Internal audit setup and development
[vc_row content_placement=”middle” height=”medium” color_scheme=”primary”][vc_column][us_post_title align=”center” tag=”h1″ migration_add_content=”1″ css=”%7B%22default%22%3A%7B%22margin-bottom%22%3A0%7D%7D”][/vc_column][/vc_row][vc_row content_placement=”middle” height=”small”][vc_column width=”1/2″][vc_column_text]Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes (Institute of Internal Auditors).
An internal audit activity provides assurance to management and an internal audit committee that risks to an organization are understood and managed appropriately. Additionally, it serves as an in-house consultation on many areas of interest. An internal audit serves as a third-line of defense within an organization’s internal control framework. It provides independent, objective assurance and advise on activities that improve an organization’s operations and add value to the board of directors and senior management, who are positioned as a first-line of defense.[/vc_column_text][us_separator size=”small”][/vc_column][vc_column width=”1/2″ css=”%7B%22default%22%3A%7B%22background-image%22%3A%22url%28http%3A%5C%2F%5C%2Fmarekpanfil.com%5C%2Fwp-content%5C%2Fuploads%5C%2F2018%5C%2F09%5C%2FSetting-up-and-development-of-internal-audit-function.jpeg%3Fid%3D7381%29%22%2C%22background-position%22%3A%2250%25%22%2C%22background-repeat%22%3A%22no-repeat%22%2C%22background-size%22%3A%22cover%22%7D%7D”][/vc_column][/vc_row][vc_row height=”medium” color_scheme=”primary” us_bg_overlay_color=”rgba(221,51,51,0.6)” bg_type=”bg_color” bg_color_value=”#ef5537″][vc_column][us_cta title=”Marek sets and develops an internal audit functions at publicly-held and private-held companies, following best practices established by the Institute of Internal Auditors.” title_tag=”h4″ btn_link=”url:http%3A%2F%2Fmarekpanfil.com%2Fcontact%2F|||” btn_label=”Get a Quote” btn_style=”7″ btn_size=”18px” btn_icon=”fas|check” button_label=”Check This” button_link=”#” button_color=”white” button_type=”flat” button_icon=”mdfi_navigation_check” button_size=”big” target1=”_self” target2=”_self”][/us_cta][/vc_column][/vc_row][vc_row height=”auto”][vc_column][us_separator][vc_column_text]
The Chief of Audit Executive (CAE) – the head of internal audit department:
[/vc_column_text][us_separator][vc_row_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|clock” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Provides straightforward, open, honest, accurate, and timely communication between internal auditing and the audit committee.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|users” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Keeps the audit committee members up to date on new laws, trends, and other important information and resources so they can effectively discharge their duties.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|user” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Has periodic meetings with the audit committee chairman and recurs closed sessions with the committee itself to discuss broader issues facing the organization.[/us_iconbox][/vc_column_inner][/vc_row_inner][us_separator][vc_row_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|table” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Provides the audit committee with a plan to address key governance issues.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”far|chart-bar” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Focuses on delivering results and implementing preventive actions, rather than simply uncovers problems after the fact.[/us_iconbox][/vc_column_inner][vc_column_inner width=”1/3″][us_iconbox icon=”fas|comments” style=”circle” iconpos=”left” link=”url:%23″ type=”icon_left” link_url=”#” link_text=”Learn More” with_circle=”yes”]Performs periodic surveys to determine the specific needs of the audit committee.[/us_iconbox][/vc_column_inner][/vc_row_inner][us_separator][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][us_message color=”custom” icon=”far|info-circle” css=”%7B%22default%22%3A%7B%22color%22%3A%22%231c1c1c%22%2C%22background-color%22%3A%22%2380b5dd%22%7D%7D”]Internal auditing is the primary resource of the audit committee in carrying out its duties and responsibilities. With those responsibilities increasing and continued pressure from the SEC for financial reporting integrity, a functioning partnership of the audit committee and internal auditing is vital.
BellSouth Corporation (for the IIA)[/us_message][/vc_column][vc_column width=”1/3″][us_message color=”custom” icon=”far|info-circle” css=”%7B%22default%22%3A%7B%22color%22%3A%22%231c1c1c%22%2C%22background-color%22%3A%22%2380b5dd%22%7D%7D”]An active and informed audit committee provides the ultimate independent and objective oversight of the corporate control environment, including a focus on emerging trends and risks. Internal auditing is the primary agent of the audit committee within the company.
Ford Motor Company [/us_message][/vc_column][vc_column width=”1/3″][us_message color=”custom” icon=”far|info-circle” css=”%7B%22default%22%3A%7B%22color%22%3A%22%231c1c1c%22%2C%22background-color%22%3A%22%2380b5dd%22%7D%7D”]Internal auditing’s relationship to the audit committee is important to assure there are no organizational levels below the board of directors that could prevent necessary actions or appropriate decisions from taking place or being made to enhance business opportunities and mitigate risks.
Asea Brown Boveri [/us_message][/vc_column][/vc_row]