White Paper - Internal Audit Resource Accounting

Whitepaper

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Author

Andrew Cox

MBA, MEC, GradDipSc, GradCertPA, AdvDipAcctg, DipBusAdmin, DipPubAdmin, CertSQM, PFIIA, CIA, CISA, CFE, CGAP, CSQA, MACS Snr, MRMIA

Will Parada-Ayalaa

BAcc, PMIIA, CIA, CPA

Date

2024

Topics Explored

Internal Audit, Internal Audit Management

Format

White Paper

Extract/Description

The issue addressed in this White Paper is ‘How can an internal audit function best account for its budget and resources?

Key Points

1. Internal audit functions should implement resource accounting to strengthen their position within their organisation and to demonstrate accountability for the budget entrusted to them.
2. It is important for chief audit executives to understand that their internal audit function is a non-core business service that is often one of the first business units to be affected when organisations experience difficulties and drops in budget.
3. Internal audit functions should implement resource accounting to demonstrate accountability for the budget entrusted to them and to strengthen their position within their organisation

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes