Internal audit independent association IAIA” was established on the 8th December 2016 by Colen Mosehlane (Operations head and founder). As a former Vaal University of Technology prospective student, I was very dedicated and always shown compassion for internal auditing and I came to a point where I have decided to start a platform as internal audit group association for students to interact and share internal audit topics and discuss trending issues. The association is/was established to create effective, conducive and relevant environment that will expose students to the corporate world of internal audit as a way of enabling students and other individuals to obtain necessary knowledge and experience needed to perform internal audit services. In 2019 the association was registered as a private company.
“We compelling through visions” as a roadmap for future internal auditors in
which we provide a comprehensive disciplined approach by adding value and
improve the operations of any organization, through transformation and a
systematic approach that contributes effectively to the profession of internal
A world leader in the profession of internal auditing that provides assurance
and consulting services as core audit services. To enable, gather, manage and
operate efficiently and effectively in striving to contribute positively to
increase good performance, effective leadership, ethical culture and
legitimacy as pillars of corporate governance.
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– Transparency and integrity
All internal auditors who perform their audit engagements within the IAIA must carry out such operations with honesty and transparency.
Internal auditors must possess the knowledge, skills, and other competencies needed to perform their individual responsibilities.
Principle internal auditors respect the value and ownership of information they receive and do not disclose information without appropriate authority unless there is legal or professional obligation to do so.
– Corporate governance and ethics
This describes the behavior norms expected of internal auditors. These rules are an aid to interpreting the principles into practical applications and are intended to guide the ethical conduct of internal auditors.
– Training of staff
All internal auditors must register for continuous professional development.
We are expected to maintain our knowledge and experience.
An entry level internal auditor position generally requires at least a bachelor’s degree/bachelor of technology, preferably in a business discipline such as accounting, finance, management, public administration or computer information systems.
CONSIDER THE FOLLOWING BEFORE GOING THROUGH OUR SERVICES
Have you experienced any unpleasant surprises from your operations?
- Do you have a comprehensive picture of the effectiveness of your governance, risk and assurance framework?
- Do you know your total cost of control and assurance?
- How effective and resilient is your existing assurance operations?
- Are you confident that you know where your business is exposed?
- How are you handling risks in new markets, outsourced activates or business partnerships?
- How easily and how often have people circumvented controls?
- Are you comfortable that major change projects being controlled?
- Have the cost reduction programs and structural changes affect the value of your control infrastructure?
- Do you have the right information to run your business and is it accurate?
Regardless of the size or industry, organizations are being expected to get better at identifying, understanding and managing the risks they face. We show you the difference between being risk averse and risk aware.
Internal audit, advisory and assurance Is associated with degree of objective assurance and consulting activity designed to feature worth and improve an organization’s operations.
The process of getting ready managements reports and accounts that offer accurate and timely money and applied mathematics data needed by managers to create data after short run choices.
Increasingly sophisticated tax legislation implies that each business from advertising to agriculture, media to mining, banking to assembling- desires innovative tax consultant services.
Forensic auditing is a specialization within the field of accounting, and forensic auditors often provide expert testimony during trial proceedings.
Any business that has quite one worker should have a payroll system. Paying staff systematically and with no delays not solely impacts their morale, however it additionally reflects the company’s money stability
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Have a question? Check out our FAQ’s section!
How do internal and external auditors differ and how should they relate?
Although they are independent of the activities they audit, internal auditors are integral to the organization and provide ongoing monitoring and assessment of all activities. On the contrary, external auditors are independent of the organization, and provide an annual opinion on the financial statements. The work of the internal and external auditors should be coordinated for optimal effectiveness and efficiency.
How does internal auditing maintain its independence and objectivity?
INDEPENDENCE: The audit charter should establish independence of the internal audit activity by the dual reporting relationship to management and the organization’s most senior oversight group. Specifically, the CAE should report to executive management for assistance in establishing direction, support, and administrative interface; and typically to the audit committee for strategic direction, reinforcement, and accountability. The internal auditors should have access to records and personnel as necessary, and be allowed to employ appropriate probing techniques without impediment.
How does the internal audit activity go about prioritizing its resources?
Effective prioritization involves staying in sync with the organization’s risk priorities and taking a risk-based approach to internal audit planning. By continuously monitoring organizational changes that might alter the plan, the CAE should be well equipped and positioned to make informed and educated recommendations to management and the board on the most effective use of internal audit resources.
Is it mandatory to have an internal audit activity?
The New York Stock Exchange (NYSE) in the United States and many stock exchanges in other countries require publicly traded companies to have an internal audit activity to provide assessment of internal control and risk management. Many private companies, though not required to do so, are also establishing internal auditing.
What are the critical skills and attributes of a chief audit executive (CAE)?
CAEs must have strong skills in business processes and management, leadership, and communication to effectively reinforce an organization’s commitment to strong internal controls. They must focus on quality, improvement effectiveness, and efficiency; and model independence, objectivity, ethics, integrity, and professionalism.
In order to perform proficiently in the role of chief audit executive, an internal audit practitioner must possess many admirable personal traits and professional competencies. Below are some of the more critical attributes and skills necessary for a CAE to be effective in today’s global business, technology, and audit environments.
What are the skill sets and staffing needs of an internal audit activity?
A broad range of skills and expertise and ongoing professional development are critical to the formation and maintenance of an effective internal audit activity. Essential elements include in-depth knowledge of the organization’s industry and internal audit standards and best practices; technical understanding and expertise; knowledge of skills for implementing and improving processes in both financial and operational areas; strong communication and presentation skills; and professional certification, e.g. CIA.
What is Enterprise Risk Management (ERM) and what role in it does internal auditing play?
ERM is a structured and coordinated, entity-wide governance approach to identify, quantify, respond to, and monitor the consequences of potential events. Implemented by management, ERM is evaluated by the internal auditors for effectiveness and efficiency.
What is internal auditing?
The role of internal audit is to provide independent assurance that an organisation’s risk management, governance and internal control processes are operating effectively.
What is internal auditing's role in preventing, detecting, and investigating fraud?
Internal auditors support management’s efforts to establish a culture that embraces ethics, honesty, and integrity. They assist management with the evaluation of internal controls used to detect or mitigate fraud, evaluate the organization’s assessment of fraud risk, and are involved in any fraud investigations.
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