I’ve just been invited to establish an Internal Audit function: where do I start?
This is the Institute of Internal Auditors’ outline of how to set up an audit department: Review the new definition of internal auditing and the International Standards for the Professional Practice of Internal Auditing to become familiar with what is required. This will help you in any discussions with management and the audit committee so you will know what to ask for. Interview senior management and board of directors/audit committee chairmen to build rapport, to ensure those at the top have a clear picture of the internal audit function, and to clarify expectations of all. Use this opportunity to quickly learn and address what management and the board view as the greatest risks to the organization, while keeping in mind issues, problems, and opportunities that have already been identified. Develop a system for cataloging such information, including date and name of person interviewed for quick reference in the future. There are many considerations that should be evaluated in determ
