Essay about Inernal Audit

5462 Words Jun 24th, 2012 22 Pages
Risk-based Auditing


1 What is Risk-based Audit?

The Internal Audit identity crisis
Let’s face it, if you are reading this book, you are probably either already an auditor, preparing to become one or responsible for managing or overseeing the function. The other possibility is that you are considering a role in Internal Audit – if this is the case I hope to be able to whet your appetite and show you what a wonderful opportunity it brings. Whichever category of reader you are the first major bridge to be crossed is the identity of the function. I was to learn that we tend to meet any new situations by reorganising – a wonderful method for creating the illusion of progress This quote by the Roman Caius
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Snake The snake in the grass, waiting to trap the unwary, is a very common metaphor for the function in management’s eyes.


Risk-based Auditing

What creature best describes how your function is seen?
Ant Antelope Bear Bee Bull Butterfly Camel Cat Cheetah Cockatoo
Figure 1.1

Cow Crocodile Crow Dinosaur Dog Dolphin Donkey Duck Eagle Gazelle

Goat Horse Hyena Jaguar Kangaroo Koala Ladybird Leopard Lion Praying Mantis

Porpoise Rabbit Sheep Sloth Snake Springbok Stag Beetle Tiger Whale

What creature best describes how your function is seen?

Praying Mantis This insect looks reverent and calm (the stance looking as though it is at prayer) but if a tasty morsel passes it, it is ready to strike and become a ‘preying’ mantis. Does Internal Audit give out these vibes? Outwardly innocent but a menace in disguise. Bee Buzzing from flower to flower not staying long in one place and a sting in the tail if things get really tough. Better than the dinosaur, praying mantis or snake but still probably not quite how Internal Auditors would like to be seen. Koala Let’s be realistic, you are never going to be regarded with as much affection as the cuddly koala bear. Donkey Dependable, not afraid of hard work and has to carry many burdens – maybe not such a bad comparison. Ant A fantastic teamworker but small and easily trodden on. Dog Reliable, faithful and if it is a guard-dog, looking out for the business – a safety and comfort provider. Maybe

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