Module 4 - Introduction to Performance Audit_4A

Module 4: Introduction to Performance Audit
Introduction
The TIAPS program has been developed for public sector internal auditors typically with
three to five years of relevant experience, including those who are or who aspire to be in
supervisory and managerial positions. It is suitable for those who are familiar with how to
plan and perform internal audit services and communicate findings and insights. It aims to
develop a deeper practical understanding of the contribution internal audit makes to
organizational effectiveness and improvement as well as exploring how to coordinate and
optimize internal audit resources and services. This includes building relationships with key
stakeholders, developing a strategy for the internal audit function, managing people and
other resources, enhancing quality and effectiveness through adoption of advanced
practices, providing audit opinions, and supervising audit engagements.
The TIAPS program comprises four modules:
Module 1: Audit and Assurance
Module 2: Good Governance, Managerial Accountability, Developing Strategy, and Data
Analysis
Module 3: Accounting Fundamentals
Module 4: Introduction to Performance Audit
Module 4: Introduction to Performance Audit describes the main characteristics of
performance auditing as planned, conducted, and reported by the internal audit function.
While there are many similarities with the performance audits of Supreme Audit Institutions,
there are also important differences, not least the relevant professional standards, scope,
and accountability. However, the purpose and approach of the auditing process are broadly
similar. Guidance produced to help external auditors is also highly relevant for internal audit
engagements.
Performance auditing is also referred to as operational auditing or value for money auditing
and by other terms and attempts to evaluate the economy, effectiveness, and efficiency of
government activities, programs, and initiatives. Performance auditing serves the interests of
two main groups:
Organizational leaders, senior management, and those charged with governance by
providing assurance and insight that may support continuous improvements.
Wider stakeholders and the public by providing greater transparency and thus
supporting accountability.
The Module describes the processes involved in performance auditing from planning through
to completion and reporting. It also considers the importance of performance auditing to the
public sector.
The module is organized as follows:
4A. Introduction to Performance Auditing (10%)
4A.1 The Role of Performance Audits in the Public Sector
3