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List of Abbreviations xi
Foreword to Second Edition xv
Acknowledgements xvii
1 Introduction 1Introduction 11.1 Reasoning behind the Book 21.2 The IIA Standards and Links to the Book 31.3 How to Navigate around the Book 41.4 The Handbook as a Development Tool 71.5 The Development of Internal Auditing 7Summary and Conclusions 19References 21
2 Corporate Governance Perspectives 23Introduction 232.1 The Agency Concept 242.2 Corporate Ethics and Accountability 292.3 International Scandals and their Impact 392.4 Models of Corporate Governance 472.5 Putting Governance into Practice 732.6 The External Audit 872.7 The Audit Committee 1202.8 Internal Audit 1362.9 The Link to Risk Management and Internal Control 1412.10 Reporting on Internal Controls 1422.11 New Developments 146Summary and Conclusions 159Assignment Questions 161Multi-choice Questions 161References 168
3 Managing Risk 173Introduction 1733.1 What Is Risk? 1753.2 The Risk Challenge 1763.3 Risk Management and Residual Risk 1793.4 Mitigation through Controls 1823.5 Risk Registers and Appetites 1863.6 The Risk Policy 1923.7 Enterprise-wide Risk Management 2033.8 Control Self-assessment 2133.9 Embedded Risk Management 2183.10 The Internal Audit Role in Risk Management 2213.11 New Developments 230Summary and Conclusions 236Assignment Questions 237Multi-choice Questions 238References 242
4 Internal Controls 245Introduction 2454.1 Why Controls? 2454.2 Control Framework – COSO 2554.3 Control Framework – CoCo 2644.4 Other Control Models 2674.5 Links to Risk Management 2724.6 Control Mechanisms 2744.7 Importance of Procedures 2854.8 Integrating Controls 2874.9 The Fallacy of Perfection 2894.10 Internal Control Awareness Training 2924.11 New Developments 299Summary and Conclusions 301Assignment Questions 302Multi-choice Questions 303References 309
5 The Internal Audit Role 311Introduction 3115.1 Why Auditing? 3115.2 Defining Internal Audit 3135.3 The Audit Charter 3255.4 Audit Services 3345.5 Independence 3405.6 Audit Ethics 3555.7 Police Officer versus Consultant 3635.8 Managing Expectations through Web Design 3825.9 Audit Competencies 3865.10 Training and Development 3935.11 New Developments 403Summary and Conclusions 410Assignment Questions 412Multi-choice Questions 412References 420
6 Professionalism 421Introduction 4216.1 Audit Professionalism 4216.2 Internal Auditing Standards 4296.3 Due Professional Care 4536.4 Professional Consulting Services 4576.5 The Quality Concept 4596.6 Defining the Client 4696.7 Internal Review and External Review 4706.8 Tools and Techniques 4786.9 Marketing the Audit Role 4836.10 Continuous Improvement 4916.11 New Developments 494Summary and Conclusions 495Assignment Questions 497Multi-choice Questions 497References 502
7 The Audit Approach 505Introduction 5057.1 The Systems Approach 5067.2 Control Risk Self-assessment (CRSA) 5237.3 Facilitation Skills 5317.4 Integrating Self-assessment and Audit 5397.5 Fraud Investigations 5437.6 Information Systems Auditing 5867.7 Compliance 6367.8 VFM, Social and Financial Audits 6427.9 The Consulting Approach 6537.10 The ‘Right’ Structure 6697.11 New Developments 675Summary and Conclusions 677Assignment Questions 677Multi-choice Questions 678References 694
8 Setting an Audit Strategy 697Introduction 6978.1 Risk-based Strategic Planning 6988.2 Resourcing the Strategy 7148.3 Managing Performance 7228.4 Dealing with Typical Problems 7378.5 The Audit Manual 7458.6 Delegating Audit Work 7588.7 Audit Information Systems 7618.8 Establishing a New Internal Audit Shop 7718.9 The Outsourcing Approach 7788.10 The Audit Planning Process 7898.11 New Developments 802Summary and Conclusions 807Assignment Questions 810Multi-choice Questions 811References 825
9 Audit Field Work 827Introduction 8279.1 Planning the Audit 8279.2 Interviewing Skills 8399.3 Ascertaining the System 8589.4 Evaluation 8649.5 Testing Strategies 8779.6 Evidence and Working Papers 8969.7 Statistical Sampling 9099.8 Reporting Results of the Audit 9209.9 Formal Presentations 9539.10 Audit Committee Reporting 9609.11 New Developments 964Summary and Conclusions 970Assignment Questions 973Multi-choice Questions 974References 1006
10 Meeting the Challenge 1009Introduction 100910.1 The New Dimensions of Internal Auditing 100910.2 The Audit Reputation 101010.3 Globalization 101210.4 Examples 101410.5 Meeting the Challenge 1015Summary and Conclusions 1023Multi-choice Questions 1024References 1025
Appendix A Induction/Orientation Programme 1027
Appendix B CRSA Best Practice Guide 1029
Appendix C A Poem by Professor Gerald Vinten 1033
Appendix D Analytical Techniques by Sue Seamour 1037
Appendix E Multi-choice Questions: Answer Guide 1041
Index 1057
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