P7 internal audit
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P7 internal audit

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P7 internal audit P7 internal audit Presentation Transcript

  • INTERNAL AUDIT
  • aCOWtancy.com
  • IA WHAT DO THEY DO?Review Authorisation aCOWtancy.com
  • IA WHAT DO THEY DO?Review AuthorisationReview Policies aCOWtancy.com
  • IA WHAT DO THEY DO?Review AuthorisationReview PoliciesReview Systems aCOWtancy.com
  • IA WHAT DO THEY DO?Review AuthorisationReview PoliciesReview SystemsAssess Risk & Compliance aCOWtancy.com
  • IA WHAT DO THEY DO?Review AuthorisationReview PoliciesReview SystemsAssess Risk & ComplianceVFM, Fraud, Evaluations aCOWtancy.com
  • INTERNAL AUDIT aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing• Management scope aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing• Management scope• No legal basis aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing• Management scope• No legal basis• Output - weaknesses aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing• Management scope• No legal basis• Output - weaknesses• Audience is Managers aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope• No legal basis• Output - weaknesses• Audience is Managers aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope • Specific Area• No legal basis• Output - weaknesses• Audience is Managers aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope • Specific Area• No legal basis • Legal Basis• Output - weaknesses• Audience is Managers aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope • Specific Area• No legal basis • Legal Basis• Output - weaknesses • Assurance Report• Audience is Managers aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope • Specific Area• No legal basis • Legal Basis• Output - weaknesses • Assurance Report• Audience is Managers • Shareholders aCOWtancy.com
  • INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope • Specific Area• No legal basis • Legal Basis• Output - weaknesses • Assurance Report• Audience is Managers • Shareholders BOTH USE RISK BASED APPROACH aCOWtancy.com
  • aCOWtancy.com
  • IA MULTI SITESRegular Visits (few, close, big team, good coverage) aCOWtancy.com
  • IA MULTI SITESRegular Visits (few, close, big team, good coverage)Random Visits (As above but true view / relations?) aCOWtancy.com
  • IA MULTI SITESRegular Visits (few, close, big team, good coverage)Random Visits (As above but true view / relations?)Cyclical Visits (good coverage, small team) aCOWtancy.com
  • IA MULTI SITESRegular Visits (few, close, big team, good coverage)Random Visits (As above but true view / relations?)Cyclical Visits (good coverage, small team)“Large” Visits (risk focus, easy to plan) aCOWtancy.com
  • aCOWtancy.com
  • OPERATIONAL AUDIT Identify Operational Risks aCOWtancy.com
  • OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? aCOWtancy.com
  • OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? aCOWtancy.com
  • OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? Look for weaknesses aCOWtancy.com
  • OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? Look for weaknesses Improve the 3 Es aCOWtancy.com
  • aCOWtancy.com
  • COMPLIANCE AUDIT Identify Regulations / Laws aCOWtancy.com
  • COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance aCOWtancy.com
  • COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance Make sure they’re followed aCOWtancy.com
  • COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance Make sure they’re followed Penalties for non-compliance aCOWtancy.com
  • INTERNAL AUDIT aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence• More Flexible aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence• More Flexible• Expertise aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence• More Flexible• Expertise• Pass on Risk (ethics) aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence • Culture clash• More Flexible• Expertise• Pass on Risk (ethics)• Cost Effective? aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence • Culture clash• More Flexible • Knowledge of business• Expertise• Pass on Risk (ethics)• Cost Effective? aCOWtancy.com
  • INTERNAL AUDITIA OUTSOURCING?• Independence • Culture clash• More Flexible • Knowledge of business• Expertise • Cost?• Pass on Risk (ethics)• Cost Effective? aCOWtancy.com
  • You’re an idiotJune 10 Q2 a & b