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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)

  …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… …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… …for Inter- nal Audit in the context of Corporate Governance. 4.1 Supporting an Effective Enterprise Risk Management Internal Audit should provide… …audit committees and boards of directors with assurance of the effectiveness of processes and over the reporting and management of key risks. Morevover… …, Internal Auditors should assist both management and the audit committee and board of directors by evaluating and recommending improvements on the adequacy… …Governance policies as well as compliance with laws and regulations need to be monitored by the management. The Internal Audit Function provides ob- jective… …assurance to the Board that theses processes are effective. The Inter- nal Audit Function may also advice, such as making whistlebower hotlines more… …audit plan should also include a review of the organisation’s compliance program and its procedures including reviews to determine whether it can be… …clearly documented by the Internal Audit Function, with reference to the International Standards. However, in improving an organi- sation’s compliance with… …roles. Moreover, Internal Audit should hold regular 40 meetings with the board or its audit committee, and with the CEOs, to en- sure frequent review…

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• eBook-Kapitel aus dem Buch Common Body of Knowledge in Internal Auditing

  Internal Audit Function

  European Confederation of Institutes of Internal Auditing

  …37 3 Internal Audit Function In the third section of the questionnaire, all respondents were asked to indicate whether their existed an internal… …audit function in their organization and in case their existed one, the age of this function. Moreover, all respondents were asked to indicate whether a… …specific list of corporate governance and internal audit docu- ments existed in their organization. Finally, all respondents had to indicate their agreement… …with a list of statements related to their internal audit function. Besides, CAEs had to reply to questions regarding their appointment and performance… …eval- uation, their relationship with the audit committee (if there existed an audit com- mittee), how the added value of their internal audit function is… …measured and how the internal audit plan is developed and updated. 3.1. Existence of an Internal Audit Function The Internal Audit Function (IAF) has… …been set up in nearly all the respondents’ companies (overall average: 96%). Table 13: Existence of an Internal Audit Function (%) Country Total… …Spain 256 95.7 Sweden 67 97.0 Switzerland 33 100.0 Turkey 72 91.7 UK & Ireland 281 97.2 Overall Average 2,547 95.8 3 Internal Audit Function 38 When… …comparing all the 21 countries, we notice: • the highest presence of internal audit functions in Germany, Greece, Poland and Switzerland; • the lowest… …presence of internal audit function in Bulgaria, Norway and Turkey. According to Table 14 the largest numbers of respondents work for IAFs that have been in…

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• eBook-Kapitel aus dem Buch Common Body of Knowledge in Internal Auditing

  Internal Audit Activities

  European Confederation of Institutes of Internal Auditing

  …91 6 Internal Audit Activities In the sixth section of the questionnaire, all respondents had to indicate the activi- ties performed by their… …internal audit function followed by the evolution in internal audit activities. Next, all respondents were asked to indicate when major differences around… …audit issues are resolved as well as who has primary responsibility for re- porting to senior management and monitoring corrective action. 6.1. Internal… …Audit Activities According to Table 45, the four most common internal audit activities are: • Operational audits (80%) • Internal control testing and… …external audit assistance in Austria, Estonia, Portugal, Spain and Switzerland; • a high percentage of health, safety and environment audits in Cyprus… …, Cyprus, Netherlands, Switzerland and UK & Ireland; 6 Internal Audit Activities 92 • a high percentage of investigations of fraud and irregularities in… …Internal Audit Activities 93 Ta bl e 45 : A ct iv iti es P er fo rm ed b y th e In te rn al A ud it Fu nc tio n (% ) C ou nt ry… …Requirements Control Framework Monitoring and Development Corporate Takeovers / Mergers Enterprise Risk Management Ethics Audits External Audit… ….3 40 .4 52 .4 62 .1 9. 5 38 .0 43 .1 40 .9 18 .9 57 .0 49 .8 6 Internal Audit Activities 94 C ou nt ry Information Technology… …Performance Management Effectiveness Audit Operational Audits Quality / ISO Audits Resource Management and Controls Security Issues Social and…

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• eBook-Kapitel aus dem Buch Common Body of Knowledge in Internal Auditing

