Internal Audit Capabilities and Needs Synopsis

‘   the responsibilities of internal audit functions have increased substantially in scope and complexity, creating the need for a commensurate increase in the knowledge, skills and expertise of internal audit professionals.’ Continuing professional development and the management of knowledge are key to the success of every internal auditor and internal auditing.

Improvement of the internal auditing knowledge base will come from ‘   committing to the dynamic process of continual professional development’, and well-managed knowledge delivered by cutting edge resources and practices.

Extract from the ‘Introduction’ and ‘What’s Next’ in Internal Audit Capabilities and Needs Survey – Assessing General Technical Knowledge, Audit Process Knowledge, and Personal Skills and Capabilities of Internal Auditors (2006: pp. 1 and 12), Protiviti Inc., USA (www.protiviti.com).

Reprinted with permission.

After Reading the Case Study Consider:

1. How good is your own and your internal auditing knowledge and experience in corporate governance, fraud risk management and Enterprise Risk Management? What actions are being taken to continuously improve this knowledge and experience at academic, training and skill levels?

2. How effective is your own and your internal auditing of information technology in your organization? Does your knowledge and experience of information technology include its development, operations and use as an auditing tool? What actions are being taken to continuously improve this knowledge and experience at academic, training and skill levels?

3. What ‘   other areas of expertise’ do you expect to see needing improvement now and in the future for yourself and your internal auditing? What actions are being taken to continuously improve this knowledge and experience at academic, training and skill levels?