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3a   4  Expectations Of Stake Holders
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3a 4 Expectations Of Stake Holders

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Who are the stake holders for IA ? And what are their expectations ? That is the starting point....

Who are the stake holders for IA ? And what are their expectations ? That is the starting point....

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3a 4 Expectations Of Stake Holders Presentation Transcript

  • 1. Value Add by Internal Audit Expectations of Stake Holders
  • 2.
    • Govt. Authorities
    • (Statutory Requirements)
    • Statutory Auditor
    • Share Holders
    • Board / Audit Committees
    • Sr Executive Management
    • Operational Management
    Risks, Controls, Corp. Governance, Compliance with statutes Value Adds (Bottomline / System Improvements) Corporate Masters Stake Holder focus
  • 3. In the areas of Risk Assessment
    • Avoid overlapping roles with other reviewing agencies
    • Understand the organisation’s culture and environment
    • Understand the Corporate Focus / Philosophy
    • Evaluate the present level of risk management process in the organisation
    • Improve company specific knowledge
  • 4. Assurance Perspective
    • Assessing Internal Controls
    • Assessment of Risks
    • Recommending Improvement of Corporate
    • Governance
    • Detecting & deterring frauds
    • Analysing the effectiveness of Policies &
    • Procedures
    • Assuring Compliance with Statutory
    • Requirements
  • 5. Business Value addition
    • What is value addition ? It differs from scenario to scenario
    • What are all other mechanisms / systems in place to look at this ?
    • Measure the benefits after implementation of the recommendations
    • Above all, take the customers along with you
  • 6. Business Value addition…
    • Analayse Operations for Efficiency &
    • Effectiveness
    • Evaluate emerging technologies
    • Identifying opportunities to save
    • Review controls over major Projects
    • Conduct Pre implementation reviews of computer systems to help anticipate problems
    • Suggest improvement to bottom line
    • Focus on Business reputation, Customer service, Environment, HR Practices
  • 7. Business Value addition…
    • Suggest improvents in the marketing related areas.
    • Audit the entire process rather than an organisational unit
  • 8. Facilitation Role
    • Help in formulating DOA document
    • Assist Business Divisions in SOP preparation & self audit processes
    • Create control awareness / Educate Executives on Internal Controls
    • Promote good governance in the organisation
  • 9. On Audit Contribution
    • Increase focus on preventive Audit
    • Eliminate controls in excess
    • Measure Results
    • Provide value recovery
    • Audit to be driven by achievement of stated objectives than a routine audit program
  • 10.
    • Make best use of ‘Resources’ provided
    • Sharpen dialogue with Top Management /
    • Directors
    • Realign to meet key stakeholders
    • expectations
    • Think & act strategically
    On Audit Management
  • 11.
    • Assess & Strengthen expertise for complex
    • business auditing
    • Leverage technology in high risk areas
    • Focus on enterprise risk management
    • capacities
    • Make your audit processes more dynamic
    On Audit Management…
  • 12.
    • Strengthen quality assurance processes
    • Adopt ‘Best Practices’
    • Measure your enhanced performance
    • Simplify Systems & Procedures
    • Transform into a facilitation role
    • Be part of the main stream!
    On Audit Management…
  • 13.
    • Network with audit customers & build good relationship
    • Board & Audit Committee
    • Executive Management
    • Operating Management
    • External Auditors
    On Audit Relationships
  • 14. Thank You