TIAPS Module 1 Audit and Assurance workbook

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Performance audits are also useful in determining governance with regard to particular policies and initiatives. Some governance audits pay particular attention to the working of the governing body and may evaluate the effectiveness of meetings, strategic planning, management of conflicts of interest, nominations, and so on. External agencies can provide this service for greater independence and objectivity. Suggested questions internal auditors may ask as part of their investigation into the adequacy and effectiveness of governance, focusing on the key aspects of governance (performance, conformance, value creation and protection, and accountability) are given below, based on guidance from IFAC: • Do the structures and processes of governance serve to optimize stakeholder value? • Do they serve to ensure an appropriate balance of stakeholder interests? • Do they support both performance in respect of achieving organizational purpose and conformance with laws, regulations, policies, and other expectations? • Are governance processes fully integrated into the organization and its culture, planning, behaviors, and activities? • Is the governing body appropriately constituted and structured to lead on governance for the organization, overseeing senior management and internal audit, and engaging with key stakeholders? • Has the governing body established a set of fundamental values by which the organization operates? • Are these values well communicated, monitored, and appropriately reinforced and enforced? • Does the strategy adopted by the governing body demonstrate a sound understanding of the political context, operating model, and internal and external environment? • Does the strategy promoted by the governing body provide sufficient direction and focus for the organization? • Has the governing body ensured that management has established an appropriate and effective framework for risk management and internal control? • Does the governing body ensure resource allocation by management is aligned with strategic priorities? • Does the governing body evaluate its own effectiveness as well as that of its strategy and organizational activities toward continual improvement and achievement of objectives? • Are the interests and needs of stakeholders given appropriate consideration and do stakeholders receive relevant, timely, and reliable information? 52 52 Evaluating and Improving Governance in Organizations, IFAC, 2009. 56
C.2: Reflection How does your internal audit function contribute to the ongoing development and improvement of organizational governance? Does your internal audit function provide assurance on governance for specific areas and/or for the entity as a whole? Is governance highlighted as an important consideration in every engagement? 57
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Module 1: Audit and Assurance TIAPS
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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 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: C.2 Auditing Governance The IIA Sup
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
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TIAPS Module 1 Audit and Assurance workbook

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