  Internal Audit Staffing

  European Confederation of Institutes of Internal Auditing

  …57 4 Internal Audit Staffing In the fourth section of the questionnaire, all respondents were asked to indicate the number of staff members working… …in their internal audit function (per hierarchical level) as well as their average number of training hours over the last 36 months. Be- sides, CAEs… …has to indicate which special incentives they use to hire internal audit professionals, the methods they use to make up for staff vacancies, how they… …com- pensate missing skill sets, the percentage of internal audit activities as well as the specific activities currently outsourced / co-sourced… …7.6 18.8 5.8 41.5 4 Internal Audit Staffing 58 Table 26 shows that the responding internal audit functions have, on average, 42 FTE. Staff members… …(juniors) represent the largest proportion, followed by con- tract audit staff (outsourcing or co-sourcing) and supervisors (seniors). When comparing the… …(13%); • Relocation expenses (10%); • Vehicle provided by organization (10%). Table 27: Special Incentives to Hire Internal Audit Professionals (%)… …of coverage (29%); • Co-sourcing from internal audit service providers (25%); • Borrowing staff from other departments (14%). Norway 12 25.0 8.3 8.3… …Audit Professionals (%) Country To ta l N um be r of R es po nd en ts R el oc at io n ex pe ns es Si gn in g bo nu s St oc… …O th er 4 Internal Audit Staffing 60 A comparison between all 21 European countries reveals (excluding those countries with the number 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)

  …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… …practice. This is helpful to understand the propos- als we make in chapter 4. A properly organised and working Internal Audit Function can and must play an… …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-… …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… …Audit’s place in a corporate organisation should ensure an extended degree of independence. Internal Audit should represent an institution with a detached… …perspective on business processes. This detached position quali- fies Internal Audit to provide reasonable and unbiased advice and assurance with regards to… …the board’s liability and responsibility has recently been emphasized by legislation it is advisable to have Internal Audit assigned and directly… …unrestricted access to information for Internal Audit can also be ensured. 3.1.1 Organisation of Internal Audit Function The decision as to what extent the… …Internal Audit Function should be organ- ised centrally or should adopt a federated structure is generally dependent on the nature of the corporate…

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• eBook-Kapitel aus dem Buch Global Management Challenges for Internal Auditors

  Audit Marketing

  Dr. Hannes Schuh

  …139 Audit Marketing By Dr. Hannes Schuh89 The esteem in which a company holds its Internal Audit department can be in- creased by… …targeted marketing measures. It is worth considering audit marketing beyond the numerous, mainly process-oriented measures available in the literature and… …applying the logic of marketing. 1 Audit Marketing as a Part of General Marketing As part of the general marketing concept, which refers to the company as… …, the company’s own depart- ments91, audit marketing focuses on Internal Audit Unit’s exchange relationships in the overall organization. Accordingly… …, the key issue for audit marketing is: With which marketing tools can the acceptance and impact of Internal Audit Units be improved in the overall… …organization? On the one hand audit marketing focuses on the position of Internal Audit Unit in the company, while on the other it is also associated with… …marketing activities is not “The Internal Audit Unit is a (very) good department in the company”, but that “The Internal Audit Unit actively adds value to… …the company with high-quality measures!” The audit of the efficiency and to a certain extent the effectiveness of the company's marketing is also a… …part of the audit universe, but this will not be discussed further here. ___________________ 89 Dr. Hannes Schuh is an audit manager in an Austrian… …(Introduction to marketing), p. 3 Schuh 140 2 Examples of the Current Status of Audit Marketing According to the IIA Austria, audit marketing includes92…

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• eBook-Kapitel aus dem Buch Accounting Fraud

  A Practice Aid for Auditors: Fraud Interviews – An Inquiry Guide

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …. These cases were well beyond the scope of a traditional audit. Nevertheless, auditors have to be more aggressive in order to detect fraud. They have to… …plan and perform every audit with an increased focus on professional scepticism in gathering and evaluat- ing audit evidence. All members of the audit… …team have to be motivated to think about how and where fraud might occur. They have to conduct the audit with a mindset that recognizes the possibility… …that fraud could be present, regardless of any past experience with the audit client and regardless of the belief about manage- ment’s honesty and… …practice aid designed to help the audit team to plan and tailor these fraud interviews as required by the international auditing standards. It in- cludes… …– As you are probably aware, CPAs today are required to assess the risk of fraud in the audit of every company, not just yours. Therefore, we need to… …report to? – Has management reported to the audit committee on the process for identify- ing and responding to the risk of fraud? Has management reported… …the Audit Committee – How does the audit committee communicate with management its views about business practices and ethical behaviour? How would… …such instances to the board? If so, what was the response? – Does the audit committee have knowledge of any actual fraud or suspected fraud… …, analysts, regulators, suppliers or others? Appendix: Practice Aids 300 – Do employees have a direct channel to the audit committee? Are such chan-…

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• eBook-Kapitel aus dem Buch Interne Revision aktuell

