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.