Internal Auditing
Focused internal audit - a way to greater assurance service
Internal audit (IA) functions in medium and large entities are designed to focus on key risks facing the entity, the regulatory compliance issues, the mandatory audits such as that of internal controls and financial statements. Internal audit is an emerging profession that is more value added to the management than perhaps the attestation audits.
Realizing the capacity and capability limitations in many organizations, many entities have resorted to outsourcing fully or partly the internal audit functions. Red Flag is prepared for the outsourced internal audits that may take any of the following forms and many more;
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Setting up the internal audit function
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Preparation of risk based annual action plan for the IA function
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COSO based evaluation of internal controls or implementation of controls model
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Financial Statements audit prior to attestation audit
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Audit of organizational startegies and/or operations
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Audit of projects, programs or funding arrangements
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Preparing/conducting the organization for the External Assessment of Internal audit activity under the standards
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Information systems audit including CoBit based assessments
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Writing of Audit manuals, and charters for the Internal audit function, Audit committee
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Audits on behalf of third parties on agreed upon criteria
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Compliance auditing
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Due diligence audits including under the Sarbans-Oxley Act
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Audit performance review under Balanced Score Card methodology