Elements & Analysis Of Audit Findings & Respones
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This document discusses how to resolve audit findings by analyzing the elements of a finding, developing an appropriate response, and preventing repeat findings. It describes the typical elements of a finding as the auditor's concern, who it is assigned to, what is used to support the concern, and the potential consequence. It also outlines 8 steps for analyzing a finding such as determining ownership, verifying the concern, finding the root cause, and developing a feasible solution. Finally, it discusses the key elements of an effective response such as identifying the response owner, indicating concurrence or rebuttal, specifying the solution and timeframe, and designating a solution owner. The overall goal is to thoroughly address audit findings to avoid similar issues in the future.
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This document provides an overview of decision making processes. It discusses key topics like the decision making stages, models, styles, and implementation. The rational and bounded rational models of decision making are described. The seven step decision making process involves defining goals, gathering data, brainstorming alternatives, analyzing pros and cons, making the decision, taking action, and reflecting on the outcome. Group decision making has four stages: orientation, conflict, emergence, and reinforcement. Tools like Pareto analysis, SWOT analysis, and orienting SWOTs to objectives are also summarized.
Problem Management - Systematic Approach
The document outlines a training on problem solving and establishes a standard process for resolving problems efficiently and effectively while minimizing business impact. It discusses definitions of problem management, roles in the process, and common mistakes to avoid. The core of the training is a 6-step problem solving process: 1) identifying the problem, 2) analyzing the problem, 3) generating potential solutions, 4) selecting and planning solutions, 5) implementing solutions, and 6) evaluating solutions. Key aspects covered include properly defining problems, using tools to thoroughly analyze root causes, considering multiple solutions, and planning for tradeoffs.
Decision Making Process
The document discusses the steps involved in decision making. It begins by defining decision making as the selection of a course of action from alternatives. It then outlines 8 steps in the decision making process: 1) identifying the problem, 2) gathering information, 3) establishing principles for evaluation, 4) brainstorming alternatives, 5) evaluating alternatives, 6) selecting the best alternative, 7) executing the decision, and 8) evaluating results. Each step is then discussed in more detail, outlining techniques and best practices for effective decision making.
ESW2017-15 - 2016-11-04
This document discusses control processes used to ensure compliance with electrical safe work practices. It draws an analogy between control processes used in industrial equipment and those that can be used for worker safety. Specifically, it explores how feedback, feedforward, and cascade control strategies from industrial process control can be applied to electrical safety practices to help produce reliable safety outcomes. The document aims to show how monitoring disturbances before they impact safety (feedforward) and making reactive adjustments based on measured outcomes (feedback) can help maintain high levels of understanding and adherence to safe work practices among workers.
FDA Warning Letter
A guide for how to survive a FDA Warning letter. So you got at FDA 483 and now you have a FDA Warning Letter, learn how to survive the storm. For more information go to http://compliance-insight.com/fda-483-warning-letters/
Week 1Defining the Safety Management SystemSeveral years .docx
Week 1
Defining the Safety Management System
Several years ago, during my short time as a football coach, I had the pleasure of meeting and listening to legendary coach, Eddie Robinson. He spoke about the importance of a system. Coach Robinson relayed the experience of being thrust into the helm at Grambling. He had been informed of how simple minded his athletes would be and the difficulty of running plays and defensive schemes. Well, if you watched Grambling State during the Robinson era, you would see anything but a simple offensive scheme. Instead you would see multiple formations, motions, audibles, and an attack that could change and adapt midstream. It was his system that enabled the team to understand and execute his plan. In other words, it learned from its experiences.
A safety system must have the same characteristics. It has to be able to adapt procedures and policies at a pace which allows it to manage the outcomes that are associated with the tasks of the organization. In order to accomplish this it must:
1. Collect relevant statistics and information (facts)
2. Organize and analyze the data (investigate)
3. Implement countermeasures
4. Monitor changes, and
5. Communicate with all the components.
A safety management system must be comprehensive in order to allow the organization to learn from its experience. The goal of a management system is to implement a chosen strategy by allocating resources at critical tasks (Kausek, 2007). A system is defined as a set of interacting or interdependent entities, real or abstract, that form a whole. The whole is the operating process that governs the core activities mentioned above.
