The scope is to give assurances on...
Items such as
Effectiveness of systems
Effectiveness of Internal Controls
Whether manuals are followed
Whether internally produced info is reliable
Compliance with OECD
Oooh nice... What about limitations though?
Reporting to the Finance Director - who is responsible for some of the info being reported on!
Report to Audit Committee instead
Scope of Work
Could be decided by executive directors and thus influenced away from their particular areas (the cheeky monkeys)
Scope decided by chief internal auditor or audit committee
Auditing their own work (Self review threat)
Chief internal auditor doesn’t establish any controls herself
(see how modern metrosexual I am... ;)
Lengths of Service
Too long in IA and there may well be a familiarity threat
Rotation of work into different areas
So being an IA is basically just a crazy, roller-coaster of a life..
Appointment of Chief Internal Auditor
Don't let the CEO do it....!
Appointed by the whole of the board or Audit committee