ThinkSpace
Welcome to ThinkSpace!
Here internal auditors can find out about new ideas and take part in the development of their profession. Occasional papers will appear here and internal auditors are invited to take part in the debate by:
going to the discussion forum
sending comments and suggestions to ThinkSpace
Take up the challenge! Engage in the debate and help your profession grow and improve.
Oversight, insight, foresight - is this is a model for internal audit?
Internal auditors in the United States, especially government auditors, have been explaining the role of internal in terms of three types of activities: oversight, insight and foresight. The IIA in the UK and Ireland believes there are some useful benefits to this model. In particular, it is an interesting way of thinking about the role of management and the board. But it also has weaknesses, mainly in the way it describes the value of internal audit. This paper explains the key features of the model, highlights some issues for internal auditors to consider and proposes an improved version they can follow. Click below to read the document.
Oversight, insight, foresight - ThinkSpace