Page 320 - Accounting Best Practices

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Implementation Issues for Internal Auditing Best Practices
Exhibit 15.1 Summary of Internal Auditing Best Practices 309
Best Practice Cost Install Time
Assisting Business Units
15–1 Annually update an internal control
assessment of each business unit
15–2 Issue self-audit guides to business units
15–3 Recommend business process
improvements to business units
15–4 Track audit results through business
unit surveys
15–5 Train business unit staff on control issues
15–6 Train new business unit managers in
control issues

Internal Audit Management
15–7 Avoid over-auditing of internal audits
15–8 Complete all internal audit work papers
in the field
15–9 Create a control standards manual
15–10 Create an on-line internal audit library
15–11 Create and disseminate information from
a best practices database
15–12 Outsource the internal audit function
15–13 Schedule a portion of internal audits on a
just-in-time basis
15–14 Schedule internal audits based on risk
15–15 Use workflow software for internal audits

Internal Audit Staffing
15–16 Add specialists to audit teams
15–17 Assign an auditor to be a relationship
manager with each business unit
15–18 Assign internal auditors to system
development teams
15–19 Create an auditor skills matrix