ACCT 6470 Study Guide - Final Guide: Internal Audit, Audit Risk, Internal Control
Document Summary
Definition of the components: governance, risk management, and control. The values proposition: assurance, objectivity, and insight. Assurance vs consulting; their definition, and in which ways do they differ. The 3 fundamental phases to an audit (planning, execution, and reporting) The difference between external and internal audit. Chapter 2: the international professional practices framework: authoritative guidance for the internal audit profession. Mandatory guidance; ia definition, code of ethics (integrity is the most crucial, it"s the price of admission), and international standards. The definitions on attribute, performance, and implementation standards. Strongly recommended guidance; position papers, practice advisory, practice guide. Key governance elements and their definition; governance, risk management, and internal control. Roles and responsibilities: board of directors, senior management, risk owners, assurance activities. The definition of risk and the importance of managing it. Erm fundamental concepts; organizational objectives, erm components, and business structure. Organizational concepts; strategic, operations, reporting, and compliance.
