The Definition of Internal Auditing, per the Institute of Internal Auditors, states the fundamental purpose, nature, and scope of internal auditing:
EN: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.
FR: L’audit interne est une activité indépendante et objective qui donne à une organisation une assurance sur le degré de maîtrise de ses opérations, lui apporte ses conseils pour les améliorer, et contribue à créer de la valeur ajoutée. Il aide cette organisation à atteindre ses objectifs en évaluant, par une approche systématique et méthodique, ses processus de management des risques, de contrôle, et de gouvernance, et en faisant des propositions pour renforcer leur efficacité.
IT:L’Internal Auditing è un'attività indipendente ed obiettiva di assurance e consulenza, finalizzata al miglioramento dell'efficacia e dell'efficienza dell'organizzazione. Assiste l'organizzazione nel perseguimento dei propri obiettivi tramite un approccio professionale sistematico, che genera valore aggiunto in quanto finalizzato a valutare e migliorare i processi di gestione dei rischi, di controllo e di governance.
In order to fulfil its mission, the Internal Audit Office must determine whether the Institute’s network of risk management, internal controls and governance processes are properly designed and whether:
- Financial and operational information is accurate, reliable, and timely
- Operations and programmes are carried out in effective and efficient manner
- Organisational objectives are achieved
- Assets are safeguarded
- Risks are appropriately identified and managed
- Laws, regulations, policies, procedures and contracts are properly complied with.
The Office also prepares the audit certificates for projects financed by the European Commission and the European Research Council under the respective frameworks for financing research.
Furthermore, IAO maintains contacts with the external auditors throughout the year, and provides them with assistance during their visits to the Institute.
In addition to the assurance services, IAO provides consulting services that are advisory in nature and are generally performed upon a specific request. This could entail assisting with the formulation and evaluation of an internal policy, as well as the assessment of project plans intended to optimise operation. Requests for consulting opinion could be submitted directly to the Internal Audit Office or through the reporting form under Compliance Questions or Concerns Tool.
When performing consulting services, the IAO maintains its objectivity and does not assume management responsibility. It has no executive role and is not responsible for the development and implementation of controls within the internal control system.
According to the President’s Decision 19/2018, IAO has a general consultative role in the context of Public Procurement Regulation. In particular, the Internal Auditor shall provide her advice before any public procurement is launched by the EUI. The following tools are presented in support of EUI Services procurement engagements, before launching a call for tenders as well as before the award of a contract, respectively:
- IAO Advisory on Procurement - Checklist before Launching a Call for Tenders
- IAO Advisory on Procurement - Questionnaire before awarding a contract
- IAO Advisory on Procurement - Memo of 2015 procurement issues discussed
An overview of Internal Audit Office engagements, according to IAO Charter, along with some auditing case studies can be found at the Presentation: EUI IAO and Auditing basics.
Page last updated on 05 March 2019