TIAPS Module 1 Audit and Assurance workbook

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A.2: Reflection Consider the 12 Principles of Good Governance in the context of your organization. Assign a score from 1-5 for each Principle where 1 is very low and 5 is very high. Based on this assessment, how effective is governance in your organization? What are the most important priorities for improvement? Is there sufficient clarity in the distinction between governance (nonexecutive) responsibilities and managerial (executive) responsibilities? How can internal audit support organizational leaders in making such improvements? 14
A.3 Governance Models When evaluating governance, internal auditors must consider whether the organization has used “adequate criteria” for monitoring purposes. If adequate, internal auditors must use such criteria in their evaluation. If inadequate, internal auditors must identify appropriate evaluation criteria through discussion with management and/or the board. Types of criteria may include: • Internal (e.g., policies and procedures of the organization). • External (e.g., laws and regulations imposed by statutory bodies). • Leading practices (e.g., industry and professional guidance). 9 To explore governance further we will consider four important models that may be said to represent “leading practices,” although they must always be contextualized: • ISO 37000:2021 Governance of organizations – Guidance. • IIA Three Lines Model. • CIPFA International Framework: Good Governance in the Public Sector. • King IV Corporate Governance Report, 2016. These models have many similarities. Corporate governance codes such as the King IV Code, while being applicable primarily to private sector companies, are also very informative for government entities. A.3.1 ISO 37000:2021 Governance of organizations – Guidance The ISO model places organizational purpose at its center. Purpose is informed by values which also determine how the organization pursues its purpose. Diagram based on ISO 37000:2021 Governance of Organizations 9 Standard 2210 – Engagement Objectives, International Professional Practices Framework, The IIA, 2016. 15
Page 1 and 2: Module 1: Audit and Assurance TIAPS
Page 3 and 4: Table of Contents Module 1: Audit a
Page 5 and 6: Relevant Standards Reference is mad
Page 7 and 8: • Close scrutiny. The activities
Page 9 and 10: A.2 Public Sector Governance IIA In
Page 11 and 12: The need for governance arises for
Page 13: Although developed for government a
Page 17 and 18: defensive aspects to minimize negat
Page 19 and 20: A.3.3 CIPFA International Framework
Page 21 and 22: 8. Ensure that its arrangements for
Page 23 and 24: • Consideration of overlapping in
Page 25 and 26: A.3: Reflection Which model or mod
Page 27 and 28: Although they are related, the prin
Page 29 and 30: B.1.1 Independence, Objectivity, an
Page 31 and 32: B.1: Reflection Is it possible to
Page 33 and 34: According to The IIA Position Paper
Page 35 and 36: B.2: Reflection When was the last t
Page 37 and 38: When independence or objectivity ar
Page 39 and 40: B.4 Safeguards for Independence and
Page 41 and 42: In other cases, there is no audit c
Page 43 and 44: C. Assurance and Advisory Engagemen
Page 45 and 46: It is common to build an allowance
Page 47 and 48: The following list is taken from Sa
Page 49 and 50: helping managers developing control
Page 51 and 52: C.1.5 Internal Audit Opinions Audit
Page 53 and 54: Leadership and Communication Intern
Page 55 and 56: C.2 Auditing Governance The IIA Sup
Page 57 and 58: C.2: Reflection How does your inter
Page 59 and 60: Fraud may be perpetrated via measur
Page 61 and 62: circumstances (unethical and often
Page 63 and 64: Management Issues • Lack of area
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Risk management techniques can be a
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IT controls may be manual, automate
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The IIA’s Cybersecurity Toolkit d
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C.3: Reflection Fraud: How are susp
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Global Perspectives and Insights -
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CIPFA: 77 Mansell Street, London E1
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TIAPS Module 1 Audit and Assurance workbook

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