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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: November 16, 2019

Included In Certifications

This course is included in the following Certification Programs:

19 CoursesInternal Controls Certification

  1. Management Internal Control Essentials
  2. COSO 2013 Overview
  3. Internal Audit Standards Overview
  4. Internal Audit Standards - Managing Internal Audit Work
  5. Internal Audit Standards - Executing the Audit Engagement
  6. Identifying and Implementing the Proper Balance of Internal Controls
  7. Documentation Methods For Internal Control Processes
  8. Information Technology (IT) Risks in Emerging Business Environments
  9. Foundations for a Strong Internal Audit Department
  10. Internal Audit: Keys to Managing an Effective Function
  11. Internal Audit Effective Relations 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. Professional Skepticism - Keys to Maintaining
  17. Whistleblower Hotlines - Effective Management
  18. Tools for Internal Control Certificate
  19. Lessons of an Auditor- Tools for Internal Control Certificate

19 CoursesINTERNAL CONTROLS CERTIFICATION - THE VIRTUAL LIVE PROGRAM

  1. COSO 2013 Overview
  2. Management Internal Control Essentials
  3. Identifying and Implementing the Proper Balance of Internal Controls
  4. Documentation Methods For Internal Control Processes
  5. Segregation of Duties for Core Business Processes
  6. Professional Skepticism - Keys to Maintaining
  7. Whistleblower Hotlines - Effective Management
  8. Understanding Risk-Based Auditing
  9. Internal Audit Effective Relations with the Audit Committee
  10. Internal Audit Standards Overview
  11. Internal Audit Standards - Managing Internal Audit Work
  12. Internal Audit Standards - Executing the Audit Engagement
  13. Information Technology (IT) Risks in Emerging Business Environments
  14. Foundations for a Strong Internal Audit Department
  15. Internal Audit: Keys to Managing an Effective Function
  16. Risk Based Auditing – Establishing a Methodology
  17. Risk Based Auditing – Applying the Methodology
  18. Tools for Internal Control Certificate
  19. Lessons of an Auditor- Tools for Internal Control Certificate

31 Reviews (107 ratings)Reviews

5
Member's Profile
I like the in depth content for this module in managing Internal Audit with relevant updates on Enterprise Risk Management activities. I would recommend this to non-audit staffs as well for educational purposes.
5
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.
5
Anonymous Author
This is a great in depth look at the standards for internal auditing. I am not very familiar with the subject and felt like it delivered a lot of information. The instructor is always clear and definitely knowledgeable.
4
Anonymous Author
A very good presentation of the material however it is too much information included in the course and i noticed not enough guidance on how to do things. It feels like it was all too high level information.
5
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.
5
Member's Profile
Internal audit resource management is often an overlooked component in risk management discussions. Thanks for providing more details in this presentation.
4
Anonymous Author
Reasonable level of coverage without being too dry. Good recognition of what can also be challenges in managing the organisation as well.
4
Anonymous Author
The speaker discussed a depth overview IIA Standards Many examples are provided to give you a better understanding of these standards
4
Anonymous Author
This course continues part 1 in applying the IIA standards for Internal Audit to align with organization/management needs.
4
Member's Profile
Another good course in the series of internal controls from the perspective of managing internal auditor standards.
4
Anonymous Author
Presentation provides good examples and explanation on how to apply the IIA Standards to manage the IA activity.
4
Anonymous Author
Practical information. It would be good to know the answers to the exam questions after we take the exam.
4
Member's Profile
This course contains a lot of information, it may be more fruitful to offer it in smaller class times.
4
Anonymous Author
This course really dives into effectively managing the IA department with good examples from Lynn.
4
Anonymous Author
Very comprehensive discussion pf the interaction between the standards and the "real world."
3
Anonymous Author
The material offered a lot of useful information covering planning processes and challenges.
5
Anonymous Author
Again a very informative and detailed presentation. Good for those preparing for CIA exam.
3
Anonymous Author
the last bit of cpe i needed to get my both my cpa and cia cpe requirement completed.
3
Member's Profile
A great refresher to the IIA's requirement to manage effective internal audit shops.
4
Member's Profile
This series is really valuable to learn about internal auditing. Ready for part 3!
5
Anonymous Author
Great Course.! Straight to the point. Everything you need to learn is on here.
5
Anonymous Author
Great information overall. Valuable insights on Risk Management and Control.
4
Anonymous Author
Good overall refresher on this topic, like the way this was designed overall.
5
Anonymous Author
2 часа 12 минут это многовато всего для 2 CPE
5
Member's Profile
This course is well handled by the instructor and deserves appreciation.
5
Anonymous Author
Really good course. Well structured and had a good flow of the concepts.
5
Anonymous Author
Again, the instructor did an excellent job in presenting the material.
5
Member's Profile
I like that it discusses the challenges and alternatives for the CAE.
4
Member's Profile
Excellent course that builds on the concepts of the previous course
4
Member's Profile
Clear definition of internal audit function in the organization
5
Member's Profile
interesting subject, well distributed , good instructor

Prerequisites

Course Complexity: Advanced

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

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
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
INTRODUCTION and OVERVIEW
  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
Planning
  8:30Planning
  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
CONCLUSION
  2:05Course Summary
Continuous Play
  2:12:34The Institute of Internal Auditor Standards Part Two: Managing Internal Audit and Nature of Work
SUPPORTING MATERIALS
  PDFSlides: Managing Internal Audit and Nature of Work
  PDFManaging Internal Audit and Nature of Work Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM