The chief audit executive (CAE), director of audit, director of internal audit,
auditor general
An auditor general, also known in some countries as a comptroller general or comptroller and auditor general, is a senior civil servant charged with improving government accountability by auditing and reporting on the government's operations.
Freq ...
, or
controller
Controller may refer to:
Occupations
* Controller or financial controller, or in government accounting comptroller, a senior accounting position
* Controller, someone who performs agent handling in espionage
* Air traffic controller, a person ...
general is a high-level independent corporate
executive
Executive ( exe., exec., execu.) may refer to:
Role or title
* Executive, a senior management role in an organization
** Chief executive officer (CEO), one of the highest-ranking corporate officers (executives) or administrators
** Executive dir ...
with overall responsibility for
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
.
Publicly traded
A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (list ...
corporations
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...
typically have an
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
department, led by a chief audit executive ("CAE") who reports functionally to the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
of the
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
, with administrative reporting to the
chief executive officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
.
The profession is unregulated, though there are a number of
international standard
international standard is a technical standard developed by one or more international standards organizations. International standards are available for consideration and use worldwide. The most prominent such organization is the International Or ...
setting bodies, an example of which is the
Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is an organization which advocates, provides educational conferences, and develops standards, guidance, and certifications for the internal audit profession.
History
Established in 1941, the IIA today ...
("IIA"). The IIA has established Standards for the Professional Practice of Internal Auditing and has over 150,000 members representing 165 countries, including approximately 65,000
Certified Internal Auditor
The Institute of Internal Auditors (IIA) is an organization which advocates, provides educational conferences, and develops standards, guidance, and certifications for the internal audit profession.
History
Established in 1941, the IIA today ...
s.
The CAE is intrinsically an independent function; otherwise it may become dysfunctional and of low quality (but there are many degrees in the level of independence and efficiency). The CAE function exists only to constitute a third-level of control in the organisation, which must be independent from the first-level control (the first-level layer belongs to the management of an organisation, who is responsible in the first instance for acting in compliance with the organisation’s rules) and consecutively second-level (which are the supporting units i.e. legal, HR, risk function, financial control etc.). An effective independence is the result of both an attitude of CAE, and of prerogatives/guarantees conceded by the organisation or given by the organisation’s principals (e.g., the board of directors or audit committee).
Because the CAE understands risks and controls, company strategy and the regulatory environment the CAE may assume additional organizational responsibilities beyond traditional internal auditing.
Independent attitude
The CAE should be independent in the performance of his/her duties, so that he/she can carry out his/her work freely without admitting interference, and as objectively as possible. Independence permits him/her to render impartial and unbiased judgements, which are essential to the proper evaluation of management and controls. It also allows him/her to view the financial actions, procedures and decisions in a detached way. This may become of an importance when providing objective assurance about the internal control framework.
Organizational independence
To perform their role effectively, CAEs require
organizational independence from
management
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
, to enable unrestricted
evaluation
Evaluation is a
systematic determination and assessment of a subject's merit, worth and significance, using criteria governed by a set of standards. It can assist an organization, program, design, project or any other intervention or initiative ...
of
management
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
activities and personnel. This can be analysed in the different points below:
* (for a different analysis of independence, see
organizational independence analysed by the IIA)
All the elements below should be granted to the CAE in the basic rules of the organisation, or stated in the
charter of audit
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified. It is implicit that the granter retains superiority (or sovereignty), and that the rec ...
approved by the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
and promulgated in the organization (
IIA IIA may refer to:
* Independence of irrelevant alternatives
* Indian Institute of Architects
*Indian Institute of Astrophysics
*Indianapolis International Airport
*Institute of Internal Auditors
* Information Industry Association
* International I ...
Standard 1110 Organizational Independence, and standard 1000C1).
Independent function: no conflict of interest allowed
Even though the CAE may be formally part of the
management structure
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
of the organisation (among the “
chief executive
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
s”), he/she does not participate in any management decision process or accept any responsibility in the execution of company activities.
CAEs may advise management (must, when it is about
compliance,
risk management,
internal control Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad ...
s...) and the
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
(or similar
oversight
Oversight may refer to:
Governance
*Regulation – rulemaking
*Separation of powers in state governance (checks and balances) - the concept of separate branches of government or agencies exercising authority over one another
*Checks and control ...
body) regarding how to better execute their responsibilities. But she/he remains independent of the activities observes or audits.
Hierarchical independence
The primary customer of internal audit activity is the entity charged with
oversight
Oversight may refer to:
Governance
*Regulation – rulemaking
*Separation of powers in state governance (checks and balances) - the concept of separate branches of government or agencies exercising authority over one another
*Checks and control ...
of management's activities. This is typically the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
, a sub-committee of the
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
. To provide hierarchical independence, most chief audit executives report to the
chairperson
The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...
of the audit committee as to the performance of his/her duties.
The definition (and regular revision) of the scope of the function should be agreed between the CAE and the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
. The internal audit’s annual
work plan
Work may refer to:
* Work (human activity), intentional activity people perform to support themselves, others, or the community
** Manual labour, physical work done by humans
** House work, housework, or homemaking
** Working animal, an animal tr ...
, which for practical reasons must be discussed with the auditees, is subject to the approbation of the sole
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
,
board of directors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...
, or other appropriate governing authority (IIA Standard 1110 Organizational Independence).
The internal rules and practices of the directorate of internal audit (
audit manual
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
) are of the responsibility of the CAE.
Independent status
The independence of the CAE in the performance of his duties should be guaranteed in the staff rules. The
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
should have sole
competence for the final decision on appointment and
dismissal of the CAE”, and for his remuneration, activity appraisal and
career
The career is an individual's metaphorical "journey" through learning, work and other aspects of life. There are a number of ways to define career and the term is used in a variety of ways.
Definitions
The ''Oxford English Dictionary'' defin ...
advancement.
The CAE is liable to
disciplinary action
In a deliberative assembly, disciplinary procedures are used to punish members for violating the rules of the assembly.
Codes and rules
According to Robert's Rules of Order Newly Revised (RONR), discipline could include censure, fine, suspension ...
but only with the concurrence of the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
. This could happen if he/she is negligent in the performance of his duties.
Independent communication right
The CAE reports directly to the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
and the
board
Board or Boards may refer to:
Flat surface
* Lumber, or other rigid material, milled or sawn flat
** Plank (wood)
** Cutting board
** Sounding board, of a musical instrument
* Cardboard (paper product)
* Paperboard
* Fiberboard
** Hardboard, a ty ...
. There should be a report from the CAE to each ordinary
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
meeting and if deemed necessary to the board. Such reports should be addressed directly to the chairman of the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
with parallel copy to the
director-general
A director general or director-general (plural: ''directors general'', ''directors-general'', ''director generals'' or ''director-generals''
) or general director is a senior executive officer, often the chief executive officer, within a government ...
.
However, the CAE in the performance of his daily work communicates and liaises with the
director-general
A director general or director-general (plural: ''directors general'', ''directors-general'', ''director generals'' or ''director-generals''
) or general director is a senior executive officer, often the chief executive officer, within a government ...
and the staff of the organisation.
Independent budgeting
Although CAEs and
internal auditor An internal auditor is an auditor who is appointed by the Board of directors of the company in order to carry out the internal audit function. Generally an employee of the company acts as an internal auditor, whereas some companies appoint an exter ...
s are paid by the company, the
human resource
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include m ...
budget of the
directorate of internal audit
Directorate may refer to:
Contemporary
*Directorates of the Scottish Government
* Directorate-General, a type of specialised administrative body in the European Union
* Directorate-General for External Security, the French external intelligence ag ...
, in particular, should be protected from interference from the audited organisation. The typical risk is that the audit's budget subject to the approval of
director of HR and of the DG is a source of potential interference or friendly pressure to self-limit the CAE’s critic exercise of an independent viewpoint. An appeal to the board, even expressly foreseen as part of the
communication right
Communication rights involve freedom of opinion and expression, democratic media governance, media ownership and media control, participation in one's own culture, linguistic rights, rights to education, privacy, assemble, and self-determinati ...
of the CAE, is often ineffective on short-term imposed constraints, given the time constraints of the
budget process A budget process refers to the process by which governments create and approve a budget, which is as follows:
* The Financial Service Department prepares worksheets to assist the department head in preparation of department budget estimates
* The A ...
