The internal audit profession has grown rapidly in the past decade and has developed its own professional certification programs. Some companies are developing policies to recruit new personnel into internal audit departments directly from college campuses.

Required

a. Briefly describe the nature of internal auditing. What does it mean when it is described as an assurance and consulting activity? How does consulting differ from assurance?

b. Briefly explain what the internal auditor's role is regarding risk management and controls.

c. What are some of the reasons for pursuing a career in internal auditing?

d. Can some (all) of internal auditing be outsourced to a public accounting firm? Explain.

e. Access the website of the Institute of Internal Auditors (www. theiia.org) to determine the certification programs offered by the IIA. Prepare a brief memo summarizing these certifications.