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Internal Auditing: One Professional’s Perspective

Internal Auditing: One Professional’s Perspective. Russell D. Price, CPA, CIA, CISA Sr. Audit Manager. Agenda. Introduction What is Internal Auditing? How to get started in Internal Auditing The IIA and You. Ask questions at any time … don’t be shy!. Introduction – Russell Price.

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Internal Auditing: One Professional’s Perspective

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  1. Internal Auditing:One Professional’s Perspective Russell D. Price, CPA, CIA, CISA Sr. Audit Manager

  2. Agenda • Introduction • What is Internal Auditing? • How to get started in Internal Auditing • The IIA and You Ask questions at any time … don’t be shy!

  3. Introduction – Russell Price • Current Assignment: Sr. Internal Audit Manager • Intel experience: 7.5 years • Sr. Audit Manager – IT / Corporate Finance • S-Ox §404 IT Program Manager • Prior roles: eAP Program Manger; PARIS Program Manager • Prior experience: 18 years • Big 4 Audit / IA / Business Consulting (Andersen, E&Y) – 6 years • Operations / Corporate / EMEA F&A (Tektronix) – 3 years • Operations Management / F&A (P&G, Frito-Lay) – 9 years • Education / Certifications: • BSChE – Oregon State University • MBA – Portland State University • CPA – Washington, Oregon (reciprocity in progress) • CIA (Certified Internal Auditor) • CISA (Certified Information System Auditor)

  4. What is Internal Auditing?

  5. The IIA’s Definition ofInternal Auditing Internal auditing is: • An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations • It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

  6. Internal Auditors Integral to organization Ongoing monitoring and assessment Concerned with financial and non-financial risks Detection / prevention of fraud Future focus External Auditors Independent of the organization Annual opinion on financial statements / internal controls Concerned with financial risks Historical focus Internal and External Audit Different but Complementary Roles

  7. Cornerstones for Corporate Governance Internal audit provides assurance to management and the audit committee that risks are understood and managed properly.

  8. Key Responsibilities ofInternal Auditors • Function as one of the cornerstones of good governance • Provide value-added services • Evaluate the organizations risk management process • Recommend process and controls improvements • Perform consultative activities

  9. Impact of Enterprise Risk Approach Demand Forecast Apps Impact Judged Demand Audit Site Selection Process Audit Digital Home CE POP Audit IMFT JV Audit Product Qual. Audit HHG Divestiture & Supply Agree. Audit Design Tool Apps IT Governance Likelihood

  10. The Profession of Internal Auditing • Allows for an expedient, high-level understanding of the organization and industry • Exposure to senior-level management • Transferable skills/disciplines • Networking opportunities • Expanding profession • Potential travel

  11. It’s A Great TimeTo Be An Internal Auditor • Growing Profession … thanks to SOX! • Not Just for Accountants • Good Starting Salary and Upside Potential • Great Opportunities • High Visibility

  12. Internal Audit Salaries - 2006 Average total base compensation

  13. Public Accounting Salaries - 2006 Average total base compensation

  14. Attributes of aSuccessful Internal Auditor • Demonstrates Objectivity and Integrity • Strong Analytical / Fundamental Auditing Skills • Creative, Inquisitive, Problem Solver • Sound Business Acumen • Good Negotiator / Influencer • Active Listener, Exceptional Communicator • Confident • Intuitive

  15. How do I becomean Internal Auditor? • Take relevant courses in school • Internships / entry-level programs • Gain various types of experience • Public accounting • Private industry • Government • Network at local Professional Associations (e.g. the IIA)

  16. The Institute ofInternal Auditors (IIA) • International Professional Association (www.theiia.org) • Established in 1941 • Global Headquarters in Florida • Over 125,000 members • 165 countries and territories

  17. The IIA Vision The IIA will be the global voice of the internal audit profession: Advocating its value, promoting best practices, and providing exceptional service to its members The IIA’s Broad Objectives • Acceptance of the internal auditing profession • Increase internal auditing capacity • Provide better services for our members

  18. Development ofStandards and Guidance • Internal Auditing Standards Board • Exposure Draft Process • Approval and Implementation Date • Professional Issues Committee

  19. Certification Program • Certified Internal Auditor • Certified Government Auditing Professional • Certification in Control Self-Assessment • Certified Financial Services Auditor

  20. IIA Membership • The IIA is an association of individual members • All members commit to follow the IIA Code of Ethics and International Standards for the Professional Practice of Internal Auditing • Members are served via local chapters or affiliates, or directly as members-at-large (where no chapter/affiliate exists)

  21. “What’s in it for Me?” • Professional Guidance • Advocacy • Training • Networking* • Certification* • Specialty Programs • Technology • Publications • Services* • Local Contacts • And more…

  22. Audit Career Center • Career Opportunities • Online Resume • Search Postings

  23. How Do I Join The IIA? • In Canada, the Caribbean, or the United States join The IIA directly. • Outside Canada, the Caribbean, or the United States join The IIA directly through an IIA affiliate in the local region

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