Understanding, Guiding, ShapingIIARF 2007 Year-end Highlights

During 2007, The Institute of Internal Auditors Research Foundation (IIARF) worked diligently to fulfill our mission: to expand knowledge and understanding of internal auditing by providing relevant research and educational products to advance the profession globally. .

At the same time, we turned that focus on ourselves and worked to expand our value proposition -- Understanding, Guiding, and Shaping. Through our ongoing research efforts, we endeavor to understand our profession today and what tomorrow may bring, to make that understanding available to help guide the practice of internal auditing; and to use the knowledge gained to shape the profession to ensure practitioners can adapt and continue to add value to their organizations. Two milestone projects completed in 2007 - A Global Summary of the Common Body of Knowledge 2006 and Internal Auditing: Assurance and Consulting Services -- exemplify how we fulfill our mission and our guiding principles.

Highlights of 2007 included:

  • Publication of A Global Summary of the Common Body of Knowledge 2006. The report is available for purchase from The IIARF Bookstore and was also made available to IIA members as a free download.
  • Continuing coordination of CBOK integration throughout The IIA. This will ensure appropriate use of the information revealed by the CBOK study across IIA staff, boards/committees, chapters and institutes working to integrate CBOK data into our programs, products, and services. The end goal is to enhance the internal audit profession globally. (See related article, below.)
  • Publication of Internal Auditing: Assurance and Consulting Services, a comprehensive internal auditing textbook and resource for internal audit shops. (See related article, below.)
  • As part of our ongoing translations program, we published Public Internal Financial Control, adapted from the original French into English.
  • The second International IT Audit Research Symposium organized by The Institute of Internal Auditors (IIA) Research Foundation and Advanced Technology Committee was held on July 8, 2007 in Amsterdam, The Netherlands. Six research teams were selected for presentation and discussion of their projects with more than 60 attendees from all over the world.
  • Building a fund development plan with a focus on stewardship supports programs within The IIA's Strategic Plan, and the Board of Trustees of The IIARF.
  • Contracting with the first Sabbatical Opportunity for Academic Researchers (SOAR) researchers to develop internal audit survey-based research projects.
  • Continuing outreach to IIA chapters, institutes, and other organizations to develop and fund pertinent research studies.
  • Provision of a resource kit to IIA chapters and affiliates to encourage research at the local level.
  • Ongoing coordination of the development of research and educational products with other areas of The IIA.

New Research Foundation Publications
Core materials for the professional practice of internal auditing continue to be a focus for The Foundation. The Foundation published four four research reports and 15 educational products in 2007. and Research completed in 2007 included:

Educational products added to The Bookstore in 2007 were:

Twenty-five third-party products also were added to The Bookstore's inventory in 2007, covering topical areas of certifications review and study guides, risk and control, audit management and tools, ethics and fraud, information technology, and Sarbanes-Oxley.

Other research and educational products under development during 2007 included topical areas of risk and control, audit essentials and tools, public sector, quality assessment, ethics and fraud, and information technology.

The Common Body of Knowlege (CBOK)
Released in December 2007, the Common Body of Knowledge (CBOK) 2006 study is the most comprehensive global study ever conducted on the internal audit profession. The CBOK study has produced a rich database of how the profession is being practiced worldwide and the IIARF has developed an integration plan to share this knowledge with the global internal audit community. A major initiative of the plan included free download availability of A Global Summary of the Common Body of Knowledge 2006 to IIA members.

In addition, sharing the results of our research has spawned a variety of local research in 2007 with CBOK research reports being written in many countries including Belgium, France, Italy and Canada. The IIARF is further working to integrate CBOK data into IIA programs, products, and services to enhance our offerings and respond to the findings from the survey. The IIARF is dedicated to continuing the effort to integrate and share the results of this groundbreaking study in order to guide and shape our profession globally. 

Internal Auditing: Assurance and Consulting Services
Internal Auditing: Assurance and Consulting Services is a collaborative effort by educators and practitioners and provides the essential information to succeed as an entry-level internal audit professional. Marrying theory and practice, this is the first textbook of its kind. Encompassing internal audit theory, concepts, and applications, it includes discussions about governance, risk management, and internal control; and integration of information technology, fraud risks, and control activities. 

Six authors collaborated on this textbook - three practitioners and three academics (all CIA's) - representing a unique skill set for this project (a real-life approach combined with academic theory.) Written with a global mindset, this textbook is endorsed by the Internal Auditing Education Partnership, but is also a resource for all internal audit departments. In addition to classroom use, it is perfect for in-house training, custom seminars, and IIA chapter and affiliate programs. 

Scholarships and Awards
The IIA Research Foundation presented the 2007 Esther R. Sawyer Research Award to the University of Texas at Dallas student John Hall for his paper on "Internal Auditing and ERM: Fitting In and Adding Value." The award is presented annually to a college student studying internal auditing at an Internal Auditing Education Partnership (IAEP) school, based on submission of the most compelling manuscript on a topic relating to modern internal auditing. It was funded by a grant from the Lawrence B. Sawyer family in memory of Esther R. Sawyer.

In July, The Foundation presented the Donald E. Ricketts Research Award to IIA Dallas (first place) for its paper on " Insider Trading from the Internal Auditor's Perspective" and to IIA Austin (second place) for its " Survey on Audit Committee Relationships: A Research Project." 

In Appreciation of 2007 Contributors
Contributions help The IIARF stay on the cutting edge of knowledge and understanding our profession. Without this financial support we would not be able to undertake the important research projects that have and will continue to help define our profession. The IIA Research Foundation appreciates its loyal supporters - individual, corporate, and affiliate contributors; Master Key and Heritage Circle members; and IIA staff and volunteers. The Foundation thanks its 2007 donors.

2007 990 Form

Financial statement (PDF).   

Download full The IIA annual report (PDF).

 
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