Keyword Analysis & Research: monitoring progress in internal auditing


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Frequently Asked Questions

What does the IIA's guidance on internal audit monitoring look like?

The guidance notes that the monitoring process can be "sophisticated or simple" depending on the size and complexity of the internal audit function and the organization it serves. The IIA's guidance clearly offers alternatives to mandatory follow-up audits that many of us labored over in the past.

Why should the compliance office coordinate with internal audit?

By coordinating with Internal Audit, the Compliance Office may be able to leverage Internal Audit’s expertise and resources to cover some of the high-risk areas. This alleviates the need for resources in the Compliance Office to conduct additional audits, reviews, and/or monitoring.

What is the IIA Standard for monitoring progress?

The IIA's Standard 2500: Monitoring Progress addresses internal auditors' responsibilities concerning disposition of our findings and recommendations. It states: The chief audit executive must establish and maintain a system to monitor the disposition of results communicated to management.

Who should be involved in monitoring and auditing?

External reviewers can also be used, such as consultant experts or operational auditors. In any case, the Compliance Officer should ensure that both the monitoring and auditing is taking place and doing what it should be doing. Have Compliance Concerns?


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