FAQ
Some questions which usually arise when an area is to be audited are addressed here.
How does Internal Audit fit into TRU's organizational structure?
Internal Audit staff are administrative employees of TRU. We report functionally to the TRU Board of Governors Audit Committee Chair and administratively to the VP Administration & Finance (VPAF).
Why does Internal Audit report to both the TRU Board of Governors Audit Committee Chair and the VPAF?
Reporting to the Audit Committee Chair helps safeguard the independence of the Internal Audit function. This structure ensures that Internal Audit can perform its duties without undue influence from management, which is crucial for unbiased auditing and reporting. Reporting to the VP Finance ensures that Internal Audit remains aligned with the organization’s financial, strategic and operational objectives. This dual reporting structure facilitates better coordination and communication between Internal Audit and senior management, enhancing the overall effectiveness of the audit process. This dual reporting line is a common practice recommended by the Global Internal Audit Standards.
I thought Internal Audit only looked at travel and expense or other financials. Why are they auditing my area?
The purpose of internal auditing as outlined in the Global Internal Audit Standards is to strengthen TRU's ability to create, protect, and sustain value by providing its Board of Governors and Management with independent, risk-based, and objective assurance, advice, insight, and foresight. We are interested in enhancing TRU's successful achievement of its objectives; governance, risk management, and control processes; decision-making and oversight; reputation and credibility; and the ability to serve the public interest. The scope and types of internal audit services as outlined in the TRU Internal Audit Universe is therefore broad and pan-institutional.
I'm interested in becoming an Internal Auditor, but don't have an accounting background. Is there another path to entering the profession?
There are many paths to becoming an Internal Auditor, and in fact, the skillsets required today in the profession are increasingly demanding backgrounds and training in Cybersecurity, Privacy, Data Mining, Fraud and other technical and specialty areas. Since our scope of work spans across the institution, an Internal Auditor with a breath of diverse knowledge and skills is highly valued. For more information on becoming an Internal Audit Practitioner or Certified Internal Auditor, please visit: Global Certifications for Internal Audit | The IIA.
I have students who are interested in the profession. What resources can you point me to?
In addition to the IIA website, the IIA also offers FREE student memberships where they can access resources and learn more about the profession. They can sign up here: IIA Student Membership | Students in the US, Canada, & Caribbean can apply for a free student membership. We are happy to answer any questions students may have and welcome connecting with them one-on-one, in the classroom as a guest speaker, or at TRU hosted career events. Please reach out to us to make arrangements.
A friend told me that Internal Audit is equivalent to a corporate police function. Is that accurate?
This is a common stereotype. However, we are more apt to want to build a productive relationship and treating any audit findings as ways to achieve objectives and continually improve. We encourage you to turn to us as a partner or coach versus a cop.
What are the types of audits that Internal Audit performs?
IA may perform either assurance or advisory type audit engagements. These could have a focus on elements that include: Operational, financial, compliance, value for money, IT/Information Security, or Privacy. Engagements may also include fraud investigations.
What is the difference between internal audit and external audit?
Internal audits are conducted by employees within an organization. Their primary role is to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal audit may consult with or engage external subject matter experts.
In contrast, external audits are performed by independent auditors from outside the organization. Their main objective is to provide an opinion on the accuracy and fairness of the organization’s financial statements. External auditors ensure that the financial reports are free from material misstatement and comply with relevant accounting standards.