. The best practice is that the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
's opinion is required on the CAE’s draft budget, well in advance of the normal
budgeting process of the organisation.
Access to information
Information is of key importance to organize, prepare and perform internal audits. Independent auditors are generally granted full access to any and all information they require to discharge their responsibilities. Reasonable restrictions would be limited to things such as personal information in personnel records such as health information. Unduly restricted access to information is a major impediment to an independent auditor and indicates that an organization is not truly supportive of the auditor's mandate and its commitment to sound governance should be questioned.
Typical duties
Status, strategy and organisation of the internal audit department
* Ensure that the status (e.g. stipulated in an
audit charter),
strategy
Strategy (from Greek στρατηγία ''stratēgia'', "art of troop leader; office of general, command, generalship") is a general plan to achieve one or more long-term or overall goals under conditions of uncertainty. In the sense of the "art ...
, resources of the
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
department are aligned and are consistent with the organization's objectives and
governance
Governance is the process of interactions through the laws, social norm, norms, power (social and political), power or language of an organized society over a social system (family, tribe, formal organization, formal or informal organization, a ...
policy.
* Establish appropriate policies and procedures to guide the internal
audit
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
function, and ensure the
quality
Quality may refer to:
Concepts
*Quality (business), the ''non-inferiority'' or ''superiority'' of something
*Quality (philosophy), an attribute or a property
*Quality (physics), in response theory
*Energy quality, used in various science discipli ...
of the
assurance services
Assurance service is an independent professional service, typically provided by Chartered Accountant, Chartered or Certified Public Accountants or Chartered Certified Accountants, with the goal of improving information or the context of informati ...
delivered.
Management, supervision of the internal audit activity
* Obtain (or manage the production of) a
risk analysis;
** Ensure that the
risk assessment
Broadly speaking, a risk assessment is the combined effort of:
# identifying and analyzing potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis); and
# making judgments "on the to ...
is done at least annually;
** Establish
risk-based audit plans to set out the priorities of the
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
function, consistent with the
organizational objectives.
* Considers the input of senior
management
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
, senior departmental management, of the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
;
* The internal
audit plan usually addresses
financial reporting
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.
Relevant financial information is presented in a structured manner and in a form which is easy to un ...
and other fundamental
controls, to be coordinated with the audit plan of the
statutory auditor
Statutory auditor is a title used in various countries to refer to a person or entity with an auditing role, whose appointment is mandated by the terms of a statute.
World usage
A "statutory audit" is a legally required review of the accuracy ...
* Coordinate internal
audit
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
ing activities and plans with other internal and external providers of
assurance and
consulting
A consultant (from la, consultare "to deliberate") is a professional (also known as ''expert'', ''specialist'', see variations of meaning below) who provides advice and other purposeful activities in an area of specialization.
Consulting servic ...
activities to ensure proper coverage and minimize duplication of effort.
* Communicate plan of engagements and resource requirements for the internal audit function, including significant interim changes to the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
. This communication shall include the impact of resource limitations.
*Ensure that internal audit resources are appropriate, sufficient and effectively deployed to achieve the internal audit plan approved by the audit committee or the board.
Ensure that internal auditors have appropriate professional qualifications and skills, and opportunities for sufficient training and development to maintain and develop their internal auditing competence and to obtain
Certified Internal Auditor
The Institute of Internal Auditors (IIA) is an organization which advocates, provides educational conferences, and develops standards, guidance, and certifications for the internal audit profession.
History
Established in 1941, the IIA today ...
certification
Certification is the provision by an independent body of written assurance (a certificate) that the product, service or system in question meets specific requirements. It is the formal attestation or confirmation of certain characteristics of a ...
.
*Ensure the timely completion of internal auditing engagements.
