Are there any standards/guidance for the Internal Audit (IA) profession?
The Global IIA is the IA profession's acknowledged leader, recognised authority, and principal educator. The Global IIA provides comprehensive guidance for the IA profession through its International Professional Practices Framework (IPPF).
The Global IIA had enhanced the existing IPPF in July 2015 by including a Mission of Internal Audit statement to support the internal audit profession, as well as Core principles for the Professional Practice of Internal Auditing describing internal audit effectiveness in support of the Standards and Code of Ethics. The IPPF is divided into mandatory and recommended guidance as follows:
- Core Principles for the Professional Practice of Internal Auditing
- Definition of Internal Auditing
- Code of Ethics
- International Standards for the Professional Practice of Internal Auditing (Standards)
- Implementation Guidance (replaces all existing Practice Advisories)
- Supplemental Guidance (All Practice Guides, Global Technology Audit Guides [GTAGs], and Guides to the Assessment of IT Risks [GAIT] automatically become part of the recommended Supplemental Guidance).
To learn more about the new IPPF, visit www.theiia.org/goto/IPPF.
Is there any model IA Charter available for reference?
There is a Model IA Charter released by The Global IIA, which describes the following:
- Role and Responsibilities
- Independence and Objectivity
- Internal Audit (IA) Plan
- Reporting and Monitoring
- Quality Assurance And Improvement Program
You may download the model IA Charter at: Click here
Is there any model Audit Committee (AC) Charter/Terms of Reference available for reference?
There is a Model Audit Committee (AC) Charter released by The Global IIA, which describes the following:
You may download the model AC Charter at: Click here
Is there any IA Competency Framework available for reference?
There is an IIA Global Internal Audit Competency Framework that was released in 2014. This tool defines the competencies needed to meet the requirements of the IPPF for the success of the internal audit (IA) profession. The Framework outlines the 10 core competencies recommended for each broad job level, namely IA staff, IA management, and the chief audit executive. Each core competency is supported by a list of more detailed competencies that further define the core competency statement.
You may download the IIA Global Internal Audit Competency Framework at: Click here
What is COSO?
COSO, the Committee of Sponsoring Organisations of the Treadway Commission, is a committee established in 1985 to provide thought leadership through the development of comprehensive frameworks and guidance on enterprise risk management, internal control and fraud deterrence designed to improve organisational performance and governance and to reduce the extent of fraud in organisations.
The latest Internal Control – Integrated Framework was updated in May 2013. The COSO Framework helps businesses and other entities assess and enhance their internal control systems. It is recognised as a leading framework for designing, implementing, and conducting internal control and assessing the effectiveness of internal control. There are five COSO components, namely, Control Environment, Risk Assessment, Information and Communication, Control Activities and Monitoring activities. Please refer to some of the COSO publications for a better understanding on how the COSO components are applied and practiced within an organisation. Please visit COSO’s website for more information Click here
How to obtain IA reading materials?
IIA Malaysia has a Resource Centre that is accessible to its members. The Resource Centre is open from Monday to Friday between 9.00am - 5.30pm. IIA Malaysia also sells publications related to Governance, Risk, Control (GRC) and Examination related books, i.e. CIA, CRMA, CFSA, CCSA etc.
To browse the list of the books, please click on the following link: Click here
What is Global Audit Information Network® (GAIN®)?
The Global Audit Information Network® (GAIN®) Annual Benchmarking Study allows you to benchmark your IA department easily, affordably, and transparently. It lets you compare your audit department's size, experience, and other metrics against the averages of similar organisations in peer groups that you choose. Metrics include:
- Organisational statistics.
- Department staffing and costs.
- Oversight including Audit Committee information.
- Operational measures including audit lifecycles.
- Performance measures.
- Risk assessment and audit planning information.
Please click on this link Click here
for more information.