Thinking Forward
Breaking Barriers
Internal Audit Beyond Accounting
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Internal Audit Management Insights
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Functional Reporting Lines
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Administrative Reporting Lines
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Audit Plan Allocation by Risk Area
19%
14%
13%
9%
9%
6%
6%
6%
5%
4%
4%
3%
1%
1%
Operational (not included elsewhere)
Financial reporting (including Sarbanes-Oxley testing)
Compliance/regulatory (not related to financial reporting)
IT (not covered in other choices)
Financial areas other than financial reporting
Cyber (prevention and/or recovery)
Fraud identification and investigation (not covered in other audits)
Support for external audit
Enterprise risk management programs and related processes
Cost/expense reduction or containment
Governance and culture
Management of third-party relationships
Sustainability or other nonfinancial reporting
Other
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Risk Assessment by Area
59%
40%
38%
34%
31%
18%
18%
15%
13%
12%
12%
3%
2%
30%
40%
45%
39%
52%
46%
44%
41%
30%
39%
43%
10%
16%
10%
18%
14%
24%
15%
34%
33%
41%
44%
45%
42%
80%
62%
1%
2%
3%
3%
2%
2%
5%
3%
13%
4%
3%
7%
20%
Cyber (prevention and/or recovery)
Compliance/regulatory (not related to financial reporting)
IT (not covered in other choices)
Management of third‐party relationships
Operational (not included elsewhere)
Fraud identification and investigation (not covered in other audits)
Enterprise risk management programs and related processes
Governance and culture
Financial reporting (including Sarbanes‐Oxley testing)
Cost/expense reduction or containment
Financial areas other than financial reporting
Support for external audit
Sustainability or other nonfinancial reporting
High or very high Medium Low or very low Not applicable
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Internal Audit Skills & Training
SkillSkill Is Extremely or Very Essential
Need More Training
Analytical/critical thinking 96% 49%Communication skills 95% 45%Understanding of professional ethics 79% 4%Persuasion and collaboration 79% 33%Understanding the audit process 76% 9%Business acumen 76% 34%Understanding of governance, risk, and control 62% 23%Understanding of the International Professional Practices Framework 51% 14%
Industry-specific knowledge 46% 36%Process improvement and innovation 48% 33%Risk management assurance 46% 18%Accounting and finance 45% 11%Basic IT knowledge 43% 24%Data mining and analytics 35% 67%Cybersecurity and privacy 33% 52%Fraud auditing 20% 23%
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Key Differences Between Internal and External Audit
Internal Audit External Audit
Purpose Analyze and improve controls and performance
Express an opinion on the financial condition
Scope Organizational operations Fiscal financial records
Skills Interdisciplinary Accounting, finance, tax
Timing Present/future, ongoing Past, point in time
Primary Audience Board, executive management Investors, public interests
StandardsThe IIA’s International Standards for the Professional Practice of Internal Auditing
Generally Accepted Auditing Principles, Generally Accepted Auditing Standards
Focus Enhance and protect organizational value
Fair representation of financial statements
Employment Relationship An organization’s employee An independent third party
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Breaking Down the Barriers
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Profile
• Undergraduate• Graduate• Both
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What are some of the majors or degree programs that go internal audit?
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What are the barriers in offering Internal Audit Programs to Non Accounting Majors
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Pre-requisites for Taking Internal Audit Class
• How many Accounting course pre-requisites to take the internal audit course
• Are there other pre-requisites
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Breakout
• Steps to break the barriers• What are some of the areas where the
internal audit course and program can be cross listed
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Sharing
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