The structure of the system is defined from its processes. It is further described as “open” or “closed.” A closed system operates by itself without interaction from other entities or inputs. “Open” describes a system which interacts with entities in an environment. Safety is an “open” system. It has many customers that have input to it and then it produces an output or service to the customer.
We can further describe systems as high functioning or low functioning. This refers to the exchange of information between the inputs and the system. In other words safety is an “open” and “highly functional” system. Safety continually exchanges feedback to its inputs in order to maintain close alignment. So, it collects data, analyzes it, adapts to it, coordinates change, and then resets to do it again.
A simple schematic of this exchange could be drawn in this manner.
In this basic schematic you can see that safety has closely aligned inputs. This drawing can be made better. Missing is the names of the customers and the services or outputs that safety produces to each.
A systematic approach encompasses all levels of an organization. The functions can be spread among each level or among its inputs, if so structured. This helps in implementing the change and directing its continuation. But the bigges.
Seven Steps to Ethical Decision Making– Step 1 Define the p.docx
Seven Steps to Ethical Decision Making
– Step 1: Define the problem (consult PLUS filters)
– Step 2: Seek out relevant assistance, guidance and support
– Step 3: Identify alternatives
– Step 4: Evaluate the alternatives (consult PLUS filters)
– Step 5: Make the decision
– Step 6: Implement the decision
– Step 7: Evaluate the decision (consult PLUS filters)
Introduction
Organizations struggle to develop a simple set of guidelines that makes it easier for
individual employees, regardless of position or level, to be confident that his/her
decisions meet all of the competing standards for effective and ethical decision-making
used by the organization. Such a model must take into account two realities:
Every employee is called upon to make decisions in the normal course of doing
his/her job. Organizations cannot function effectively if employees are not
empowered to make decisions consistent with their positions and responsibilities.
For the decision maker to be confident in the decision’s soundness, every
decision should be tested against the organization’s policies and values,
applicable laws and regulations as well as the individual employee’s definition of
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what is right, fair, good and acceptable.
The decision making process described below has been carefully constructed to be:
Fundamentally sound based on current theories and understandings of both
decision-making processes and ethics.
Simple and straightforward enough to be easily integrated into every employee’s
thought processes.
Descriptive (detailing how ethical decision are made naturally) rather than
prescriptive (defining unnatural ways of making choices).
Why do organizations need ethical decision making?
See our special edition case study, #RespectAtWork,
to find out.
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Email
First Name
Last Name
SEE THE CASE STUDY.
Step 1: Define the problem
The most significant step in any decision-making process is to determine why a
decision is called for and identify the desired outcome(s). How you define a problem
shapes your understanding of its causes and where you will search for solutions.
First, explore the difference between what you expect and/or desire and the current
reality. By defining the problem in terms of outcomes, you can clearly state the
problem.
Consider this example: Tenants at an older office building are complaining that their
employees are getting angry and frustrated because there is always a long delay
getting an elevator to the lobby at rush hour. Many possible solutions exist, and all are
predicated on a particular understanding the problem:
11/10/19, 10:28 PM
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Flexible hours – so all the tenants’ employees are not at the elevators at the
same time.
Faster elevators – so each elevator can carry more peopl.
Total Quality Management Lec.6.pptx
This document discusses the principles and concepts of constraint management theory. It provides definitions for key terms like constraints, which are anything that limits a system from achieving its goal. There are two types of constraints - physical and policy. The document also outlines the four underlying assumptions of constraint management theory and describes the five focusing steps to guide management action: identify the constraint, exploit it, subordinate all other efforts to exploiting the constraint, elevate the constraint if needed, and go back to identifying the new constraint. The goal is to continuously improve the system by breaking constraints.
