www.theiia.org the institute & the profession personalize here with presenter name

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The Institute & the

Profession

Personalize here with presenter name.

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The IIA:

• Global Professional Association

• Recognized Authority

• Acknowledged Leader

• Principal Educator

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IIA Motto

Progress through Sharing

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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

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IIA Strategic Objectives

• Advocacy

• Globalization

• Service to members

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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

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Professional Practices Framework (PPF)

• Code of Ethics

• Standards

• Practice Advisories (PAs)

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Internal Auditing

• Independent

• Objective

• Assurance & consulting activity

• Adds value

• Monitors & improves – Risk Management

– Internal Control

– Governance Processes

• Helps meet organizational objectives

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Internal Auditors:

• Evaluate Risk

• Confirm Information

• Analyze Operations

• Monitor Ethics

• Review Compliance

• Recommend Controls

• Assure Safeguards

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Differentiation

Internal and external auditing are two different

professions.

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OrganizationalGovernance

Four Cornerstones: • Board of Directors

• Executive Management

• Internal Auditors

• External Auditors

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Cornerstones

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Audit Committee

Primary Responsibilities:

• Financial Reporting

• Corporate Governance

• Corporate Control

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Reporting Relationships

The internal auditor should have a dual reporting relationship to the audit committee and to the CEO.

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Internal Control

Components:

• Control Environment

• Risk Assessment

• Control Activities

• Information & Communication

• Monitoring

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Risk Management

• Identify

• Assess

• Rank

• Communicate

• Anticipate

• Mitigate

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Enterprise Risk Management

• Strategic Risk

• Operational Risk

• Financial Risk

• Hazard Risk

• Compliance Risk

• Risk to Reputation

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COSO’s ERM Framework

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• Visit www.theiia.org

• Call +1-407-937-1111

• E-mail PR@theiia.org

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