What is the correct relationship of knowledgeable audit to elder concern?
The correct relationship to exist between interior auditors to senior management is one that meets the risk areas as be by importance to senior management; this includes assurance and informative reporting result. The same premise is as well as true for creating a correct relationship with operational management and the audit committal; under these cases, operational management desires consultative results and the audit deputation desires assurance results.
How should conflict be managed? Is conflict inevitable?
Since internal auditors report to the three main groups of the company, it is expected for conflict to turf out; each entity is looking for the auditor to modify the findings to suit the entitys needs. For example, operational management is interested with consultative results pertaining to the operational capacity and adequacy of internal control mechanisms. Likewise, the audit committee is concerned with the assurance results pertaining to risk and control. Lastly, senior management is concerned with some(prenominal) areas of assurance and consultative results.
In addition, conflict will also arise if the audit activities performed by the internal audit discord in importance as perceived by management and the audit committee; said audit activities in straits include, but not limited to, are compliance, risk, accounting and fiscal risk, assessment of internal controls, evaluation of operations, and review of ethics and principle of conduct.
In efforts to reduce conflict, the IIA recommends reports should be directed to the audit committee, instrument panel of directors, and/or other appropriate governing authority; in this context, direct reporting means that the governing authority would compulsive the direction and approve the policies of the internal auditing activity .
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