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3a   9  Working With Audit Committees
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3a 9 Working With Audit Committees Presentation Transcript

  • 1. Good Internal Audit Practices & Working with Board Audit Committee
  • 2.
    • Visible direction setting / Image building
      • Vision Statement
      • Mission Statement
      • Quality Policy Document (ISO 9002 Certification)
      • Divisional Motto
      • Charter / Role - Purpose, Authority & Responsibilities
    • Structured Organisation / Reporting - Guest
    • Audit Pool
    Good Internal Audit Practices EIDP Management Audit Value Addition & Quality
  • 3.
    • Quality Audit Systems
      • Audit Process Flow
      • Structured Documentation
    • Comprehensive Audit Coverage ( 1 & 2 )
    • ‘ Control Awareness’ programmes for Auditees
    • Seminars & Workshops
    • Support Auditors Meet / Feed back session
    Good Internal Audit Practices EIDP Management Audit Value Addition & Quality
  • 4.
    • Effective Use of Computers
      • Automated Audit Administration
          • MAP-EMS
          • WEBMARS
      • Diagnostic Audit Software tools
      • Data extraction & analysis tools
      • Management Audit Home Page on Intranet
    • Practice of IIA - Standards
    Good Internal Audit Practices EIDP Management Audit Value Addition & Quality
  • 5.
    • Composition of Committee
    • Meetings
        • Frequency
        • Agenda
          • Annual Highlights (Current year)
          • Audit Plan / Financials (Subsequent year) (IV Quarter)
          • Detailed Report (Previous year) (I Quarter)
          • Status update & Special Audit Areas (II & III Quarter)
        • Effective participation by Business Group Heads /
      • Vice Presidents
    Working with Board Audit Sub-Committee EIDP Management Audit Value Addition & Quality
  • 6.
    • Co-ordinating & facilitating role of Internal Auditor
    • Meeting the requirements / expectations
        • Internal Controls aiming at
          • Reliable information
          • Compliance with Policies, Laws & Regulations
          • Assets Safeguarding
          • Economical / efficient use of resources
          • Accomplishment of established objectives
    Working with Board Audit Sub-Committee EIDP Management Audit Value Addition & Quality
  • 7.
        • Corporate Code of Conduct audits
        • Financial Reporting Process
          • Significant Risk areas in the Financial Reporting
          • Processes
          • Opportunity for any fraudulent financial reporting
          • Warning signs of potential problems ahead
    Working with Board Audit Sub-Committee EIDP Management Audit Value Addition & Quality
  • 8.
    • Reviewing, approving Internal Auditing Charter
    • (Purpose, authority, responsibilities, reporting relationships)
    • Reviewing Plans & Budget
    • Reviewing activity report of IA periodically
    • Reviewing Audit Results
    • Requesting specific Audit Projects
    • Requesting Quality assurance reviews
    Audit Committee’s Oversight responsibilities with respect to IA Function EIDP Management Audit Value Addition & Quality
  • 9.
    • Annual one time audit methodologies redundant -
    • Effective Audit cycle determination
    • Continuous auditee feed back mechanism for an effective
    • frequent reporting
    • Ensuring involvement of Sr.Business Group Managers in the Audit
    • Process
    • Audit Team constitution - skil profile management
    • Holistic approach rather than an isolated unit specific
    • approach - Audit by different Audit Teams
    • Frequent interaction, effective discussion - lead to
    • aiming at perfection - From Repeated deficiencies to zero’
    • defect situation - convincing ability and working together
    • with auditees
    Challenges for IA EIDP Management Audit Value Addition & Quality
  • 10. Thank You