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Hello, welcome to getting started with where our job is to make your job easier.
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In this episode we are getting started with your first internal audit engagement. You might be new to our internal auditing just out of school shifting roles or starting fresh. In this video, we'll walk you through the fundamentals and show you how to hit the ground running. You'll learn what an engagement is, why it matters, and what to expect.
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Your first one, so let's get started.
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Before you step into meetings or field work, it's important to understand what an engagement is and engagement is a specific audit assignment with a defined scope, objectives, and timeline. It's our first term to learn and is defined as a specific internal audit, assignment or project that includes multiple tasks.
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Or activities designed to accomplish a specific set of related objectives.
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Think of an engagement like a mission assigned to a team. You have an objective, a scope, a plan, a timeline, and a team working toward a result. It's not just a task, it's a coordinated effort with purpose and structure.
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Let's say your organization is rolling out a new procurement system. Internal audit is asked to review controls and risk.
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That becomes an engagement you might help review access permissions, test system functionality, and summarize findings. Engagements are how internal audit delivers value. They ensure that the internal audit activity being performed is structured risk based, timely, and aligned with stakeholders expectations.
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If it's parts of an engagement, it's part of the bigger picture.
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Every engagement has a systematic, structured approach. Planning this is when the audit team defines the objectives, scope, resources, and timeline. New auditors often help with background research, risk assessment, audit, program creation and work paper preparation.
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Field work. This is the execution phase in which auditors gather evidence, perform tests, conduct interviews and document findings. New auditors usually spend much of their time here applying other procedures under supervision. Reporting in this phase, senior auditors.
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And managers consolidate results, draft the other report and discuss findings and recommendations with stakeholders. New auditors may contribute by drafting parts of the report or supporting presentations. Follow up after issuing the report. Auditors check whether management has addressed their recommendations.
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New orders are less involved here, but may assist with follow-up testing or validation as a new internal auditor, you'll likely be most involved in the planning and field work phases, but even in those early roles, you're contributing real value. You might begin by documenting interviews, collecting evidence, or reviewing prior.
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Audit files. These tasks matter as your manager was expected of you each week. Show curiosity, follow up and keep communication clear and profession.
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Every engagement has engagement objectives. What you aim to assess, work program the steps to get there, engagement, opinion, the conclusions and recommended actions. These key parts of delivering assurance or advice are our next set of terms to learn engagement objectives.
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Broad statements developed by internal auditors that define and tender engagement accomplishment.
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Word program a document that lists the procedures to be followed during an engagement designed to achieve the engagement plan, engagement, opinion, the rating conclusion, or other description of results of an individual internal audit engagement relating to those aspects within the objectives and scope of the engagement.
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The IAS Global internal audit standards provide the rules of the road. Domain 5 Performa internal Audit services is especially helpful. Visit theia.org to read more or explore training. Always keep your communication clear and professional. Confirm meetings As for clarification when needed.
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And provide status updates. In short, respectful message can make a big difference.
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You might be new, but that's its strength. Fresh eyes, but risks that others might miss your perspective, supported by good documentation and thoughtful questions, adds real value to the team.
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Remember, an engagement is a coordinated, structured audit project and you are a key part of making it happen. Whether you're organizing documents, asking questions, or helping test controls, you're already doing the work of an internal auditor. Thanks for watching getting started with your first engagement.
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Next, be sure to watch our episodes on planning, interviewing, and domain five of these standards. You can find these episodes and other helpful resources, including tools, podcasts, and training at the links below.
