TIAPS Module 1 Audit and Assurance workbook
Module 1: Audit and Assurance Introduction Module 1: Audit and Assurance examines how internal audit contributes to organizational governance through assurance and advisory services. The module is organized as follows: 1A. Internal Auditing’s Contribution to Good Governance A.1 Public Sector Environment A.2 Public Sector Governance A.3 Governance Models 1B. Mandate, Independence, and Objectivity B.1 Importance of Independence and Objectivity B.2 Internal Audit Mandate B.3 Threats to Independence and Objectivity B.4 Safeguards for Independence and Objectivity 1C. Assurance and Advisory Engagements C.1 Characteristics of Assurance and Advisory Engagements C.2 Auditing Governance C.3 Fraud, IT, and Cybersecurity References Practice Questions 4
Relevant Standards Reference is made throughout the TIAPS program to relevant international standards, principally those of The Institute of Internal Auditors (IIA) included in the International Professional Practices Framework (IPPF). Other standards and frameworks, most notably the COSO Internal Control – Integrated Framework, are also noted where appropriate. At the time of writing, The IIA is undertaking a major review of the IPPF with an expected period of public exposure in 2023. The content of this module reflects the 2017 edition (published in 2016 and effective from the start of 2017). Participants should anticipate major revisions to the structure and content of the IPPF, although fundamental principles about the practice of internal auditing are unlikely to change significantly. This program will be updated once the revisions to the IPPF are finalized and formally introduced. References and Additional Reading References are given at the end of this module. Participants are encouraged to read these to provide greater understanding of the topics. The items have been selected to complement the content included in this module and to offer internal auditors relevant, practical guidance. 5
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- Page 3: Table of Contents Module 1: Audit a
- 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 and 14: Although developed for government a
- Page 15 and 16: A.3 Governance Models When evaluati
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- 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
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<strong>Module</strong> 1: <strong>Audit</strong> <strong>and</strong> <strong>Assurance</strong><br />
Introduction<br />
<strong>Module</strong> 1: <strong>Audit</strong> <strong>and</strong> <strong>Assurance</strong> examines how internal audit contributes to organizational<br />
governance through assurance <strong>and</strong> advisory services. The module is organized as follows:<br />
1A. Internal <strong>Audit</strong>ing’s Contribution to Good Governance<br />
A.1 Public Sector Environment<br />
A.2 Public Sector Governance<br />
A.3 Governance Models<br />
1B. M<strong>and</strong>ate, Independence, <strong>and</strong> Objectivity<br />
B.1 Importance of Independence <strong>and</strong> Objectivity<br />
B.2 Internal <strong>Audit</strong> M<strong>and</strong>ate<br />
B.3 Threats to Independence <strong>and</strong> Objectivity<br />
B.4 Safeguards for Independence <strong>and</strong> Objectivity<br />
1C. <strong>Assurance</strong> <strong>and</strong> Advisory Engagements<br />
C.1 Characteristics of <strong>Assurance</strong> <strong>and</strong> Advisory Engagements<br />
C.2 <strong>Audit</strong>ing Governance<br />
C.3 Fraud, IT, <strong>and</strong> Cybersecurity<br />
References<br />
Practice Questions<br />
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