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Internal Audit Chapter 15
Terms in this set (9)
The IIA defines the consulting engagement as:
Advisory and related client services activities, the nature and scope of which are agreed upon with the client and which are intended to add value and improve an organisation's governance, risk management and control processes while not assuming management responsibility.
Advisory and related client service activities, the nature and scope of which are agreed with the client and which are intended to add value and improve an organization's governance, risk management, and control processes without the internal auditor assuming management responsibility.
An objective examination of evidence for the purpose of providing an independent assessment on governance, risk management, and control processes for the organization.
- System Security
- Due Diligence Engagements
What are the five engagements that the Nature of Consulting Services may include?
- Formal Consulting Engagements
- Informal Consulting Engagements
- Special Consulting Engagements
- Emergency Consulting Engagements
- Blended Engagements
Formal Consulting Engagements:
Are planned engagements subject to written agreement with management.
Informal Consulting Engagements:
Consist of routine activities, such as participation on standing committees and limited‐life projects.
Special Consulting Engagements:
Include, among other things, participation on a merger and acquisition team or a system conversion team.
Emergency Consulting Engagements:
May include, among other things, participation on a disaster recovery team or temporary help to meet special requests or unusual deadlines.
Includes both an assurance component and a consulting component.
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