CHAPTER 2 An Internal Audit Common Body of Knowledge

Internal audit professionals constantly encounter areas where they are expected to gain personal and professional knowledge to assist them in performing internal audits. These knowledge areas come from industry developments, standards changes introduced by the Institute of Internal Auditors (IIA) or others, technology changes such as use of new Internet Web services, or just good ideas developed from other internal auditors through the IIA’s “Progress through Sharing” motto. Some of this knowledge comes from learning more about industry-specific regulatory requirements; other ideas are just good ways to make internal audits more effective and efficient. The bottom line, though, is that internal auditors at all levels are expected to have knowledge in a wide variety of areas, some unique to an individual enterprise or product area and others covering the general practice of internal auditing. There are a lot of knowledge area needs, and a new internal auditor might ask, “What do I need to know to become an experienced, qualified, and well-recognized internal auditor?”

Over time experienced internal auditors have given differing answers to this question. Victor Brink in the first edition of this book introduced a variety of internal audit knowledge areas, but that was before the days of information technology (IT) systems and processes, the Internet, and the massive changes in world businesses over the last 60-plus years. Other ...

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