How versus what
This is a small deck that illustrates my views on the result expectations and needs to consider for using lawyers versus consultants for compliance assistance
Decision making process
The document outlines the key steps in the decision making process: 1) Recognizing the problem, 2) Identifying the objective of the decision, 3) Gathering and evaluating relevant data, 4) Listing and evaluating alternative courses of action, 5) Selecting the best alternative, 6) Implementing the decision, and 7) Gathering feedback. It emphasizes that decision making involves tradeoffs between alternatives that are rarely clearly right or wrong. Managers must make decisions despite uncertainty and rely on others while ultimately being responsible. The process described aims to help managers select a desirable course of action to provide solutions to problems.
MGT Lecture-2.pptx
This document provides an overview of decision making. It begins with objectives of understanding decision making processes and styles. It then describes the problem finding process, including defining the problem, visualizing it, and brainstorming requirements. It discusses opportunity finding. The fundamentals of the decision making process are introduced, including common steps. Managerial decision making is examined, distinguishing between programmed and non-programmed decisions. Factors like certainty, risk, and uncertainty are also covered.
Decision making (Principles of Management)
The document discusses decision making and provides information on key concepts related to the decision making process. It defines what a decision is, the different types of decisions (programmed vs non-programmed), elements of the decision making situation, conditions like risk and uncertainty, and the rational decision making process. It also covers tools that can be used, including probability theory, decision trees, and concepts like expected value. The overall document serves to outline the fundamental concepts involved in decision making.
The Systems Development Life Cycle Moderate and large firms with uni.pdf
The Systems Development Life Cycle Moderate and large firms with unique information needs
often develop information systems in-house. That is to say that information technology (IT)
professional within the firm design and program the systems. A greater number of smaller
companies and large firms with relatively standardized information needs opt to purchase
information systems from software vendors. Both approaches represent significant financial and
operational risks. a model for reducing this risk through careful planning, execution, control, and
documentation of key activities.
The five phases of this model are:
1) Business Needs and Strategy
Systems Strategy –Assess Strategic Information Needs –Develop a Strategic Systems Plan
–Create an Action Plan
2) Project Initiation –
Systems Analysis –Conceptualization of Alternative Designs –Systems Evaluation and Selection
3.) In-House Systems Development –Construct the System –Deliver the System
4). Commercial Packages –Trends in Commercial Packages –Choosing a Package
5) Maintenance and Support
The participants in systems development can be classified into three broad groups: systems
professionals, end users, and stakeholders. Systems professionals are systems analysts, systems
designers, and programmers. These individuals actually build the system. They gather facts
about problems with the current system, analyze these facts, and formulate a solution to solve the
problems. The product of their efforts is a new system. End users are those for whom the system
is built. Many users exist at all levels in an organization. These include managers, operations
personnel, accountants, and internal auditors. In some organizations, it is difficult to find
someone who is not a user. During systems development, systems professionals work with the
primary users to obtain an understanding of the users’ problems and a clear statement of their
needs. As defined in Chapter 1, stakeholders are individuals either within or outside the
organization who have an interest in the system but are not end users. These include accountants,
internal auditors, external auditors, and the internal steering committee that oversees systems
development.
Cost/Time Analysis:
As stated before, the cost/time analysis is an attempt to calculate to what degree the project and
system will meet the objectives. The SDLC must address two topics in its support of this area:
the scope of the analysis and the algorithm for doing it. Cost/Benefit Scope The benefit side of
the analysis should be expressed in quantitative terms wherever possible. Qualitative or
intangible benefits usually are reflections of poorly analyzed tangible benefits. The SDLC should
support the process of quantifying all benefits. On the costs side, the SDLC must address
development costs, installation costs and ongoing operational costs. In doing these calculations it
should differentiate between capital costs and expense costs. Cost/Benefit Algorithm The method
of calcu.
Human factors - what role should they play in Responsible Care
Tony Geraghty's presentation examines how considering human factors can enhance safety and performance excellence in the chemical industry. It discusses James Reason's model of classifying human errors and using reliability centered maintenance (RCM) to identify vulnerabilities. The presentation provides examples of how an RCM analysis revealed issues like commissioning errors and inappropriate maintenance practices, and how addressing these issues improved a gas compressor fleet's reliability and availability. Geraghty argues that regularly questioning understanding of operations can help ensure responsible chemical production and management.
