1. Strengthening the Management of Internal Audit Activity to Add Value
April 10 - 12, 2017
- The overall objective of the learning event was to strengthen the capacity for effective management of the internal audit function in public sector organizations in SEE countries.
- Kaja Jurtela and Nihad Nakas from CEF welcoming participants:
- Majority of participants were coming from ministries of finance. After introductions, Tina Toman delivered a presentation on international standards pertaining to the managing of the IAF.
- Maturity models can be useful management tool. Paul Scholte on the importance of the model and how they are using it in the Netherlands.
- You can access the Ambition Model here. To get the model in the excel, you have to send an e-mail to the IIA Netherlands. You can find a contact on the web site:
- For the IAF, it is important to develop risk-based planning for aligning internal audit activity with the organization’s objectives and appropriate allocation of audit resources. Afternoon part of day 1 was devoted to this important topic.
- Key takeaways:
- -risk identification is subjective
- -risks are dynamic
- -risks are possibly infinite - remember to put them in context (objectives, risks, controls)
- -level of work on risk identification by IA depends on the attained maturity of the FMC system
Proficiency and Due Professional Care
- According to standards, internal audit engagements must be performed with Proficiency and Due Professional Care. "Internal auditors should also have sufficient knowledge to assess the risk of IT and fraud."