Leading the Internal Audit Function
While The IIA has provided standards and guidelines for the practice of internal audit through the International Professional Practices Framework (IPPF), internal auditors and chief audit executives (CAEs) continue to experience difficulties when attempting to balance the requirements of the IPPF with management expectations. The true challenge for any internal auditor is to appropriately apply the Standards while exerting adequate independence and objectivity in the face of management pressure.
In Leading the Internal Audit Function, author Lynn Fountain presents lessons learned from her extensive experience as an internal auditor, internal audit manager, and CAE to help internal auditors understand the challenges, issues, and potential alternative solutions when executing the role. The book identifies more than 50 challenges for auditors and discusses potential alternative actions auditors can take when they experience a similar challenge. The book explains how to:
- Build a value-oriented function that abides by the standards and supports the objectives and goals of the organization.
- Execute the many aspects of the internal audit, including assurance and consulting work.
- Build a risk-based audit process.
- Develop and sustain the internal audit team.
- Develop and manage relationships with management and the audit committee.
- Manage internal audit’s role in corporate governance, compliance, and fraud.
Leading the Internal Audit Function includes real-life examples, scenarios, and lessons learned from internal auditors and CAEs to emphasize the importance of carefully managing all aspects of the internal audit. The author summarizes her many lessons learned into 10 "commandments" for both CAEs and internal auditors. By following the guidelines in this book, you should be well-equipped to gain management support, perform effective and ethical audits, and uphold IIA Standards.
About the Author:
Lynn Fountain, CRMA, CGMA, is a highly recruited professional trainer, speaker, and author on topics that include internal controls, internal audit, financial accounting, enterprise risk management (ERM), governance, and fraud. She served as chief audit executive at two international companies and has advised boards, audit committees, and compliance councils.
Item Number: 10.6383