The Institute and the Profession: 1

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The Institute and the Profession

The Institute and the Profession: 1

The Institute and the Profession: 2

• 1941: New York, United States

• 1944: Toronto, Canada

• 1948: London, England

History

The Institute and the Profession: 3

Our Motto

Progress Through Sharing

The Institute and the Profession: 4

Objectives

• Global Organization

• Recognized Authority

• Acknowledged Leader

• Principal Educator

The Institute and the Profession: 5

Premier Source

More than:

• 85,000 Members

• 120 Countries

• 230 Affiliates

The Institute and the Profession: 6

• Training• Certifications• Benchmarking• Guidance• Technology• Educational Products• Research Foundation

Services, Programs, & Products

The Institute and the Profession: 7

Internal Auditing

• Independent

• Objective

• Assurance & Consulting Activity

• Adds Value

• Helps Meet Objectives

Professional Practices

The Institute and the Profession: 8

• Code of Ethics

• Standards

• Practice Advisories (PAs)

• Development and Practice Aids

Professional Practices Framework

The Institute and the Profession: 9

• Professionalism

• Technology

• Global Voice

• Process

Strategic Directives

The Institute and the Profession: 10

• Evaluate Risk

• Confirm Information

• Analyze Operations

• Review Compliance

• Recommend Controls

• Assure Safeguards

IA - Roles and Responsibilities

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The internal auditor

should report directly

to the Audit Committee

on a functional basis

and to the CEO on

administrative matters.

IA – Reporting Relationships

The Institute and the Profession: 12

Corporate Governance

The Four Cornerstones

• Audit Committee of the Board

• Executive Management

• Internal Auditors

• External Auditors

The Institute and the Profession: 13

The Institute and the Profession: 14

Audit Committee

Primary Responsibilities

• Financial Reporting

• Corporate Governance

• Corporate Control

The Institute and the Profession: 15

Internal Control

Components

• Control Environment

• Risk Assessment

• Control Activities

• Information & Communication

• Monitoring

The Institute and the Profession: 16

Risk Management

• Identify

• Assess

• Rank

• Communicate

• Anticipate

• Mitigate Risks

The Institute and the Profession: 17

Enterprise Risk Management

• Strategic Risk

• Operational Risk

• Financial Risk

• Hazard Risk

The Institute and the Profession: 18

COSO’s ERM Framework

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The Institute and the Profession

For more information:

• Visit www.theiia.org

• Call +1-407-937-1111

• E-mail custserv@theiia.org