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Artificial Intelligence, Internal Audit’s Role, and Introducing a New Framework Part 1 Part I of a three part series, this thought leadership piece explores the concept of artificial intelligence and presents a high level overview o f considerations for the internal auditing pr ofession with regard to AI goverance; data architecture and infrastructure; the human factor: measuring performance; data quality; and the black box factor. The article ends with recommendations on what internal auditors can do now to prepare to provide assurance and advisory services related to AI. Avaiable in multiple languages. You can find part 2 here. You can find part 3 here.  This is for members only. To access it and other valuable resources, become a member today.

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Dat het Internal Audit vak behoorlijk in de lift zit, daarover is nauwelijks discussie. Zowel in kwalitatieve als in kwantitatieve zin. In opdracht van het Instituut van Internal Auditors hebben drs. Robert Bogtstra RA en drs. Remko Renes RA onderzoek uitgevoerd naar de Internal Audit Functie bij beursgenoteerde vennootschappen in Nederland. Dit onderzoek laat zien dat het aantal Internal Audit Functies bij Nederlandse beursvennootschappen de afgelopen jaren stijgt, een trend die ook in 2017 doorzet. Zes Nederlandse beursfondsen hebben in 2017 aangegeven in de loop van 2017 te starten met een eigen IAF, zowel binnen de MidCap (IMCD Group, Sligro Food Group), SmallCap (Beter Bed, Brunel, ForFarmers) als een lokale vennootschap (Neways Electronics).

In 2016, IFACI , IIA Italy and IIA Spain published ‘Hot Topics for Internal Audit 2017’. Tis year, a wider group of European Institutes of Internal Auditors have taken a more ambitious approach, interviewing Chief Audit Executives (CAEs) from major organisations in six European countries – France, Italy, the Netherlands, Spain, Switzerland and the UK – to home in on key themes requiring the atention of internal audit to mitigate risk and protect and add value in their organisations.

Planning is part of internal auditing’s systematic, disciplined, and risk-based approach and is mandated by the International Standards for the Professional Practice of Internal Auditing. Planning internal audit engagements involves considering the strategies and objectives of the area or process under review, prioritizing the risks relevant to the engagement, determining the engagement objectives and scope, and documenting the approach. This practice guide contains the engagement planning steps necessary to fulfill Standard 2200 – Engagement Planning through Standard 2220 – Engagement Scope and related assurance (.A) and consulting (.C) implementation standards. The exact order and details of planning an engagement, including establishing the objectives and scope, may vary according to the needs of the individual organization, internal audit activity, and engagement. However, the following planning steps are generally included: Understand the context and purpose of the engagement. Gather information to understand the area or process under review. Conduct a preliminary assessment of relevant risks. Form engagement objectives. Establish engagement scope. Allocate appropriate and sufficient resources. Document the plan. To plan the engagement effectively, internal auditors should start by understanding the context and purpose of the engagement, why it was included in the annual internal audit plan, and how the organization’s mission, vision, strategic objectives, and other elements align with those of the area or process under review. Internal auditors also consider whether the engagement is a request for assurance or consulting services, as stakeholder expectations and Standards requirements differ depending on the type of engagement. Next, internal auditors gather information about the area or process under review to determine the engagement objectives, scope, and plan. Internal auditors may examine documentation from prior assurance engagements, review applicable policies and procedures, and interview relevant stakeholders to understand and map the process flow and controls in the area or process under review. Conducting a preliminary assessment of the identified risks helps internal auditors prioritize the risks to be evaluated further during the engagement. Utilizing process maps and brainstorming potential risk scenarios are two techniques that help internal auditors identify risks and controls relevant to the area or process under review. This practice guide explains how internal auditors Practice Guide / Engagement Planning: Establishing Objectives and Scope can use a risk and control matrix and heat map to prioritize the risks, then use the results to form the engagement objectives and scope, in conformance with the Standards. In addition, this guide explores how to allocate resources and document the process of planning and establishing the engagement objectives and scope.