Introduction to internal audit
Elizabeth Young, CA, member of the ICAS Audit and Assurance Panel, gives an introduction to the world of internal audit.
Internal audit has long been a key component of good governance. In recent years the increasing complexity of modern business, coupled with numerous high-profile governance failures, has intensified focus on its role.
As a result, it is essential that good internal auditors have the skills to advise on the effective running of the organisations in which they work, regardless of the problems faced and speed of change; a challenging task by any stretch.
It is therefore no surprise that an increasing number of ICAS members have chosen to work within internal audit. I am one such individual and part of the one third of those members who work in professional practice. I am also a Chartered Internal Auditor and member of ICAS Audit and Assurance Panel, with one of my main priorities in that role being to improve the support provided to members by ICAS.
We recently carried out a survey of all members working within internal audit about the resources currently provided by ICAS which confirmed that the vast majority would like to see additional information provided. The Panel has begun work on this and created some website resources on core topics. I look forward to working with the Panel and other CAs working within internal audit to develop this area further in future.
ICAS Internal Audit Resources
The following pages on the website are intended to produce guidance to members and to CA students who are new to internal audit or are contemplating a move or secondment into internal audit.
General Data Protection Regulations (“GDPR”) - Ignore this at your peril! - extremely important new legislation.
Institute of Internal Auditors - Revised Standards 2017 - Standards for the practice of internal audit.
Internal Auditors: Financial Services Code under review - “Best practice” for internal auditors in general.
Cybersecurity: insight into the world of the cyber criminals - This describes the range of cyber criminals from the “lone wolf” in his bedroom to more organised at state level.
15 common computer hacker terms - A brief guide to current jargon in this very topical field.