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Auditor Insights: Day-to-Day Operations of Internal Audit

Posted Tuesday, May 1, 2018 by Jules VanSant.

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Provided by PPI Partner Kirkpatrick Price

Internal audit provides a level of monitoring which is generally not available when working with a third-party auditor. If you’re going on a long road trip, how likely are you to hop in the car and start driving? You’re not – most people will take the car to the shop for an oil change and overall inspection. If the road trip is the audit engagement, the practice of taking the car to the shop equates to the usage of an internal audit function to ensure the car (the organization) is ready for the road trip (the third-party assessment).

So, you’ve recognized the value of an internal audit program, you have senior management’s support, you’ve developed an internal audit program, and now you’re implementing it. What does internal audit require on a day-to-day basis?

What Does an Internal Audit Require on a Day-to-Day Basis?

Part of your internal audit team should consist of project management personnel and operational auditors. Project management personnel are responsible for the execution of audit functions which translate activity at the operational level to information driven by reporting requirements established by executive management. Operational auditors are responsible for the execution of audit activities including compliance requirement identification, testing, evidence evaluation, and reporting. By now, though, you may be wondering what this team does on a day-to-day basis. The duties performed by internal auditors normally include:

How Does an Internal Audit Team Work with a Third-Party Auditor?

Internal audit can be a valuable resource when working with third-party auditors since internal audit can supply the third-party auditor with control objectives used by the organization as well as the mappings to common frameworks for assessment. This activity allows third-party auditors to better understand the assessment activities performed by the organization and provide an assessment or opinion of the organization’s compliance efforts.