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P7 internal audit

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P7 internal audit

  1. 1. INTERNAL AUDIT
  2. 2. aCOWtancy.com
  3. 3. IA WHAT DO THEY DO?Review Authorisation aCOWtancy.com
  4. 4. IA WHAT DO THEY DO?Review AuthorisationReview Policies aCOWtancy.com
  5. 5. IA WHAT DO THEY DO?Review AuthorisationReview PoliciesReview Systems aCOWtancy.com
  6. 6. IA WHAT DO THEY DO?Review AuthorisationReview PoliciesReview SystemsAssess Risk & Compliance aCOWtancy.com
  7. 7. IA WHAT DO THEY DO?Review AuthorisationReview PoliciesReview SystemsAssess Risk & ComplianceVFM, Fraud, Evaluations aCOWtancy.com
  8. 8. INTERNAL AUDIT aCOWtancy.com
  9. 9. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve aCOWtancy.com
  10. 10. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing aCOWtancy.com
  11. 11. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing• Management scope aCOWtancy.com
  12. 12. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing• Management scope• No legal basis aCOWtancy.com
  13. 13. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve• Ongoing• Management scope• No legal basis• Output - weaknesses aCOWtancy.com
  14. 14. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing• Management scope• No legal basis• Output - weaknesses• Audience is Managers aCOWtancy.com
  15. 15. INTERNAL AUDITCompared to ASSURANCE• Add Value / Improve • Provide Assurance• Ongoing • One off• Management scope• No legal basis• Output - weaknesses• Audience is Managers aCOWtancy.com
  16. 16. 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
  17. 17. 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
  18. 18. 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
  19. 19. 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
  20. 20. 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
  21. 21. aCOWtancy.com
  22. 22. IA MULTI SITESRegular Visits (few, close, big team, good coverage) aCOWtancy.com
  23. 23. IA MULTI SITESRegular Visits (few, close, big team, good coverage)Random Visits (As above but true view / relations?) aCOWtancy.com
  24. 24. 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
  25. 25. 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
  26. 26. aCOWtancy.com
  27. 27. OPERATIONAL AUDIT Identify Operational Risks aCOWtancy.com
  28. 28. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? aCOWtancy.com
  29. 29. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? aCOWtancy.com
  30. 30. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? Look for weaknesses aCOWtancy.com
  31. 31. 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
  32. 32. aCOWtancy.com
  33. 33. COMPLIANCE AUDIT Identify Regulations / Laws aCOWtancy.com
  34. 34. COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance aCOWtancy.com
  35. 35. COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance Make sure they’re followed aCOWtancy.com
  36. 36. COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance Make sure they’re followed Penalties for non-compliance aCOWtancy.com
  37. 37. INTERNAL AUDIT aCOWtancy.com
  38. 38. INTERNAL AUDITIA OUTSOURCING?• Independence aCOWtancy.com
  39. 39. INTERNAL AUDITIA OUTSOURCING?• Independence• More Flexible aCOWtancy.com
  40. 40. INTERNAL AUDITIA OUTSOURCING?• Independence• More Flexible• Expertise aCOWtancy.com
  41. 41. INTERNAL AUDITIA OUTSOURCING?• Independence• More Flexible• Expertise• Pass on Risk (ethics) aCOWtancy.com
  42. 42. INTERNAL AUDITIA OUTSOURCING?• Independence • Culture clash• More Flexible• Expertise• Pass on Risk (ethics)• Cost Effective? aCOWtancy.com
  43. 43. INTERNAL AUDITIA OUTSOURCING?• Independence • Culture clash• More Flexible • Knowledge of business• Expertise• Pass on Risk (ethics)• Cost Effective? aCOWtancy.com
  44. 44. INTERNAL AUDITIA OUTSOURCING?• Independence • Culture clash• More Flexible • Knowledge of business• Expertise • Cost?• Pass on Risk (ethics)• Cost Effective? aCOWtancy.com
  45. 45. You’re an idiotJune 10 Q2 a & b

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