Lecture

Internal Audit Function: ETH-Board Overview

Graph Chat

Chat with Graph Search

Ask any question about EPFL courses, lectures, exercises, research, news, etc. or try the example questions below.

DISCLAIMER: The Graph Chatbot is not programmed to provide explicit or categorical answers to your questions. Rather, it transforms your questions into API requests that are distributed across the various IT services officially administered by EPFL. Its purpose is solely to collect and recommend relevant references to content that you can explore to help you answer your questions.

Description

This lecture provides an introduction to the internal audit function of the ETH-Board, focusing on its mission, setup, and scope. The Internal Audit team offers independent assurance and consulting services to the ETH Board and its institutions, aiming to enhance value and improve business processes by assessing risk management, control, and governance effectiveness.

Official source

Related concepts (9)

Internal audit

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. Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes.

Audit

An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.

Financial audit

A financial audit is conducted to provide an opinion whether "financial statements" (the information is verified to the extent of reasonable assurance granted) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization.

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Internal control

Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.

Related lectures (11)

Internal Audit Overview: Preparing for Compliance and Governance

Outlines the internal audit process at EPFL, focusing on compliance, governance, and preparation for upcoming audits.

Internal Audit and Certification in Environmental Science

Explores internal audit, certification, and management review in Environmental Science and Engineering.

Environmental Management: Legal Compliance and Risk Analysis

Covers legal compliance, ISO standards, risk analysis, and environmental policy.

Environmental Management System: Monitoring and Indicators

Explores the validation and monitoring of Environmental Management Systems, emphasizing the importance of environmental indicators and performance measurement.

Environmental Management System: Aspects and Impacts