Internal audit standard 2050 – coordination and reliance
Standard strong 2050–coordination and reliance
Standard 2050 coordination and reliance, the internal audit manager is expected to ensure adequate coverage and minimize rework.
Share information, coordinate activities, and rely on assurance and consulting services provided by internal and external organizations.
interpretation:
The internal audit manager may coordinate activities.
Rely on the work of other assurance and advisory service providers.
Rely on the work of other assurance and advisory service providers.
and the internal audit manager to review the competence, impartiality and professional care of the assurance and advisory service providers.
It is also expected that the internal audit manager has a clear understanding of the scope of investigation, objectives and work results of other assurance and consulting service providers.
In cases where the work of others is relied upon.
The internal audit manager is still responsible for ensuring that the internal audit activity of the opinions and conclusions obtained.
Sufficient support is responsible.
The revised standards are effective from January 1, 2017
the beginning
The role of assurance and consulting service providers is different in every organization.
Therefore, in order to start coordinating the work, the internal audit manager, by studying the charter of the organization and the meeting order of the board of directors, identifies the various available assurance and consulting service providers.
In general, these roles are classified into two groups of internal and external suppliers as described below.
Internal suppliers, including supervisory functions that report to senior management.
or are part of senior management.
Their responsibilities include areas such as environment, financial control, health and safety, IT security, legal requirements, risk management, compliance or quality assurance.
According to the model of three lines of defense of the Association of Internal Auditors, the mentioned cases are considered as the second “line of defense”.
External assurance service providers may report to senior management or external stakeholders.
Or they may be employed by the internal audit manager and report to her.
In compliance with the organization’s confidentiality requirements, the chief audit executive determines the type and amount of information to be made available to assurance service providers and consultants.
It is very important for the internal audit manager to consider the limits of disclosure of confidential information, especially for external people.