RIAM:Overview of the Method

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About The Author & The Article

Jonathan Bishop, Group Chairman, Bishop Phillips Consulting. [1]

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Rational Internal Audit Method - Volume 1

About this series

This volume is the first in the Bishop Phillips Consulting Internal Audit series. It presents a brief introduction and overview of the Rational Internal Audit Method (RIAM).

The entire series, taken as one, is a complete course in the conduct, management, and reporting of internal audit. RIAM is unique in that it presents a systematic approach to management assurance, incorporating principles of Total Quality Management in the methods for managing the audit operation, the approach to conducting the audit and in the focus the reviews.

RIAM is not a static product. Consistent with principles of KAIZEN it is continuously improved and updated with the experience and suggestions of your staff and clients. It is the result of our wide experience in providing management assurance services to many different clients in both Government and Commercial environments.

In RIAM, the traditional focus of Internal Audit (IA) on financial issues is considerably expanded to cover all aspects of business functions. Features of RIAM include:

  • A wide focus for IA covering business planning through quality control to product delivery;
  • Incorporation on "Best Practice" models that have evolved into separate consulting services;
  • Incorporation of, and consistency with, the Institute of Internal Auditors Standards, Statements and Pronouncements;
  • Consistency with the "Best Practices Statement" for Internal Audit developed by the Australian National Audit Office for the use and guidance of Commonwealth Agencies;
  • Incorporation systems for the participation of Internal Audit in the design stages of management and computer systems development;
  • Use of the concept of "Assertions" as the basis to the Systems Based Audit.
  • Incorporation of Risk Analysis in every aspect of the audit, from planning through to systems analysis; and
  • Adoption of current theories in the science of Systems Analysis developed at Glascow University and used by its consulting division;

It must be recognised that reading this course will not make you a good an Internal Auditor. The importance of experience can not be stressed too much. What RIAM will do is provide a method for systematically interpreting that experience and ensuring a predictable standard of service delivery.