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3d   3   Todays Internal Auditor
 

3d 3 Todays Internal Auditor

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    3d   3   Todays Internal Auditor 3d 3 Todays Internal Auditor Presentation Transcript

    • TO DAY’S INTERNAL AUDITOR
    • Sharing some thoughts! Presentation Flow
      • Customers are always right ! Internal Auditor knows this well & understands their varied expectations!
      • To day’s Internal Auditor – A most sought after Professional in the changing Corporate World!
      • He is well equipped & positioned being part of the global professional body of knowledge – the IIA
      • He aspires for a close partnership with the Management
      • His old face has gone & he has a new one now!
    • The Past & the Present ! My first impression on internal auditing was totally wrong. I thought its only purpose was to catch management making mistakes, and I looked at it as intrusive. But I’m living proof that internal auditors can affect how they’re perceived. In my first five to eight years at Bon Secours Health System, I began to learn what can happen if you use an internal audit program effectively. My appreciation and awareness of the internal audit profession has only grown over time. Internal Auditors are a valuable part of any complex organisation. THEY ARE ONE OF THE MOST IMPORTANT COMPONENTS OF AN ORGANISATION CRITICAL TO SUCCESS…. Chris Carney, Chief Executive Officer, Bon Secours Health Systems Inc.
    • A Changing Corporate World!
      • Rapid fire changes in Corporate environment
      • Reports of mergers, acquisitions, organisational
      • restructuring, electronic commerce, information
      • technology break through
      • All this means increased organisational risks
        • Data security - greatest corporate risk
        • continuing globalisation will increase the complexity of
        • principles, regulations and the cultures in which
        • organisation operate
        • increasing litigation, legislation and regulation will carry
        • important compliance implication
        • Even growing competition - more pressure on organisation to
        • increase productivity
        • Re-engineering, deregulation & change related activities will
        • break down traditional hierarchical structures and change
        • organisational reporting relationships and management
        • responsibilities
      A Changing World...
      • These suggest
        • New demands
        • Challenges
        • Opportunities for management and the board
      • Therefore each one of the above points to the necessity for
        • “ COMPETENT INTERNAL AUDITING
      • Today, more than ever,
        • Internal Auditing is critical to strong Corporate
        • Governance, risk management, effective internal control
        • and efficient operations.
      A Changing World...
        • assurance to Management and the Audit Committee
        • that risks to the organisation are understood and
        • managed appropriately and
        • contribution as an inhouse consultant on many areas of
        • interest
      What does today’s Internal Auditor provide?
    • WISH LIST !
      • AC wants independent & objective assurance from some one other than CEO or CFO
      • The CEO wants independent assurance from some one other than CFO / Line Managers
      • The CFO wants from some one other than the Line Managers
    • IA KNOWS HIS MULTIFACETED CUSTOMERS
    • HE IS PART OF A GLOBAL INSTITUTION
      • IIA memebrship benefits
      • Reference to well researched work on Internal Audit
      • Opportunities for networking with co professionals
      • IIA Standards & Practice Advisories
    • ADOPTS EMERGING TOOLS & TECHNIQUES
      • AUDIT SOFTWARES ( CAATS )
      • CONTROL SELF ASSESSMENT (CSA)
      • CONTINUOUS AUDITING ( CA )
    • When internal auditing is accepted and acknowledged by an organisation’s leaders as a ‘ management activity’ internal auditor can fulfill their most fundamentel role - helping management and the board achieve their objectives. [ Reporting relationship, Audit Charter - Independence ] Aspiring for a close partnership with Management
      • competent internal auditing professionals bring to the
      • table,
          • Objectivity
          • integrity
          • expertise in communication
          • the ability to identify enterprisewide risks and
          • the skill to assess the effectiveness of controls
          • put in place by management to mitigate those risks
      In partnership with Management .....
      • As partners to management they,
          • help protect the organisation against traditional
          • and emerging risks
          • provide productive consultation & ideas about
          • how opportunities and vulnerabilities can be
          • balanced
          • make valuable recommendations for assessing
          • and strengthening Corporate Governance
      In partnership with Management ….
      • Their broad understanding of the organisation and its
      • culture prepares internal auditors for effectively
      • monitoring
          • Risks associated with new business lines
          • Mergers,
          • Acquisitions
          • Joint ventures and other partnerships
          • new systems deployment
      In partnership with Management...
          • restructuring
          • management estimates,
          • budgets & forecasts
          • environmental issues and
          • regulatory compliances
      In partnership with Management...
    • IA IN THE THREE DIFFERENT SITUATIONS
      • Multi Nationals
      • Major Indian Domestic Cos.,
      • Other SMEs
    • Changed face of to day’s Internal Auditor!
      • From an one way communicator ( report deficiencies !) to a Team Player!
      • From an investigator into a proactive preventor of anamolies !
      • From a Reviewer to a Facilitator !
      • From a back bencher into the lime light !
      • ULTIMATELY A FRIEND , PHILOSOPHER & GUIDE !
    • IA’s SUCCESS DEPENDS UPON….
      • Mgt. Intentions / Support
      • The Resources provided for IA
      • The Reporting Structure of IA
      • The seniority of the Internal Audit Head
      • Of course the IA’s own conviction that he can deliver , his qualities , traits & interpersonal skills
    • PASSION FOR PERFECTION THROUGH THIS PERFECTION IA CATALISES AN ENTERPRISE FROM GOOD TO GREAT
      • UNLEASHING THE POTENTIAL OF THIS TEAM PLAYER IS IN THE HANDS OF THE MANAGEMENT!
      • THANK YOU !