scholarly journals Comments by the Auditing Standards Committee of the Auditing Section of the American Accounting Association on IIA’s Exposure Draft of 2010 International Standards for the Professional Practice of Internal Auditing

2010 ◽  
Vol 4 (2) ◽  
pp. C1-C4 ◽  
Author(s):  
James Bierstaker ◽  
Lawrence Abbott ◽  
Susan Parker
Keyword(s):  
Professional Practice ◽  
Internal Audit ◽  
Exposure Period ◽  
International Standards ◽  
Internal Auditing ◽  
Comprehensive Review ◽  
Auditing Standards ◽  
Audit Standards

SUMMARY: Recently, the Institute of Internal Auditor’s (IIA) Internal Audit Standards Board (IASB) conducted a comprehensive review of the International Standards for the Professional Practice of Internal Auditing (Standards). The IIA proposed changes to some of the Standards and also recommended new Standards. The IIA provided for a 90-day exposure period (from February 15, 2010, to May 14, 2010) for interested parties to examine and provide comments on the proposed changes and new Standards. The Auditing Standards Committee of the Auditing Section of the American Accounting Association provided the comments in the letter below to the IIA on the 2010 International Standards for the Professional Practice of Internal Auditing exposure draft.

Internal Audit of Consolidated Financial Statements of Agricultural Holdings According to the International Standards for the Professional Practice of Internal Auditing

Auditor ◽  
2021 ◽  
Vol 7 (11) ◽  
pp. 16-22
Author(s):  
S. Vardanyan
Keyword(s):  
Professional Practice ◽  
Internal Audit ◽  
Financial Statements ◽  
International Standards ◽  
Internal Auditing ◽  
Consolidated Financial Statements ◽  
Internal Auditor

This paper reveals the issues of methodology of organizing and conducting of an internal audit of the formation of consolidated financial statements of agricultural holdings. The content of each stage of the proposed algorithm for the implementation of internal audit is presented in detail, new forms of working documentation for the internal auditor are proposed.

Guidance on internal audit's interface with regulators

2014 ◽  
Vol 29 (3) ◽  
pp. 268-283 ◽  
Author(s):  
Andrew D. Chambers
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Internal Audit ◽  
Internal Auditing ◽  
Content Type ◽  
Auditing Standards ◽  
Supervisory Process ◽  
The Relationship ◽  
Audit Standards ◽  
Practical Implications

Purpose – The purpose of this paper is to identify and interpret expectations of regulators about the interface between regulators and internal audit. Design/methodology/approach – Contemporary pronouncements are subjected to a content analysis about the relationship demands that regulators place upon internal audit. Comparison is made with internal auditing standards. The paper identifies the significant challenges and considers the future. Findings – Regulators are increasingly prescriptive about what they expect from internal audit. The scope of internal audit work must cover all matters of interest to the regulator. Internal audit is now regarded as part of the supervisory process. Unlike financial reporting and external auditing, there is no attempt to regulate the setting of internal audit standards, but regulators themselves are enunciating internal audit requirements that go beyond the standards. Research limitations/implications – The paper draws mainly upon developments in the financial sector, which is leading the way in prescribing the interface between regulator and internal audit. Practical implications – The enhanced requirements of regulators impact upon internal audit's other relationships on the internal audit universe and scope, and on staffing internal audit. Originality/value – This is the first attempt to synthesise what regulators currently require from their relationship with internal audit, which needs to be reflected in internal audit charters and in future releases of global internal auditing standards.

scholarly journals Peran Satuan Kerja Audit Internal Dalam Mendeteksi Fraud Pada Perbankan Syariah Di Indonesia

2019 ◽  
Vol 3 (2) ◽  
pp. 180-189
Author(s):  
Rito Rito ◽  
Mulyaning Wulan ◽  
Adityo Ari Wibowo
Keyword(s):  
Professional Practice ◽  
Audit Committee ◽  
Internal Audit ◽  
Financial Statements ◽  
International Standards ◽  
Top Management ◽  
Internal Auditing ◽  
Unit Of Work

Sharia Banking in Indonesia continues to strive to be able to maintain transparency and prevent fraud. The audit committee is a tool for the board of commissioners to help maintain the professionalism of the bank. Also Internal Audit or Unit of Work of Internal Audit (SKAI) in Sharia banking is needed to ensure that the company is operating in accordance with the Bank's Regulations and operational standards owned by each bank. Based on the International Standards for the Professional Practice of Internal Auditing, internal audit has a consulting and assurance role. Therefore, internal audit must have the skills, professional, independent and objective in carrying out its role. As one of the roles of assurance, internal audit can detect fraud. Fraud is an act of cheating that can be done by many groups, ranging from employees to top management that can harm the stakeholders. Several factors cause fraud, namely arrogance, competence, opportunity, pressure and rationalization. Types of fraud that can occur are corruption, misuse of assets, manipulation of financial statements and cybercrime.

scholarly journals The importance of considering internal audit as a decision-making by top-management of an agricultural company

2020 ◽  
Vol 6 (3) ◽  
pp. 123-136
Author(s):  
Miloš Jokić
Keyword(s):  
Decision Making ◽  
Internal Control ◽  
Internal Audit ◽  
International Standards ◽  
Top Management ◽  
Internal Auditing ◽  
Internal Auditors ◽  
Agricultural Enterprises ◽  
Agricultural Enterprise ◽  
Valid Information