  Das „Audit Universe“

  Wolfgang Günther

  …291 4 Die Interne Revision im Mittelstand 4.1 Das „Audit Universe“ Ein branchenübergreifendes Planungstool für die risikoorientierte Prüfungs-… …planung im Mittelstand 4.1.1 Vorwort Das Audit Universe als branchenübergreifendes Prüfungsplanungstool wurde von der Fachgruppe „Risikoorientierte… …verfolgt, dass ein bestehendes Bauchgefühl objektiviert wird. 4.1.4 Das „Audit Universe“ als Basis für die Zielerreichung Definition „Audit Universe“… …„Das Audit Universe ist ein branchenübergreifendes Prüfungsplanungstool, das potentiell zu prüfende Unternehmensprozesse und Prüfungsthemen vor-… …schlägt“. Das Audit Universe beinhaltet die verschiedensten Prozesse und Prüfungs- themen aus den unterschiedlichsten Unternehmen des Mittelstandes und… …dient als Grundidee einer möglichen Prüfungsplanung in dem jeweiligen Unternehmen. Ziele eines „Audit Universe“ Das Ziel des Audit Universe ist die… …analysiert werden. DIIR_Forum_7.indd 292 22.07.2008 10:42:17 Uhr 293 Das „Audit Universe“ Das Audit Universe ist nicht das alleinige Instrument der… …Prüfungsplanung. Zum einen sind selbstverständlich in Ergänzung zum Audit Universe Pflicht- prüfungen, Sonderprüfungen für die Unternehmensleitung und vieles mehr… …zu berücksichtigen. Zum anderen macht das Audit Universe lediglich Prü- fungsvorschläge, die bewertet werden, allerdings nicht zwingend in die Prü-… …fungsplanung einlaufen müssen. Vorteile des „Audit Universe“ Für das Audit Universe ist keine aufwendige Datenbanktechnologie erfor- derlich. Das Audit…

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• eBook-Kapitel aus dem Buch Global Management Challenges for Internal Auditors

  Performance Measurement and Controlling of Internal Audit – More Than Just a Measurement Problem

  Dr. Andreas Langer, Andreas Herzig, Prof. Dr. Burkhard Pedell

  …107 Performance Measurement and Controlling of Internal Audit – More Than Just a Measurement Problem By Dr. Andreas Langer, Andreas Herzig… …, Prof. Dr. Burkhard Pedell72 Internal audit must face the challenge of measuring, documenting and communicat- ing its added value. For this purpose… …, the customers and functions of internal audit must first be identified. Significant deficits still exist with performance measure- ment on this basis… …added value of internal audit. Therefore, clear and transparent criteria should be used as a basis for the selection of indicators; relevance, reactivity… …, controllability and output orientation are suitable as basic criteria. The further development of the performance measurement and controlling of internal audit… …internal audit, it is well advised – as well as any other corporate department – to provide evidence that the resources, which it utilises, and the results… …internal processes in inter- nal audit has tended to take place in Anglo-Saxon literature. The question regarding which contribution is provided by internal… …audit to enterprise value and how this can be measured has also been frequently asked, but has not yet been answered very concretely. The debate… …surrounding this issue and relevant application-oriented ap- proaches has lagged behind the importance of this subject until now. In fact, inter- nal audit can… …division in Germany and heads up the Internal Audit and Controls Assurance divisions; Prof. Dr. Burkhard Pedell is a Full Professor of Management Accounting…

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• eBook-Kapitel aus dem Buch Global Management Challenges for Internal Auditors

  Internal Auditor – Generalist or Specialist

  Dr. Heinrich Schmelter

  …123 Internal Auditor – Generalist or Specialist By Dr. Heinrich Schmelter73 The work of internal audit is subject to a constant change… …Engineer- ing), young auditors can advance from audit assistant, to auditor and senior auditor. Other career options are chief auditor and ultimately… …, internal audit manager. The auditors working in industrial companies can accordingly be roughly classified into 5 career status levels: – audit… …assistant – auditor – senior auditor – chief auditor or decentralised audit manager – internal audit manager For some of the internal auditors, the… …aim could be to move to the specialist de- partments – e.g. after 5 years at the earliest. Conversely, internal audit departments sometimes also… …audit employees – with long-term experience – and 50 % employees moving into or out of the department, with only a temporary audit activity74… …. ___________________ 73 Dr. Heinrich Schmelter has been working in management functions for 30 years (audit, con- trolling and IT), in the automobile industry. 74… …Specialist department Auditor (min. 3 years) Audit assistant (min. 2 years) Move from specialist department UAS/ university degree Audit as “springboard”… …for career and move to specialist department Decentralised (foreign) internal audit manager (min. 3 years) Internal audit manager Chief (min. 2… …years)Auditor(min. 3 years) Audit assistant (min. 2 years) “Career” in audit Senior auditor min. 2 years 0 2 5 7 8 10 years Chief (min. 2 years) Senior Auditor…

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