DEFINITION OF INTERNAL AUDITING

According to the International Professional Practices Framework (IPPF) “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes”.

NATURE AND SCOPE OF MODERN INTERNAL AUDIT SERVICES

The overarching objective of the internal audit function is to help an organisation achieve its business objectives. Consequently the target of internal audit attention may include:

• operational effectiveness and efficiency of business processes
• reliability of information systems and the quality of the decision making information produced by those systems
• safeguarding assets against loss, including losses resulting from management and employee fraud
• compliance with organisation policies, contracts, laws and regulations.

THE INSTITUTE OF INTERNAL AUDITORS (IIA)

The IIA, headquartered in Florida, USA, is recognised around the world as “the internal audit profession’s global voice, standard-setter, and resource for professional development and certification”. Australia has a branch within the international body and Hicks Business Services’ proprietor, Gilbert Hicks, is a member of the Australian branch. The IIA is bound by the IPPF standards which consists of both mandatory and strongly recommended guidance.

INTERNAL AUDIT SERVICES PROVIDED BY HICKS BUSINESS SERVICES

Gilbert Hicks is registered with the Institute of Internal Auditors Australia as a professional member after undertaking certification towards its Graduate Certificate in Internal Auditing. He has several years of internal audit experience and coupled with risk management experience can capably and expertly complete internal audit engagements, from the relatively simple to the more complex. Gilbert also sits as an independent member on several local government internal audit committees.
Many agencies, whether public or private, regularly engage internal auditors to provide assurance and recommendations on matters arising from risk assessment as identified in their risk registers. Internal audit is a tool to assist in the management of risk and Gilbert can assist in this process.
Gilbert, by adopting the IPPF and IIA standards and framework can assure clients they will receive the knowledge and skills needed to fulfil any internal audit engagement.