By James A. Bailey, PhD, CIA, CPA
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Additional info for Core Competencies for Today’s Internal Auditor
The principal reasons for not complying with the Standards fall into three general categories: 32 Small size of the organization or internal audit staff. Cost of using the Standards. Lack of management/board support. A Component of the CBOK Study Chapter 7: Internal Audit Standards Small organizations might want to consider narrowing the scope of their work so that all their work follows the quality guidance of the Standards. CAEs should compare the benefits they may receive from following the Standards with the cost of using them.
Figure 7–3: International Standards — Standards Used Yes — all of the Standards Partial yes — some of the Standards No I do not know 0% 10% 20% 30% 40% 50% Figure 7–4 summarizes the responses from 2, 940 CAEs to the following prompt: “What are the reasons for not using the Standards in whole or in part? ” The chart compares CAE responses for 2006 and 2010. 0 percent higher in 2010 than they did in 2006. These results might indicate that CAEs recognize the improvements made to the Standards in 2009.
Internal auditors from all regions consider auditing, internal audit standards, and ethics to be core knowledge areas. Industries All regions rated auditing as the most important knowledge area, internal audit standards as the second most important knowledge area, and ethics as the third most important knowledge area. Fraud awareness was rated fourth by all industries except for the finance and government industries, which rated it fifth. These knowledge areas are important for all industries. 24 A Component of the CBOK Study Chapter 6 Audit Tools and Techniques This chapter analyzes audit tools and techniques currently used and that are predicted to be used in five years by internal auditors.