Internal Audit Activities

Assurance Review—An activity designed to improve the quality or context of information for decision makers. By having an independent and objective review of an activity or process, decision makers receive an objective opinion of the process based on the scope included as to the level of alignment with stated objectives.

Consulting Engagements—An activity where the scope and activities are mutually agreed upon with the process owner and designed to meet an agreed-upon objective. This results in greater buy-in and transparency and typically has positive outcomes.

Monitoring/Compliance Activities—Routine (typically monthly or annually) activities that assess the level of compliance in a transaction based on a stated regulatory requirement. The activity is measured consistently over a period of time and provides for some analysis based on trending of the results.

Risk Management—This service assures that a process owner’s profile of risks is comprehensive and evaluates whether appropriate systems are in place to effectively manage those risks.

Committee Assignments—Internal audit’s participation helps reinforce a proactive role for internal audit and offers real-time value addition to the management process. Internal audit benefits from its exposure to organizational priorities, emerging risks, and district strategies, and it improves internal audit’s knowledge of the organization.