Internal Auditing (ECIIA)

  …survey in chapter 2 and the abilities of a state of the art Internal Audit Function de- scribed in chapter 3 the ECIIA proposes the following focal points… …goals successfully, internal auditing activities require broader skill sets and receive enhanced resources for maintaining the confidence of… …39 4 Proposals for the Role of Internal Audit in Corporate Governance in Europe Bearing in mind the current role of Internal Audit shown in the… …for Inter- nal Audit in the context of Corporate Governance. 4.1 Supporting an Effective Enterprise Risk Management Internal Audit should provide… …, Internal Auditors should assist both management and the audit committee and board of directors by evaluating and recommending improvements on the adequacy… …this, Internal Audit could take an active role in support of the ethical culture by periodically assessing the ethical climate. To reach an enhanced… …these values is rewarded and breaches of law are met with dissuasive conse- quences or penalties. Within this, internal audit may serve as a member of an… …internal ethics council, or as an Assessor of the organisation’s ethics cli- mate. 4.4 Enhanced set up of Internal Audit Function To enhance the role of… …internal audit in Corporate Governance, emphasis should be placed particularly on the capability of internal audit to provide assurance to management and… …the board on the integrity of information flows, including the assessing of all internal systems which generate infor- mation (internal control, risk…

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• eBook-Kapitel aus dem Buch The Role of Internal Audit in Corporate Governance in Europe

  Conclusion and further steps

  European Confederation of Institutes of Internal Auditing (ECIIA)

  …45 5 Conclusion and further steps With this Position Paper the ECIIA wants to clarify and underline a strength- ened Role of Internal Audit in the… …properly organised and well working Internal Audit Function can deliver in order to meet the objective of having good Corporate Governance within European… …show that there is room for improve- ment. Selected aspects of a state of the art Internal Audit Function were described to underline the value a… …US will not be necessary in Europe. This will be supported by the experiences of European companies listed in the US during the last two years. The… …Corporate Governance Forum and the European Corporate Gov- ernance Institute. The objective is to establish the need for a strong Internal Audit Function… …Corporate Governance discussion. There- fore a survey within the European countries was conducted which offers in- sight into the current role as well as to… …proposals given in chapter 4 will need to be discussed with the most important European institutions with respect to Corporate Governance, the European… …which should cover the aspects outlined and to form the basis for a legally anchored requirement for all listed companies to establish an Internal…

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• ECIIA Activity Report 2013 online

  …Die European Confederation of Institutes of Internal Auditing (ECIIA), Zusammenschluss der europäischen Fachverbände für Interne Revision, zieht eine… …neuer guidance notes (Making the most of the internal audit function (mit Ecoda)”, “The role of internal audit under Solvency II” und  “Reinforcing audit… …wichtiger Entscheidungsträger im Bereich der europäischen Governance entstanden und in der Publikation „The Future of European Governance: Key views from key… …Activity Report 2013 können hier abrufen.Die Publikation „The Future of European Governance: Key views from key people“ finden Sie hier.… …positive Bilanz ihrer Aktivitäten im ablaufenden Jahr 2013.Dem nun online abrufbaren, diesjährigen ECIIA Activity Report 2013 zufolge blicke man auf das wohl… …committee oversight over global assurance and internal audit”) insbesondere an gemeinsamen Brücken mit den europäischen Partnerverbänden gearbeitet worden.In… …people“ zusammengefasst worden.Das Jahr, wird ECIIA Präsidentin Marie-Helene Laimay auf der Homepage des ECIIA zitiert, habe insbesondere zur Verbesserung… …der Sichtbarkeit des Berufstandes der Internen Revision in europäischen Einrichtungen und mit diesen verbundenen Stakeholdern beigetragen.Den ECIIA…

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• eBook

  Common Body of Knowledge in Internal Auditing

  A State of the Art in Europe
  

  978-3-503-12410-7

  European Confederation of Institutes of Internal Auditing (ECIIA), Prof. Marco Allegrini, Dr. Giuseppe D’Onza, Dr. Robert Melville, u.a.

  …Based on a global research program about internal auditing in practice this research report delivers valuable insights into current and future trends… …in internal auditing. You will gain benchmarking information on organizational characteristics, internal audit function and staffing, internal auditing… …standards, tools, skills and competences. The most comprehensive study about internal auditing practices in Europe with data from 21 participating countries!…

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• eBook

  Global Management Challenges for Internal Auditors

  ECIIA Yearbook of Internal Audit 2010/11
  

  978-3-503-12977-5

  European Confederation of Institutes of Internal Auditing (ECIIA), Neil Baker, Philipp Friebe, Adrián Garrido, u.a.

  …internal audit teams will be crucial. The experts of the ECIIA offer you insights and their knowledge about Internal Audit Standards & Professional Practice… …Framework, Corporate Governance & Risk Management, Internal Audit Practices and the future of Internal Auditing. An excellent overview about recent… …developments and requirements for European Internal Auditors!… …For Internal Auditors the ability to work smarter will increase in importance over the coming year. Sharing information and knowledge between…

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• eBook-Kapitel aus dem Buch 50 Jahre ZIR: Meilensteine der Internen Revision

  Zur Internationalisierung des Berufsstands: DIIR, ECIIA und IIA

  Dorothea Mertmann

  …European Confederation of Institutes of Internal Auditing (ECIIA) Vor mehr als 30 Jahren, im Mai 1984, war das DIIR eines der Gründungsmitglieder der… …European Confederation of Institutes of Internal Auditing (ECIIA) und dem Institute of Internal Auditors (IIA). DOROTHEA MERTMANN Dorothea Mertmann, CIA… …European Confederation of Institutes of Internal Audi- ting (ECIIA, www.eciia.eu). Neben den weiteren Gründungsmitgliedern Frankreich, Großbritanni- en und… …internationalen Tagungen aus ZIR 3/1985: European Confederation of Institutes of Internal Auditing: Confederation Newsletter, S. 189 zurückgegriffen. So… …die Positionierung des Berufsstandes auf europäischer Ebene insbeson- dere gegenüber den Regulatoren gewährleistet. The Institute of Internal Auditors… …(IIA) Vor rund 20 Jahren, am 5.7.1995, wurde das DIIR als Institute of Internal Auditors Germany in die weltweite Gruppe aller Revisionsinstitute… …offiziell aufgenommen. Das Institute of Internal Auditors (IIA) – gegründet am 17.11.1941 in New York – ist der globale Dachverband des Berufsstandes der… …(EIOPA), Federation of Eu- ropean Risk Management Associations (FERMA), European Organization of Supreme Audit Institu- tions (EUROSAI) und European… …Confederation of Directors Associations (ecoDA). Neben der Erarbeitung von Positionspapieren für die Interne Revision und der Kommentierung von… …des ECIIA auch bran- chenspezifische Arbeitsgruppen. Aufgrund aktueller und wirtschaftlicher Ent- wicklungen in Europa gehen wir davon aus, dass die…

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