TIAPS Module 1 Audit and Assurance workbook

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B.4: Reflection How would you rate the level of independence of your internal audit function in fact and in appearance? What steps could be taken to strengthen organizational independence? What factors may weaken the objectivity of auditors in your internal audit function in fact and in appearance? What steps could be taken to strengthen individual auditor objectivity? 42
C. Assurance and Advisory Engagements Learning Outcomes On completion of this section, students will be better able to: • Compare and contrast assurance and advisory engagements. • Determine an appropriate balance of audit and advisory engagements. • Identify competencies needed for assurance and advisory engagements. • Plan an assurance engagement of organizational governance. • Evaluate IT and cybersecurity risks and controls as part of an audit engagement. • Evaluate the effectiveness of entity-wide risk management. • Describe how internal audit contributes to an organization’s responsiveness to fraud, IT, and cybersecurity risks. C.1 Characteristics of Assurance and Advisory Engagements IIA Internal Audit Competency Framework Organizational Strategic Planning and Management: General Awareness: Identify the risk and control implications of different organizational structures. Describe the strategic planning process. Describe common performance measures. Explain organizational behavior and performance management techniques. Describe management’s effectiveness to lead and build organizational commitment. Applied Knowledge: Evaluate the organization’s governance structure and the impact of organizational structure and culture on the overall control environment and risk management strategy. Analyze the organization’s strategic planning process. Examine performance measures used by the organization. Examine existing organizational behavior and performance management techniques. Examine management’s effectiveness to lead and build organizational commitment. Expert: Recommend improvements to the overall control environment and risk management strategy. Recommend improvements to the organization’s strategic planning process. Select appropriate performance measures. Recommend appropriate organizational behavior and performance management techniques. Recommend actions to improve management’s approach to leading and building organizational commitment. 37 The definition of internal auditing quoted in B.1 identifies it to comprise both assurance and consulting services (the latter commonly referred to as advisory services). These terms are both defined in the IPPF. 37 Internal Audit Competency Framework, The IIA, 2022. 43
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 and 14: Although developed for government a
Page 15 and 16: A.3 Governance Models When evaluati
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: In other cases, there is no audit c
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
Page 65 and 66: Risk management techniques can be a
Page 67 and 68: IT controls may be manual, automate
Page 69 and 70: The IIA’s Cybersecurity Toolkit d
Page 71 and 72: C.3: Reflection Fraud: How are susp
Page 73 and 74: Global Perspectives and Insights -
Page 75: CIPFA: 77 Mansell Street, London E1

TIAPS Module 1 Audit and Assurance workbook

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