Having convinced that IA is a BOON , you have to reposition it in the organization to deliver superior product ! You have lots of tips in this slide presentation !

1. “ Audit Customers” Expectations - Repositioning Internal Audit”

2. “ Know Your Customers” And “ Their Expectations” 2/62

5. CUSTOMER CORPORATE EXECUTIVE MANAGEMENT EXPECTATIONS PROPER RESOURCE UTILISATION ARE CORPORATE GUIDELINES EFFECTIVELY FOLLOWED STATUTORY COMPLIANCE ASSURANCE THAT THINGS ARE IN ORDER Audit Customers & Their Expectations 5/62

6. CUSTOMER BOARD AUDIT SUB-COMMITTEE STATUTORY AUDITORS Cost Auditor EXPECTATIONS CORPORATE GOVERNANCE REQUIREMENTS EFFECTIVENESS OF AUDIT FUNCTION SCOPE & COVERAGE OF INTERNAL AUDIT SYSTEM COMMENSURATE WITH SIZE OF BUSINESS Verification of Cost Accounting Records Audit Customers & Their Expectations 6/62

9. Problem Identifier ? (or) Complete Solution Provider? 9/62

11. Emerging Thrust – Assurance Role 11/62

13. The ‘five’ steps (or) components in COSO’s Internal Control Framework Monitoring Risk Assessment Control Environment Control Activities Information & Communication 1 2 3 4 5 13/62

16. In the Area of Internal Consultancy 16/62

19. Economy, Efficiency and Effectiveness Planned Inputs Planned Progress Planned Outputs (Policy Objectives) EFFICIENCY Actual Inputs (Resources Used) ECONOMY EFFECTIVENESS Process Actual Outputs (Output Achieved) Relationship between inputs, processes and outputs and between economy, efficiency and effectiveness 19/62

22. From ‘Good’ to ‘Great’ 22/62

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41. Repositioning Internal Audit to meet Customer Expectations 41/62

42. part b usiness advisor part p sychologist part f acilitator & part t echnician ! A Skilled Internal Auditor is multifaceted 42/62

43. Organisation functional structure to facilitate comprehensive Audit coverage IA Skills / Competency : Build competencies & capabilities IA Practices : Adopt Best Practices & use successful audit methodologies IA Marketing : Effectively market IA How to ‘add’ value? 43/62

44. IA Skills / Competency Build competencies & capabilities 44/62

45. Skills Required of Internal Auditors (adapted from Birkett et al., 1999A) 45/62

46. Individual Attributes Required of Internal Auditors (to be an effective Internal Auditor) 46/62

47. Individual Attributes Required of Internal Auditors 47/62

48. Individual Attributes Required of Internal Auditors 48/62

49. Individual Attributes Required of Internal Auditors 49/62

50. IA Practices Adopt Best Practices & use successful audit methodologies 50/62

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56. Continuous Alignment 56/62

57. IA Marketing Effectively market Internal Audit ! 57/62

61. P D C A Cycle PLAN ACT CHECK DO 1. ORGANISE YOURSELF 2. PLAN CLEAR OBJECTIVES, PRIORITISE 3. CLEAR DIRECTION FOR EFFECTIVE EXECUTION 4. MONITOR PROGRESS CLOSELY 5. COMPARE RESULTS WITH PLAN 6. TAKE CORRECTIVE ACTION 61/62

62. Thank You. 62/62