*Ensure that reports on internal auditing
engagement
An engagement or betrothal is the period of time between the declaration of acceptance of a marriage proposal and the marriage itself (which is typically but not always commenced with a wedding). During this period, a couple is said to be ''fi ...
s are provided to the audit committee with a minimum of delay.
*Provide an annual holistic opinion on the effectiveness and adequacy of
risk management,
control
Control may refer to:
Basic meanings Economics and business
* Control (management), an element of management
* Control, an element of management accounting
* Comptroller (or controller), a senior financial officer in an organization
* Controllin ...
, and
governance
Governance is the process of interactions through the laws, social norm, norms, power (social and political), power or language of an organized society over a social system (family, tribe, formal organization, formal or informal organization, a ...
processes.
Quality management
The CAE is responsible for assuring that appropriate
engagement
An engagement or betrothal is the period of time between the declaration of acceptance of a marriage proposal and the marriage itself (which is typically but not always commenced with a wedding). During this period, a couple is said to be ''fi ...
supervision is provided.
Supervision
Supervision is an act or instance of directing, managing, or oversight.
Etymology
The English noun "supervision" derives from the two Latin words "super" (above) and "videre" (see, observe).
Spelling
The spelling is "Supervision" in Standard E ...
is a process begins with planning and continues throughout the
examination,
evaluation
Evaluation is a
systematic determination and assessment of a subject's merit, worth and significance, using criteria governed by a set of standards. It can assist an organization, program, design, project or any other intervention or initiative ...
, communication, and
follow-up phases of the engagement.
*Develop and maintain a
quality assurance
Quality assurance (QA) is the term used in both manufacturing and service industries to describe the systematic efforts taken to ensure that the product(s) delivered to customer(s) meet with the contractual and other agreed upon performance, design ...
and improvement program that covers all aspects of the internal audit function, and continuously monitor its effectiveness.
*In collaboration with the audit committee, ensure that a practice
inspection
An inspection is, most generally, an organized examination or formal evaluation exercise. In engineering activities inspection involves the measurements, tests, and gauges applied to certain characteristics in regard to an object or activity. ...
or other external review of the internal audit function is conducted at least every 3 years, by a qualified, independent external review team, and that the results of this external assessment are communicated to the audit committee.
* Ensure that professional internal
auditing standards
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...
are followed (e.g.
IIA IIA may refer to:
* Independence of irrelevant alternatives
* Indian Institute of Architects
*Indian Institute of Astrophysics
*Indianapolis International Airport
*Institute of Internal Auditors
* Information Industry Association
* International I ...
standards or local standards).
NB:
Generally accepted auditing standards
Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, ...
and
International Standards on Auditing
International Standards on Auditing (ISA) are professional standards for the auditing of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA g ...
are
external audit
An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited. Users of these enti ...
standards.
* Report at least annually to the audit committee on the internal audit function's conformance with professional internal auditing
standards Standard may refer to:
Symbols
* Colours, standards and guidons, kinds of military signs
* Standard (emblem), a type of a large symbol or emblem used for identification
Norms, conventions or requirements
* Standard (metrology), an object th ...
.
Reporting of critical findings
Inform the Audit Committee without delay of any issue of risk,
control
Control may refer to:
Basic meanings Economics and business
* Control (management), an element of management
* Control, an element of management accounting
* Comptroller (or controller), a senior financial officer in an organization
* Controllin ...
or
management
Management (or managing) is the administration of an organization, whether it is a business, a nonprofit organization, or a government body. It is the art and science of managing resources of the business.
Management includes the activities o ...
practice that may be of significance.
The chief audit executive (CAE) reports the most critical issues to the
audit committee
An audit committee is a committee of an organisation's board of directors which is responsible for oversight of the financial reporting process, selection of the independent auditor, and receipt of audit results both internal and external.
