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Risk based internal auditing

Risk based internal auditing links - Information

These are direct links to useful publications but some may be removed over time.

Institute of Internal Auditors (U.S.)

Code of ethics

Standards

COSO

This organization has published a revised document Internal Control - Integrated Framework (2013). The executive summary is here. The full document must be purchased. In 2004 COSO published Enterprise Risk Management - Integrated Framework. Visit coso.org for further information.

The IIA has a Resource Center for COSO requirements.

FRC

The UK Corporate Governance Code applies to UK listed companies. The guidance to this, Internal Control: Guidance to Directors, is useful to all internal auditors.

UK government

The government website has issued the following publications.

Internal audit standards  (based on the IIA standards)

Management of risk – principles and concepts (Known as the “Orange book)

Internal Audit Customer Handbook (Very interesting booklet which sets out internal audit’s responsibilities to its customers).

The Institute of Chartered Accountants in England and Wales (ICAEW)

The institute has posed and answered five questions on corporate governance

The Institute of Chartered Accountants of India

The Institute has provided a guide to risk based internal audit (http://220.227.161.86/20997guide_risbbasedIA.pdf). Other useful publications are available from this site (http://www.icai.org/post.html?post_id=6623)

Other websites

Tim Leech of Risk Oversight Inc. has made an interesting presentation available on the web: http://riskoversight.ca/wp-content/uploads/2011/03/Risk-Oversight-Honorably-Retiring-Controls-Promoting-Risk-Treatments-July-2012.pdf

A joint KPMG and ACCA report of a study of corporate governance requirements across 25 markets is at http://www.accaglobal.com/uk/en/technical-activities/technical-resources-search/2014/november/balancing-rules-and-flexibility.html