IIA-Australia White Paper - Internal Audit Resource Accounting

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Authors

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

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. This White Paper discusses why 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