Audit human resource needs

Internal audit human resources must be resourced adequately to ensure an effective evaluation and testing of internal controls, associated risks and execution of the internal audit plan and other activities as outlined in the company’s written internal audit charter.

The annual audit plan is based upon a risk assessment at both the entity and process levels, and should be approved by the audit committee and board. Companies should look to their individual risk profiles to drive staffing decisions.

A business facing a significant number of risks or particularly complex risks will require a broader range of specialists and expertise. Most internal audit departments are headed by a CAE and include layers of staff such as managers, senior auditors and auditors.

Many companies also rely on other in-house professionals or tap into the specialized skill sets of outside providers. Some of the more commonly accessed or desired specialized skills needed by today’s internal audit function include:

• Relevant industry knowledge

• IT privacy and security

• Current, in-use enterprise resource planning (ERP) application expertise

• Business continuity management

• Specialized and complex industry or other related regulations

• Fraud prevention, detective and investigative capability

• IAS or relevant GAAP and IFRS knowledge

• Specific business process knowledge in large, material and high-risk areas

• Resources needed in remote locations
audit human resources team needs

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