From the course: Building a Data-Driven Audit

Overview of the Standards

From the course: Building a Data-Driven Audit

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Overview of the Standards

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- New and exciting things are always happening in the world of auditing, especially when new standards come out. Recently, the Institute of Internal Auditors released the Global Internal Audit Standards to serve as a basis for evaluating and elevating the quality of the internal audit function. The standards are organized into five domains and include a total of 15 guiding principles that enable effective internal auditing and help internal auditors achieve the purpose of internal auditing. What's this purpose? Per the standards, internal auditing strengthens the organization's ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective assurance, advice, insight, and foresight. Basically, you can think of internal auditing as the organization's GPS, helping them stay on course and avoid any bumps in the road. This course was inspired specifically by Domain IV, Principle 10.3. Why? Because that's the section that talks about managing technological resources which is what can help us build our data-driven audit. Let's look at an outline of the requirements, things to consider when implementing those requirements, and some examples of how to show that you're following the standards.

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