The top management's decision-making in an agricultural enterprise should be based on valid information gathered within the enterprise itself. Collecting timely business information is done daily by all sectors of the enterprise. Merely improving the security of information gathering and the safety of all parts of the enterprise is a task performed by trained internal control and internal audit personnel in the company, appointed by top management. In performing their duties on a regular basis, internal auditors should apply procedures and methodologies that are consistent with International Standards on the Professional Practice of Internal Auditing in their work. The aim of the paper is to emphasize the importance of implementing the adopted methodology of work of internal auditors in agricultural companies. The author points out those standards that are in line with best audit practice should be applied in internal audit work. The contribution of the study authors is to emphasize the importance of applying the internal audit profession in the regular operation of agricultural enterprises, which is in line with the general objective of improving the regular business operation.

scholarly journals Internal audit in the public sector – comparative study between the Nordic countries: The development of internal auditing within the public sector in the Nordic countries

2018 ◽  
Vol 14 (2) ◽  
pp. 19-44
Author(s):  
Anna Margrét Jóhannesdóttir ◽  
Stina Nielsson Kristiansson ◽  
Niina Sipiläinen ◽  
Riikka Koivunen
Keyword(s):  
Public Sector ◽  
Comparative Study ◽  
Internal Audit ◽  
Nordic Countries ◽  
International Standards ◽  
Current Status ◽  
Internal Auditing ◽  
The Public ◽  
The Status ◽  
Further Development

The subject of this paper is a comparative study about the current status of internal audit within the public sector in the Nordic countries. The aim is to understand the basis and recognize trends in the development of internal audit in the public sector in these countries. The status of internal audit within each country, Denmark, Finland, Iceland, Norway and Sweden, is presented and also the regulatory basis, laws and regulations, for internal audit and the main challenges that internal auditing faces. Finally, the opportunities for further development of internal audit in the public sector are addressed. The International Standards for Internal Auditing are well recognized and in use in all the countries. There are differences between these countries in their approach of the regulatory framework for internal audit and the arrangement of the operation of internal audit units. Therefore, further development of internal auditing should be pursued in cooperation and to harmonize the regulatory bases in these countries and to learn from each other when implementing internal audit in the public sector.

Fundamental approaches to the preparation of a risk-based internal audit work plan

2021 ◽  
pp. 61-72
Author(s):  
E.N. Kalamanova ◽  
N.A. Prodanova
Keyword(s):  
Professional Practice ◽  
Internal Control ◽  
Business Processes ◽  
Internal Audit ◽  
Business Environment ◽  
Regulatory Framework ◽  
International Standards ◽  
Internal Audit Function ◽  
Rapid Changes ◽  
Governance Practices

The article discusses the fundamental approaches to planning the work of internal audit based on a risk-based approach, taking into account the requirements of international auditing standards, the updated concept of three lines of defense, recommendations for the organization of risk management and internal control. The problems of the article are relevant in the conditions of rapid changes in the business environment, the emergence of new risks, the increasing complexity of business processes of organizations and the regulatory framework, the development of corporate governance practices, leading to the need for rapid adaptation of the internal audit function to the changes taking place. The material of the article is presented taking into account the current regulatory framework, international standards of auditing, International foundations of professional practice of internal audit.

Influence of audit committees on internal audit conformance with internal audit standards

2015 ◽  
Vol 30 (6/7) ◽  
pp. 539-559 ◽  
Author(s):  
Abdulaziz Alzeban
Keyword(s):  
Audit Committee ◽  
Stock Exchange ◽  
Middle Eastern ◽  
Internal Audit ◽  
International Standards ◽  
Audit Committees ◽  
Content Type ◽  
Internal Auditors ◽  
The Impact ◽  
Audit Standards

Purpose – This study aims to provide empirical evidence of the association between audit committee characteristics and internal audit conformance with the International Standards for the Professional Practice of Internal Auditing (ISPPIA). Design/methodology/approach – Seventy-four usable responses were received from a survey of chief internal auditors (CIAs) from Saudi companies listed on the Saudi Stock Exchange. Findings – The results indicate that audit committee characteristics (the presence of independent members on the committee, members’ expertise in auditing and accounting and meeting with the CIA) influence internal audit conformance with the ISPPIA. Additionally, they demonstrate that such conformance is also influenced by CIA tenure. Practical implications – The findings of this study also have significant implications for audit committees wishing to improve their overall effectiveness, by identifying the impact of the committee’s characteristics on internal audit conformance with the ISPPIA. Originality/value – The results add to the literature on internal audit standards by introducing a Middle Eastern perspective and simultaneously providing insights for companies in their attempts to adhere to the international standards, hence, supporting efforts towards good corporate governance.

Conceptual framework for risk-based internal audit. Risk-oriented terminological and visual apparatus

2021 ◽  
pp. 55-68
Author(s):  
E.N. Kalamanova ◽  
N.A. Prodanova
Keyword(s):  
Corporate Governance ◽  
Conceptual Framework ◽  
Professional Practice ◽  
Internal Audit ◽  
Internal Auditing ◽  
Audit Risk ◽  
Corporate Governance Code ◽  
Governance Practices ◽  
Conceptual Foundations ◽  
Visual Apparatus

The article discusses the conceptual foundations of riskbased internal audit, basic terms and definitions. The topic of the article is relevant given the development of corporate governance practices in Russian companies in accordance with the recommendations of the Corporate Governance Code. The International Framework for the Professional Practice of Internal Auditing defines the mission of internal audit as preserving and increasing the value of the organization by conducting objective internal audits based on a risk-based approach, providing advice and sharing knowledge. The material of the article is presented taking into account the current regulatory framework, international auditing standards, the International Foundations for the Professional Practice of Internal Auditing, and expert explanations.

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