Standards No.29--Continual Education for Internal Auditors
Introduction
The education and training of internal auditors, who audit the financial and operational activities of the organisation, is a very important element of the internal audit activity and fundamental to the professional performance of those individuals. This Standard articulates the need for continual education and training, and a quality assurance process that is aimed at ensuring that internal auditors develop and maintain the knowledge, skills and abilities necessary to effectively perform their responsibilities.
Objectives
This Standard specifies the continual education, following initial training, for internal auditors to ensure their professional competence in the areas relevant to the performance of their responsibilities.....................................................................................................................................................................................................................
Definition of Professional Education
In this context, professional education is defined to include self-study, traditional classroom-based learning, e-learning modules, professional seminars, and professional conferences. Each type of education has specific advantages, depending on external circumstances and internal goals.
Continual Education
Continual education or continuing professional education (CPE) activities, such as self-study, as well as classroom-based learning and e-learning, should be appropriate to the nature, scope and complexity of the organisation’s activity and should ensure that the internal auditors have increased awareness of the organisation’s operation and industry trends. It should focus on industry best practice, international standards and the relevant legal framework of the organisation.
Internal auditors should update themselves in terms of new professional standards, changing industry best practice, and changing legislation that relates to the areas of their audit specialism as a minimum. Their continual education activities should take into account the specific requirements of their roles and consider the risk-reward dynamics, both of the organisation, and of the external environment.
Where possible, internal auditors should develop a plan of continuing education activities and make/update their records accordingly.
Communication
Organisations should have a formal process in place to ensure timely communication of changes to relevant facts and conditions that may affect an internal auditor’s area of responsibility.
Quality Assurance
The internal audit function should have a quality assurance process in place to ensure that consideration is given to the adequacy of the internal auditors’ continual education and that review of their qualifications and the level of continued training is conducted at least on an annual basis.
Conclusion
The Standards No.29 of Internal Audit Code of Practice set out specific requirements in relation to the continual education of internal auditors and their continuing professional education. It is incumbent upon all organisations to ensure that appropriate resources are made available to enable the internal auditors in their organisation to continually assess and maintain their professional development. This approach should not just be limited to internal audit activities, but should apply to all personnel within the organisation to ensure that changes that may have an impact on the ability of the organisation to manage risk are built into the organisation’s continual improvement processes on an ongoing basis.
