Audit ApproachThe Assurance Audit Unit uses Risk Based Auditing as the basic approach to all the work which it performs. This methodology is required by the Institute of Internal Auditors Professional Practice Framework which contains the Internal Audit Standards, according to which the Unit performs its work.
A risk assessment of all ILO Sections, Departments and Field offices is conducted by IAO at the beginning of each biennium and includes wide consultations with Senior Management, Management and staff. Based on the results of the assessment, areas of significant financial and operational risk exposure, issues of control and governance are included in the audit plan for auditing during the biennium.
The Risk Based Approach followed by IAO is informed by the framework of the Committee of Sponsoring Organizations of the Threadway Commission (COSO), which is internationally acknowledged as best practice, and widely used in all sectors.
An audit report is prepared for each audit performed, and discussed with management prior to being issued. IAO perform periodic follow-up of the status of implementation of internal audit recommendations.