Southern Aurora Limited (SAL) is a large Sydney-based financial institution that operates internationally. It has also established strategic alliances with a number of financial institutions based in Singapore, New York, and London. Because of the extensive range of products and services that it offers, it faces high exposure in some markets and low exposure in other markets.

Although SAL relies heavily on its computer-based information systems, nonetheless to date the approach taken to the audit and control of these systems has been somewhat piecemeal. To some extent the problem has been that the internal audit function was managed by someone who was a very conservative, traditional financial auditor. SAL's board of directors and senior management were also conservative, and they placed few demands on the internal audit function for change.

Recently, however, significant turnover of board positions and senior management positions has occurred. The new management have been aggressive in seeking out additional market opportunities for SAL. Moreover, they have asked that all functions within the organization begin a comprehensive review process to find ways to improve effectiveness and efficiency.

As a result of the changes occurring, the previous manager of internal audit has resigned, and a new manager has been appointed. He has received increased funding from senior management because they see the internal audit function as being important in their efforts to seek out ways to improve effectiveness and efficiency within SAL. The new manager of internal audit has used some of this funding to provide redundancy payouts to several existing financial auditors. In addition, he has employed three information systems audit specialists with a view to undertaking more effective and efficient audit work within SAL. You are one of these information systems auditors, and you have been asked to manage the information systems audit group.
In light of the responsibilities you have been given, the manager of internal audit shows you an outline of a strategic plan that he is preparing for the audit group. In its current draft form, the plan has the following goals:
1. To perform high-quality audits, 2. To provide timely reporting and advice to management to allow them to discharge their responsibilities, 3. To maintain a client focus to fulfill management's expectation of the audit function better, 4. To provide full audit coverage of all material functions within SAL on a regular rotating basis, 5. To ensure the effectiveness and efficiency of the internal audit function, 6. To ensure that internal audit staff maintain a high level of competence, 7. To foster and operate within a quality-management philosophy in SAL, 8. To foster and operate within an ethical culture in SAL, and 9. To foster and maintain an image of professionalism within the internal audit function.
He asks you to reflect on each of these goals and to identify two or three objectives for each goal that you believe you and the other two information systems auditors will need to achieve if the goal is to be met. In deliberating on these objectives, he asks you to remember the new environment in which the internal audit function is now operating.
Required: For each goal, list the two or three objectives you believe you and your colleagues within the information systems audit group need to achieve. Briefly explain why these objectives must be achieved if the goal is to be met.