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The Certified Internal Auditor (CIA) [1] is focused on the various aspects of internal audit, while Chartered Internal Audit focusses on the leadership skills required to head up an internal audit function. To successfully apply for the CIA, students must hold a degree.
With the implementation in the United States of the Sarbanes–Oxley Act of 2002, the profession's exposure and value was enhanced, as many internal auditors possessed the skills required to help companies meet the requirements of the law [citation needed]. However, the focus by internal audit departments of publicly traded companies on SOX ...
An internal auditor is responsible to the Board functionally and administratively to the management of the company, and the auditor submits the report to the Board. Their job description is said to include financial record examination, compliance analysis, risk management, and theft and fraud detection skills, along with good communication. [2]
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 certification. Ensure the timely completion of internal auditing engagements.
The Internal Audit Foundation is undertaking the initiative: "Internal Audit: Vision 2035 - Creating Our Future Together." This project is designed to identify what the internal audit profession will look like in 2035, how the IIA can elevate the value of internal audit during that time, and what steps must be taken to make that future a reality.
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Audit management oversees the internal/external audit staff, establishes audit programs, and hires and trains the appropriate audit personnel. The staff should have the necessary skills and expertise to identify inherent risks of the business and assess the overall effectiveness of controls in place relating to the company's internal controls.
Independence requirements are founded on 4 major standards: [citation needed] An auditor can not audit their own work; An auditor can not participate in the role of management for their client; Relationships that create a shared or opposing interests between client and auditor are not allowed; An auditor is not allowed to advocate for their client.
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