In a U. ...
quarterly, along with management's progress towards resolving them. Critical issues typically have a reasonable likelihood of causing substantial financial or reputational damage to the company. For particularly complex issues, the responsible manager may participate in the discussion. Such reporting is critical to ensure the function is respected, that the proper "
tone at the top
"Tone at the top" is a term that originated in the field of accounting and is used to describe an organization's general ethical climate, as established by its board of directors, audit committee, and senior management. Having good tone at the top ...
" exists in the organization, and to expedite resolution of such issues. It is a matter of considerable judgement to select appropriate issues for the audit committee's attention and to describe them in the proper context.
Survey results
Various
consulting
A consultant (from la, consultare "to deliberate") is a professional (also known as ''expert'', ''specialist'', see variations of meaning below) who provides advice and other purposeful activities in an area of specialization.
Consulting servic ...
and
public accounting
An accountant is a practitioner of accounting or accountancy.
Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certifi ...
firms perform research on audit committees, to provide
benchmarking
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
Benchmarking is used to measure performan ...
data.
Some results are identified below:
*54% of committee members surveyed felt the audit committee was "very effective," while 38% indicated "somewhat effective."
*Risk management,
internal control Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad ...
, and
accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "languag ...
estimates and judgments were the top priority areas for 2007.
*41% were "very satisfied" with the internal audit function, while 52% were "somewhat satisfied."
*Two-thirds felt the chief
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
position was for a professional internal
auditor
An auditor is a person or a firm appointed by a company to execute an audit.Practical Auditing, Kul Narsingh Shrestha, 2012, Nabin Prakashan, Nepal To act as an auditor, a person should be certified by the regulatory authority of accounting and au ...
, rather than as a "stepping stone" to other roles.
See also
*
Comptroller
A comptroller (pronounced either the same as ''controller'' or as ) is a management-level position responsible for supervising the quality of accounting and financial reporting of an organization. A financial comptroller is a senior-level executi ...
*
Lead auditor {{unreferenced, date=April 2009
Most publicly traded corporations typically have an internal auditing department, led by a chief audit executive ("CAE"), with lead internal auditors managing small teams of internal auditors for one audit engagemen ...
*
Control
Control may refer to:
Basic meanings Economics and business
* Control (management), an element of management
* Control, an element of management accounting
* Comptroller (or controller), a senior financial officer in an organization
* Controllin ...
*
COSO framework
*
Audit risk
Audit risk (also referred to as residual risk) as per ISA 200 refers to the risk that the auditor expresses an inappropriate opinion when the financial statements are materiality misstated. This risk is composed of:
* Inherent risk (IR), the ri ...
*
Financial audit
A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are internat ...
*
Information technology audit
An information technology audit, or information systems audit, is an examination of the management controls within an Information technology (IT) infrastructure and business applications. The evaluation of evidence obtained determines if the inform ...
*
Internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to ...
*
Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is an organization which advocates, provides educational conferences, and develops standards, guidance, and certifications for the internal audit profession.
History
Established in 1941, the IIA today ...
*
Corporate governance
Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, law, or management) often adopt narrow definitions th ...
*
ISA 310 Knowledge of the Business
ISA 310 Knowledge of the Business was one of the International Standards on Auditing. It is no longer effective with the introduction of ISA 315 'Identifying and assessing the risks of material misstatement through understanding the entity and its ...
;External audit
*
Certified Public Accountant
Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United Sta ...
(CPA)
*
External auditor
An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited. Users of these enti ...
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Statutory auditor
Statutory auditor is a title used in various countries to refer to a person or entity with an auditing role, whose appointment is mandated by the terms of a statute.
World usage
A "statutory audit" is a legally required review of the accuracy ...
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Auditor general
An auditor general, also known in some countries as a comptroller general or comptroller and auditor general, is a senior civil servant charged with improving government accountability by auditing and reporting on the government's operations.
Freq ...
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International Organization of Supreme Audit Institutions
The International Organization of Supreme Audit Institutions (INTOSAI) is an intergovernmental organization whose members are supreme audit institutions. Nearly every supreme audit institution in the world is a member of INTOSAI. Depending on t ...
References
External links
the Institute of Internal Auditors
{{DEFAULTSORT:Chief Audit Executive
Internal audit
Corporate governance
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