Internal Audit
Competency Title:
Internal Audit
Competency Type:
Functional
Competency Description
This competency refers to the ability to plan, manage and report on the audit engagement and maintain appropriate documentation. The scope includes identifying and assessing risks, including fraud risks; evaluating effectiveness of controls; collecting and analysing information; identifying audit issues and formulating recommendations to ensure good governance.
Level 1 - Awareness
Level 1
• Recognise the internal audit functions and roles within the organisation.
• Recognise the internal audit activity's purpose, authority, and responsibility.
Level 2 - Knowledge
Level 2
• Identify the basic auditing standards and techniques to conduct basic and routine audits.
• Identify the relationship between internal audit and risk management.
• Outline the audit reporting requirements and standards.
Level 3 - Skill
Level 3
• Develop and document the engagement plan, including specifying the audit objectives, scope, timing, and resource allocations.
• Prepare audit report providing clear and sufficient evidence in accordance with specified standards.
• Monitor the disposition of audit results to the extent agreed upon with the management.
Level 4 - Mastery
Level 4
• Establish policies and procedures to guide the internal audit activity.
• Review audit reports to relate findings and recommendations to wider risk control and governance issues.
• Establish and maintain a system to monitor the disposition of results communicated to management.
Level 5 - Expert
Level 5
• Establish a risk-based plan to determine the priorities of the internal audit activity, consistent with the organisation's goals.
• Review the internal audit activities to improve capability, efficiency and effectiveness.
• Review the audit function to ensure it adds value to the organisation.