Internal Audit Services Portfolio
– strategic alignment in accordance with executive-management demands –
Not only is it important to establish the proper groundwork for an audit services portfolio. This applies particularly during the “initial audit services phase.” This should correspond with the pattern of demands made by executive management as well as with the organization’s respective business model.
There are certain intermittent changes regarding contents to a slight degree or in the rhetoric employed by individual internal-audit services. These occur parallel to those dynamic environmental parameters that impact the organization’s surroundings as a whole. At the same time, offshoots of the seven original audit services that are globally recognized in investigative reports and empirical studies develop within the audit product portfolio over the course of specific intervals. These often are driven by innovations within the organization’s field of activity or by regulatory determinants.
The curriculum is targeted to teach participants to orient audit product portfolios to their clients in accordance with the respective corporate business model. ARC’s course of instruction employs strategic “audit-resource-based approaches.” We apply these to the individual circumstances of participants during the course of instruction, examining with them how well they are equipped to deliver requested audit services in the future. Together with participants, we draw up roadmaps for their development.
At the same time, it is important to understand that no precise differentiation can be made between assurance and consulting services within the audit products themselves. Current audit practice within the framework of an audit endorsement’s reporting concept shows that clients always are provided an applicable best-practice recommendation in addition to assurance services. This stands in contrast with the past, in which it often was common to refer only to deviations from a target status or to a point of weakness.
In addition, no doubt, there are specifically requested audit consulting mandates which are to be conducted in accordance with standards and best practices established by the Institute for Internal Auditors (IIA). This applies to sections 1000.C, 2010.C, 2120.C and especially to the requirements stipulated in sections 2201.C and 2210.C.
- IA specifications and development studies
- The seven classic audit services
- Formative options for the establishment of a demand-oriented audit-services portfolio
- Focus of emphasis in accordance with the organizational corporate business model
- Empiric sample arrangements from various business sectors
- Detailed solution approaches for participants´ internal audit operations
- Team-setting formulation of development roadmaps along a timeline
- Support for integration and implementation
Audit-Championship is a university spin-off. We focus on networking between science and practice. Audit-Championship provides thought leadership and innovative methods to support its customers across all industries in digital transformation. We support audit departments globally as well as national Internal Audit associations with yearly 1.800+ training days and transformation services along an internal audit knowledge value chain.
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We train you and your team on-site, or we can train you online worldwide in the form of a Virtual Training Series: Interactive lecture, discussion, practical example, case studies, reflection.
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