KnowledgeLeader Blog

Once a company forms an internal audit function, completes the risk assessment process and develops an internal audit plan that is responsive to the risk assessment, it can initiate individual internal audit assignments.

Topics: internal audit, risk assessment, self assessment, KL Tools

The process of purchasing materials and supplies comprises procedures and activities to acquire goods in the correct quantity and in a timely manner. The process should include how purchases are started (e.g., inventory levels), who is involved and how it is made. In addition, the process covers the communication of purchases to all required areas of the company (e.g., accounting). Inventory management follows and starts from the time inventory purchases are received to the time the inventory is sold to the customer and payment is received.

Topics: internal audit, KL Tools, accounts payable & purchasing, Digital Transformation

The digital revolution currently taking place is transforming our world. Over the next few years, many organizations will need to undertake radical change programs and, in some cases, completely reinvent themselves to remain relevant and competitive.

Topics: internal audit, strategic risk, KL Tools, Digital Transformation

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from September 23-27! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

Topics: KnowledgeLeader tools, weekly top 5

What should the audit committee’s relationship be with an organization’s board of directors, compensation committee, disclosure committee, and nominating and governance committee?

Topics: internal audit, audit committee & board, KL Tools

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from September 16-20! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

Topics: KnowledgeLeader tools, weekly top 5

In a world of rapid change on almost every front at which organizations must adapt and grow or risk decline and their ultimate demise, everybody faces the same reality — either continuously improve their efforts to contribute sustainable value or be left behind. The chief audit executive (CAE) is no exception. As the risks and complexities companies face change, so do the focus, skill sets and capabilities needed by internal audit.

Topics: internal audit, technology, KL Tools, Digital Risk, Digital Transformation

This week, we are highlighting the Top 5 Pages on KnowledgeLeader from September 2-6! Take a look at the "best of the best" of our tools that could help you simplify your audit projects.

Topics: KnowledgeLeader tools, weekly top 5

Auditing Standards for Internal Audit

The Institute of Internal Auditors (IIA) promulgates the International Professional Practices Framework (IPPF) which includes Mandatory Guidance and Recommended Guidance.

Mandatory Guidance:

• Core Principles for the Professional Practice of Internal Auditing
• Definition of Internal Auditing
• Code of Ethics
• International Standards for the Professional Practice of Internal Auditing 

Recommended Guidance:

• Implementation Guidance
• Supplemental Guidance

Topics: internal audit, IIA, KL Tools, audit standards, IPPF

10 Important Roles of the Audit Committee in Internal Audit

Although the exact nature, charter, scope and reporting lines of internal audit may vary between companies, the audit committee plays a key role in supporting and overseeing aspects of an internal audit function’s activities. While needing to ensure that it does not assume day-to-day oversight activities on behalf of management or the internal audit function, the audit committee should generally be involved in the following matters:

Topics: internal audit, audit committee & board, KL Tools