ciencies”; and a quick reference The IIA-UK and Ireland
guide of actions to consider. has issued two briefing
To download a free copy of documents as part of a
Key Elements of Antifraud Pro- guidance series for audit
grams and Controls, visit the committees. Working With
PricewaterhouseCoopers Web Internal Audit outlines the
site at www.pwc.com. assurance services that
—D. SALIERNO internal auditing provides
and its role within organizations. The other
paper, Appraising Internal
Audit, provides questions
audit committee members
should consider to assess the
quality of internal audit services, based on concepts from
The IIA’s International Standards for the Professional Practice of Internal Auditing
The HM Treasury’s publication, The Audit Committee
Handbook, provides support to
central government departments and agencies responsible for establishing and
appointing audit committees
RECENT CORPORA TE
failures and increased
public scrutiny have placed a
heightened focus on the value
that capable audit committees
can bring to an organization.
The IIA-UK and Ireland,
United Kingdom’s HM Treasury, and the American Institute of Certified Public
Accountants (AICPA) have
recently released four free publications to help guide audit
committees in their corporate
Accounting Oversight Board
for assessing audit committee
effectiveness. Although the
toolkit includes only two sections on internal auditing and
does not mention the
Standards, it includes some valuable information for audit
committees. For example, it
prompts committee members
to ask the questions critical for
a complete and in-depth audit
and for audit committee mem- and provides advice on audit
bers themselves. The hand- committee duties such as set-book offers guidance on the ting agendas, conducting exec-audit committee’s role and utive sessions, and evaluating
relationship with the board, the effectiveness of auditors
the use of executives on the and the audit committee.
audit committee, and conduct- The IIA-UK and Ireland
ing audit committee meetings. audit committee briefings can
The AICPA Audit Committee be found at www.iia.org.uk.
Toolkit, a how-to guide, aims To download the HM Treasury
to assist committee members Audit Committee Handbook,
with U.S. Sarbanes-Oxley Act visit www.hm-treasury.gov.uk.
of 2002 compliance and to sat- The AICPA toolkit can be
isfy the proposed requirements accessed at www.aicpa.org/
of the U.S. Public Company Audcommctr. —J. W.
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FEBRUARY 2004 INTERNAL AUDITOR