Learning Objectives:

  • Understand the relevance and importance of the Purpose Statement, (Domain I) from both a chief audit executive and practicing internal auditor’s perspective.
  • Learn how Domain IV (Managing the Internal Audit Function) will enhance communication between the chief audit executive and the internal audit functions stakeholders.
  • Discuss the importance of the chief audit executive creating a strategy to position the internal audit function to fulfill its mandate and achieve long-term success (Domain IV).
  • Identify how the chief audit executive is responsible for the internal audit function’s conformance with the Global Internal Audit Standards and continuous performance improvements.

Domain I starts with a Purpose Statement — Internal auditing strengthens the organization’s ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective assurance, advice, insight, and foresight. It combines elements from the current Definition of Internal Auditing and the Mission of Internal Audit. The Purpose Statement also includes a list of the conditions necessary to optimize the benefits from internal auditing such as how internal auditing contributes to improvements in organizational performance and the circumstances under which internal auditing is optimized.

Domain IV focuses on the chief audit executive’s responsibility for managing the internal audit function in accordance with the internal audit charter and Global Internal Audit Standards. This responsibility includes strategic planning, obtaining and deploying resources, building relationships, communicating with stakeholders, and ensuring and enhancing the performance of the function. The specific job title and responsibilities may vary across organizations. The chief audit executive may delegate appropriate responsibilities to other qualified professionals in the internal audit function while retaining ultimate accountability. The direct reporting relationship between the board and the chief audit executive enables the internal audit function to fulfill its mandate.

Join Liz Sandwith, CFIIA – Former Special Adviser and Former Member of the IIA Standards Board, as she details how to help internal audit practitioners undertake internal audit assurance engagements and rapidly provide assessments around crises and threats within a framework of ethics and professionalism.

This is the fourth in a series of webinars that examines the new Global Internal Audit Standards 2024.

In order to be awarded the full credit hours, you must attend the entire session and answer at least 3 of the polling questions. Once the requirements are met, your CPE certificate will be available to download in the webinar. Participants will earn 1.0 CPE credits.

Speakers:

Liz Sandwith, CFIIA
Liz Sandwith, CFIIA
Former Special Adviser to and Former Member of the IIA Standards Board

Liz has been a member of the IIA Standards Board for the last 6 years, because of her involvement in the IPPF Evolution project The IIA asked her to stay on as a Special Adviser to the Standards Board until July 2024. Liz is an Internal Audit and Risk Adviser sharing and supporting internal audit functions and CAEs based on her 34+ years in the internal audit profession. Liz worked in a senior capacity at Bupa as Head of Assurance, Risk & Compliance and Head of Internal Audit - Operations. Liz was also Head of Internal Audit at Channel 5. She has also worked with the Information Commissioner’s Office and the Electoral Commission, as well as advising local authorities on internal audit and risk management issues. Liz is a Trustee for a Multi-Academy Trust (education sector), a Chair of Governors and Chair of the Audit, Risk and Finance Committee.

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Wolters Kluwer is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
 
Additional Information:
Field of Study: Auditing
Program Level: Basic
Prerequisites: None
Advanced Preparation: None
Delivery Method: Group Internet Based
 
Cancellation Policy: This webinar has no fee and your registration can be cancelled at any time.

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