2/22/22, 3:59 AM Factors influencing internal audit effectiveness

English

List of Abbreviations:
Abbrev 1 - CRSA = Control Risk Self-Assessment
Abbrev 2 - ISO 19011 = Guidelines for Auditing Management Systems
Abbrev 3 - CG = Corporate Governance
Abbrev 4 - IA = Internal Audit Abbrev
5 - IAU = Internal Audit Unit

Below are a set of statements relating to internal audit effectiveness. Kindly mark each one on
the scale with your agreement level, from "Strongly disagree" to "Strongly agree" accordingly,
depending on their applicability to you or your team.

Strongly Somewhat Neither agree Somewhat Strongly

Disagree disagree nor disagree agree agree
IA (see Abbrev. 4) aims
to incorporate risk
management into the IA
approach, aligning with
organisational goals and
thus improving overall
performance and
effectiveness.
Our Internal Auditors
frequently carry out risk
assessment activities as
part of their work.
Our IA unit has adopted
CRSA techniques (see
Abbrev. 1).
IA determines whether
the organization’s risk
responses match the risk
appetite.

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2/22/22, 3:59 AM Factors influencing internal audit effectiveness

Strongly Somewhat Neither agree Somewhat Strongly

Disagree disagree nor disagree agree agree

auditors is at a level
allowing them to fulfil
their responsibilities in
the best way.
Internal auditors attend
educational seminars for
continuous training and
CPE activities.
The internal audit
function has the right mix
of competencies in areas
of expertise including
data security, taxation,
audit software and new
business technologies.
Internal auditors have
relevant training and
experience which
enables them to audit
all systems of the
organization.
Internal auditors can
submit their reports
relating both to the
lowest and to the highest
level of senior
management within the
organization.
Internal auditors have
direct and unlimited
access to perform their
duties within all levels of
the organization and can
freely audit all sections
without any ad hoc
permissions being
necessary with respect to
any documentation
and/or employees.

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2/22/22, 3:59 AM Factors influencing internal audit effectiveness

The IAU (see Abbrev.

5) is not impaired in
carrying out impartially

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2/22/22, 3:59 AM Factors influencing internal audit effectiveness

his responsibilities and Strongly Somewhat Neither agree Somewhat Strongly

tasks by any restrictive Disagree disagree nor disagree agree agree
conditions, parties, or
other type of
interference.
IA has the authority to
hire or dismiss his own
employees and approve
his budgets/plans.
The IAU reports
administratively to
management and
operationally to the audit
committee and/or the
board of directors.
The IAU maintains an
unbiased mental
attitude that allows
internal auditors to
carry out their duties
without any
compromises.
IA staff does not
perform any
managerial/executive
functions within the
entity.
The IAU maintains and
updates a quality
assurance and
improvement program.
The IA team has
adopted ISO 19011
(see Abbrev 2) standard
as a guideline.
The IA team complies
with specific standards
including objectivity,
proficiency, and
professional care.

The IA team leverages

Big Data and analytics
for audit projects.
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2/22/22, 3:59 AM Factors influencing internal audit effectiveness

Strongly Somewhat Neither agree Somewhat Strongly

Whole data sets are
Disagree disagree nor disagree agree agree
processed using Big
Data and analytical
techniques in order to
reduce sampling risk.
The use of Big Data and
analytical techniques
improve the sufficiency,
reliability and relevance
of audit evidence
obtained, thus increasing
the overall comfort on the
reported risks of the
organisation.
Big Data & Analytics
allow the IA to identify
specific anomalies
through scanning whole
datasets thoroughly.
There are no limits to
the extent and
boundaries (scope) of
an internal audit.
Senior management fully
supports IA to fulfil its
tasks.
IA has the resources
required for its audit-
related tasks.
Management is involved
in the IA plan.
Senior management
has open
communications with
the Chief Audit
Executive.
External Auditors
attitudes towards IA are
supportive and mostly
positive in nature.

External audit interacts

regularly with internal
audit, discussing plans,
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2/22/22, 3:59 AM Factors influencing internal audit effectiveness

concerns, and consulting Strongly Somewhat Neither agree Somewhat Strongly

on the timing of work to Disagree disagree nor disagree agree agree
avoid IA overlap.
External auditors rely
on IA work.
Management
coordinates the
cooperation between
internal and external
audit.
External auditors and
internal auditors
mutually share their
working papers.
IA frequently meets
with the audit
committee.
IA cooperates with the
audit committee and
supplies any requested
information.
The audit committee
assists IA in signalling
significant risks and
designating priorities for
annual and strategic
internal audit plans.
A formal and structured
follow-up process is
established for each IA
exercise.
The follow-up process is
utilised, maintained, and
regularly updated.
The organisational
environment
encourages open
communication and
criticism.

The organisation
maintains strong ethical
values, responsibilities,
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and CG (see Abbrev 3) Strongly Somewhat Neither agree Somewhat Strongly

structures. Disagree disagree nor disagree agree agree
The organisational
environment promotes
accountability and
performance by
attracting, developing,
rewarding, and retaining
competent individuals.

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