Internal Audit

• Internal auditing

• Internal auditing control

• International auditing standards

• Establishing an Internal Audit Department: The Case of the Schwan Food Company

An effective internal audit department adds value to its organization in numerous ways. It helps the organization to achieve its objectives, improves risk management, strengthens internal controls, and enhances overall corporate governance. This case describes the steps that The Schwan Food Company took to establish its internal audit department, including finding a highly qualified chief audit executive, defining the internal audit department's mission, developing the audit charter, staffing the department, creating an overall audit strategy, and assessing the department's effectiveness. The exhibits provided in this case are used with permission straight from the company's files, and all the information in this case is factual. The case is appropriate for an auditing class or an inter...

• Global Perspectives on Accounting Education
• Nbr. 5, January 2008

• Building an Effective Internal Audit Function: Learning From Sox Section 404 Reports

In the wake of the major accounting scandals, internal auditing has emerged as a powerful force in promoting effective controls, risk management, and governance in U.S. companies. This article highlights recent internal audit-related problems that were revealed in SOX Section 404 reports and offers specific recommendations for building an effective, value-adding internal audit function.

• Review of Business
• Vol. 28 Nbr. 2, January 2008

• The Impact and Effect of the Sarbanes Oxley Act On the Internal Audit Profession: Chief Audit Executives' Perspectives

The Sarbanes Oxley Act (SOX) has increased the focus on internal audit departments as a key partner in assisting management and the board of directors (especially audit committees) in fulfilling their corporate governance activities. Using a questionnaire, we conducted a study of chief audit executives (CAE) within the insurance industry to obtain their perspectives on the impact and effect of SOX on their departments and profession. We received feedback from 35 (35.4%) CAEs representing organizations and audit departments of various sizes. The results showed that most internal audit departments were impacted by SOX in that they allocated significant resources to assist management in the initial Section 404 compliance efforts. The CAEs expected to expend similar efforts on future compli...

• Academy of Accounting and Financial Studies Journal
• Vol. 12 Nbr. 1, January 2008

• 25 CFR 542.42 - What are the minimum internal control standards for internal audit for Tier C gaming operations?

• Code of Federal Regulations - Title 25: Indians

• The rotational route: as rotational staffing models become more common in large corporate internal audit groups, auditors discuss the pros and cons of a program designed to raise the bar for the profession and organizational management.

JOE GALLAGHER HAD A DEGREE IN mechanical engineering and a background in software development when he joined the internal audit department at Atlanta-...

• Internal Auditor
• Vol. 67 Nbr. 6, December 2010

• An internal audit upgrade: to adapt to changing expectations, audi departments must become risk-foused, add new skills, and embrace collaboration and technology.

ACCORDING TO PRICEWATERHOUSECOOPERS' (PWC'S) INTERNAL AUDIT report, internal audit groups with a risk-centric mind-set will focus on providing assuran...

• Internal Auditor
• Vol. 67 Nbr. 3, June 2010

• New Crossing Chief Orders Internal Audit

The Columbia River Crossings new director has called for an internal audit of the $3.6 billion projects finances and says more regular and transparent reporting of spending is necessary as the largest public works venture in the Pacific Northwest continues. Nancy Boyd, who took control of the five-mile Interstate 5 bridge and highway project in April, said she asked the Washington State Department of Transportations auditing division to look over the CRC as a matter of good business practice.

• The Columbian
• July 22, 2011

• Risk Management and It Audit Skills Most in Need of Improvement Within Internal Audit Departments, According to Protiviti Survey

In a recent study, internal audit practitioners cited risk management and IT auditing as the top two areas for improvement in the profession. These and other findings are detailed in Protiviti's inaugural Internal Audit Capabilities and Needs Survey report. Under the audit process knowledge section, survey respondents identified auditing IT functions including security, continuity and change control as an area with a lower level of overall competency and one with a significant need for improvement in knowledge and skills. At the other end of the spectrum, written communication skills have the highest competency ratings among those from all sizes of businesses, in all industries and at all levels of responsibility.

• Business Credit
• Vol. 109 Nbr. 6, June 2007

• 25 CFR 542.22 - What are the minimum internal control standards for internal audit for Tier A gaming operations?

• Code of Federal Regulations - Title 25: Indians

• 21 CFR 1311.215 - Internal audit trail.

• Code of Federal Regulations - Title 21: Food and Drugs