Practice Guide: Building an Effective Internal Audit Activity in the Public Sector

Building an effective internal audit activity in the public sector (PS) requires that the chief audit executive (CAE) first take responsibility for creating a risk-based audit plan that incorporates mandatory and recommended guidance from The Institute of Internal Auditors’ (IIA) framework, the International Professional Practices Framework (IPPF). The CAE must consider their organization’s entire internal audit activity in the public sector and in addition assure specific engagements as put forth in public policy and legislation for the jurisdiction in which their organization resides. These inputs, along with other public sector standards, guidance, and regulatory specifications, comprise the public sector context. Internal auditors must consider how these inputs may affect the scope, objectives, and approach to each engagement as well as the overall plan to develop an effective internal audit activity in the public sector.

DATE(S): Wednesday, August 17, 2022

TIME(S): 2:00-3:00 p.m. - ET

PRICING: $39 Member; $59 Non-member

SKU: 1010.WEB.WC00.00072.00.01

Price: $0.00

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This webcast will help CAEs and internal auditors establish an audit function or re-vamp a weak internal audit activity within a public sector organization. We will cover the characteristics that distinguish public sector organizations from those in the private sector and explore how those unique aspects affect internal audit activities. Areas covered will include establishing the governance structure of the IA activity, including reporting to those charged with governance, developing charters, developing a policy and procedure manual, planning and performing audits, and reporting the results. We will also examine impacts of governance structures on public sector organizations, as well as regulatory compliance, public scrutiny, and accountability to which those organizations are held. Understanding perspectives and approaches to internal auditing in the public sector will benefit not only internal auditors in public sector organizations, but also their stakeholders. In addition, this webcast will help private sector internal auditors and consultants to better understand the public sector operating context so that they equipped to add value and avoid missteps. Effective engagement planning activities to be addressed:

Research applicable frameworks and requirements.
Conduct preliminary risk assessment.
Choose framework elements and criteria specifically relevant to the audit function as a whole.

LEARNING OBJECTIVES: During this webinar we will:

Introduce the New IIA Building an Effective IA Activity in the Public Sector- PG.
Compare and contrast characteristics of public sector organizations from the private sector.
Explore ways to apply the content in the PS PG to developing or revamping an audit activity.
Share personal experience in effective practices for public sector auditing.
Discover ways to address audit committee and key stakeholder-related inquiries and accountabilities.

By the end of the webinar participants will be able to:

Articulate the need for the effective internal audit function in the public sector.
Identify key planning considerations and how to incorporate them into the risk-based planning.
Define key activities to ensure an effective public sector internal audit function.
Know the key components of effective communication on risk, governance, and control matters to those charged with governance.