Instructor for this course

As a profession, internal auditors look to the Institute of Internal Auditors (IIA) Standards to provide guidance on how to most effectively execute their fiduciary role.  Part One of this series introduced the overall Standards, Mandatory Guidelines, Core Principles, Code of Ethics and Attribute Standards.  These are important concepts that internal auditors, management and the board should understand.  These guidelines provide the foundation for the profession and are written to ensure effectiveness and consistency in the execution of internal auditing.

This segment will focus on two elements of the Performance Standards which include:  managing the internal audit function and the nature of work considered within the realm of internal auditing.  Each of these components are critical to the effective execution of internal audit’s responsibilities. 

Requirements for managing internal audit extend far beyond managing a specific project or individual audit.  It includes management of the entire audit process from development through to execution and reporting.  It also includes:

  • Ensuring the team has the relevant knowledge and expertise for engagement assignments
  • Appropriate resourcing and budgeting exists to support the Mission of the function
  • Establishing the right communication protocols with management and the board. 

When examining the nature of work of internal audit, the Institute of Internal Auditors Standards outline three very critical areas that internal auditors should be engaged with.  These include:

  • Controls
  • Risk Management
  • Governance

Inherently, most individuals within management understand the requirements around internal audit’s evaluation of controls, but many struggle with how or if internal audit should be involved in risk management and governance activities.

This course delves deeper into managing the internal audit activity and the challenges that may be faced along with properly identifying internal audit's nature of work.  The participant will come away with an appreciation for the intent of the Standards and a recognition of alternatives to promoting the value oriented activities internal audit can provide to an organization.

Learning Objectives

  • Explore the many facets to effectively managing the internal audit function
  • Identify the challenges and alternative solutions internal auditors can consider when attempting to manage the function in line with the Standards while also balancing management expectations.
  • Discover the nature of work outlined by the Institute of Internal Auditors (IIA) Standards which internal auditors are directed to be involved with including:  control reviews, risk management and governance
  • Identify the challenges and alternative solutions internal auditors may face/use when attempting to execute on the various forms of control reviews, risk management projects and governance reviews.
Last updated/reviewed: October 28, 2018

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesInternal Controls Certification

  1. Internal Controls: What Every Financial and Accounting Professional Needs to Know
  2. COSO 2013 Framework Requirements and Implementation Overview
  3. Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part One
  4. Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work
  5. Applying the Standards for Internal Auditors in Line with Your Organization's Needs – Part Three: Executing the Audit Engagement
  6. Identifying and Implementing the Proper Balance of Internal Controls
  7. Proper Documentation Methods for Internal Audit and Internal Controls Processes
  8. Information Technology (IT) Risks in Emerging Business Environments
  9. Foundations for a Strong Internal Audit Department
  10. Keys to Managing an Effective Internal Audit Function
  11. Internal Audit: Keys to Building Effective Relationships with the Audit Committee
  12. Understanding Risk-Based Auditing
  13. Risk Based Auditing – Establishing a Methodology
  14. Risk Based Auditing – Applying the Methodology
  15. Segregation of Duties for Core Business Processes
  16. Keys To Maintaining Objectivity and Professional Skepticism
  17. When The Whistle Blows Part 2: Managing Whistleblower Hotlines

20 Reviews (66 ratings)Reviews

Anonymous Author
"Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work" is a strong continuation of part 1 of the course. It provides good insight on how to effectively manage the internal audit group.
Anonymous Author
The layout of materials was helpful, however a bit repetitive with how management may view IA and the impacts of not giving the area more consideration. This was covered in the lesson prior to this one.
Anonymous Author
This course continues part 1 in applying the IIA standards for Internal Audit to align with organization/management needs.
Member's Profile
Another good course in the series of internal controls from the perspective of managing internal auditor standards.
Anonymous Author
Presentation provides good examples and explanation on how to apply the IIA Standards to manage the IA activity.
Anonymous Author
Practical information. It would be good to know the answers to the exam questions after we take the exam.
Anonymous Author
This course really dives into effectively managing the IA department with good examples from Lynn.
Anonymous Author
Very comprehensive discussion pf the interaction between the standards and the "real world."
Anonymous Author
The material offered a lot of useful information covering planning processes and challenges.
Anonymous Author
Again a very informative and detailed presentation. Good for those preparing for CIA exam.
Anonymous Author
the last bit of cpe i needed to get my both my cpa and cia cpe requirement completed.
Member's Profile
A great refresher to the IIA's requirement to manage effective internal audit shops.
Anonymous Author
Great Course.! Straight to the point. Everything you need to learn is on here.
Anonymous Author
Great information overall. Valuable insights on Risk Management and Control.
Anonymous Author
2 часа 12 минут это многовато всего для 2 CPE
Member's Profile
This course is well handled by the instructor and deserves appreciation.
Anonymous Author
Really good course. Well structured and had a good flow of the concepts.
Anonymous Author
Again, the instructor did an excellent job in presenting the material.
Member's Profile
Clear definition of internal audit function in the organization
Member's Profile
interesting subject, well distributed , good instructor


Course Complexity: Advanced

Completion of course:  The Institute of Internal Auditor Standards Part One

Education Provider Information

Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
  4:19Introduction to The Institute of Internal Auditor Standards Part Two: Managing Internal Audit and Nature of Work
Managing Internal Audit
  10:54Managing The Internal Audit Function
  11:09Challenges Managing Internal Audit
  10:42Alternatives Effective Management
  9:49Planning Challenges
  10:56Planning Alternatives
  8:53Resource Management
  6:56Procedures and Coordination
  10:13Management and The Board
  7:44External Service Providers
  15:17Nature of Work
  15:07Risk Management and Control
  2:05Course Summary
Continuous Play
  2:12:34The Institute of Internal Auditor Standards Part Two: Managing Internal Audit and Nature of Work
  PDFSlides: Managing Internal Audit and Nature of Work
  PDFManaging Internal Audit and Nature of Work Glossary/Index