Module 4 - Introduction to Performance Audit_4A

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4A.2 Distinctive Features of Performance Auditing 4A.3 Performance Auditing Supervision 4B. Planning a Performance Audit Engagement (40%) 4B.1 Performance Audits in the Audit Plan 4B.2 Getting Started 4B.3 Audit Objectives 4B.4 Audit Scope 4B.5 Audit Methodology 4B.6 Audit Criteria 4C. Performing a Performance Audit Engagement (20%) 4C.1 Auditing Efficiency, Economy, and Effectiveness 4C.2 Audit Documentation 4D. Communicating Performance Audit Engagement Results (30%) 4D.1 Performance Audit Report 4D.2 Monitoring and Follow-Up References and Additional Reading Relevant Standards Reference is made throughout the TIAPS program to relevant international standards, principally those of The Institute of Internal Auditors (IIA) included in the International Professional Practices Framework (IPPF). Other standards and frameworks, most notably the COSO Internal Control – Integrated Framework and INTOSAI International Standards for Supreme Audit Institutions (ISSAI), are also noted where appropriate. The IIA launched the Global Internal Audit Standards January 9, 2024 to supersede the International Standards for the Professional Practice of Internal Auditing together with a significant restructuring of the IPPF. Internal audit functions are expected to implement the new standards by January 2025. The content of this Module reflects the 2017 edition of the IPPF (published in 2016 and effective from the start of 2017 until the end of 2024). Participants should familiarize themselves with the Global Internal Audit Standards, although fundamental principles about the practice of internal auditing have not changed substantively. Assessment for this program will not require students to be familiar with the new standards. Relevant Competencies Reference is made throughout the material to relevant competencies taken from the IIA’s Internal Audit Competency Framework. The purpose of including these statements, which describe competencies at three levels (General Awareness, Applied Knowledge, and Expert), is to remind students of the practical nature of this program. To develop 4
competencies, knowledge acquired by reading, reflection, and experience needs to be applied to practical situations and supported by appropriate attitudes and values. Personal and professional development is a continuous process. The IIA’s Internal Audit Competency Framework is designed for all internal auditors, is based on global research, and represents recognized best practices. The statements are necessarily brief and much more detail and information is needed to substantiate and contextualize the content. The statements can be regarded as signposts to help internal auditors and their managers navigate their careers, identifying opportunities for ongoing advancement to remain competent and best able to meet or exceed the needs and expectations of their stakeholders. The INTOSAI competency framework is also referenced. References and Additional Reading References are given at the end of this module. Participants are encouraged to read these to provide greater understanding of the topics. The items have been selected to complement the content included in this module and to offer internal auditors relevant, practical guidance. 5
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Module 4 - Introduction to Performance Audit_4A

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