Audit vs inspection
Audits and inspections are important tools for companies to evaluate workplace safety. Audits provide a more in-depth review of entire processes, documentation, and compliance with regulations compared to inspections, which focus on specific items or processes. Findings from audits and inspections should be prioritized into categories from major to minor. Companies should address higher priority findings first and appoint a person to oversee safety improvement projects based on all findings. Regular audits and inspections can help companies continuously improve safety performance over time.
Intd670 1103 a-10-schwappach-loren-p2-t2
The ECG Ethics Review Committee was convened to address a situation where an ECG partner stole and falsified marketing data from a previous employer and provided it deceitfully to an important ECG client. The committee analyzed the situation proactively and reactively to determine the optimal solution. They decided the partner must be terminated and legal action pursued. The client and previous employer must be informed and compensated with a new analysis. Policies will be implemented to prevent recurrence and address reputational impacts. The solution aims to minimize damages while demonstrating ECG's ethical standards.
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The document discusses the three main types of internal controls: preventive, detective, and corrective controls. It provides examples for each type and explains the key differences between detective and corrective controls. The document also discusses some limitations of internal controls, noting that they can only provide reasonable assurance and not absolute guarantees due to factors like human judgment errors. It identifies the five main components of an effective internal control system according to international standards.
UNIT II - DECISION THEORY - QTBD - I MBA - I SEM
THIS IS MATERIAL FOR DECISION THEORY IN QUANTITATIVE TECHNIQUES FOR DECISION THEORY IN M.B.A I YEAR I SEMESTER AFFILIATED TO JNTUK. I HOPE THIS MATERIAL WILL HELPS THE M.B.A. STUDENTS. REMAINING MATERIAL WILL BE UPDATED COMING SOON......
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Cash Flow Forecast Process
….
Xxxx:
Source: Isaksen et al. (1994).
In some situations, the same factor can be both a source of assistance and a source of resistance. For example,
if you are unaware of a key decision maker’s attitude toward the idea, such as the boss, then this person may be
listed as a possible assister and possible resister. After generating as many possible sources of assistance and
resistance as you can, you will need to identify those that will have the greatest potential impact, both positive and
negative, on the proposed change or solution. A convergent tool like Hits is useful for this. These key sources of
assistance and resistance would then be used to help identify the necessary action steps to carry out the change or
to implement the solution. Action steps that take advantage of the sources of assistance and overcome sources of
resistance should become part of the implementation plan (see Chapter 12 on Formulating a Plan).
Stakeholder Analysis
Mason and Mitroff first introduced Stakeholder Analysis in 1981. Since its introduction, Stakeholder Analysis has
been widely adopted in strategic planning efforts. Figure 11.2 on page 216 shows Stakeholder Analysis Worksheet
that was created by an organizational consultant, Tim Switalski (personal communication, September 16, 2004)
and is based on the work of Mason and Mitroff (1981).
There have been discussions in Buffalo, New York, since the aftermath of September 11, 2001, about whether
the Peace Bridge, which connects downtown Buffalo to Fort Erie, Canada, should be replaced by a signature
bridge or maintained as it is with the addition of a duplicate bridge. Many agreed there was a need to upgrade the
situation, particularly given the need for increased security, but there was some debate about the best way to
proceed. The content in Figure 11.2 is based on the assumption that the Bridge Authority has decided that the
best option is a signature bridge and that they now wish to move this idea forward for acceptance. We present this
merely as an example to illustrate how Stakeholder Analysis works and not as a data-based example. The example
shows the key stakeholders and an estimation of current levels of support, along with projections as to what level
of support is needed to initiate the project successfully. Note that even when the stakeholder is exactly where you
wish, such as the Tourism Board in this example, it may still be useful to think about how this stakeholder can
help to have a positive influence on others.
To use Stakeholder Analysis:
1. Generate a list of all stakeholders. Stakeholders are those individuals,
groups, or organizations that have a vested interest in the proposed solution or
change. They are in a position of decision-making authority or are influential
with respect to the success of the idea. If a long list of stakeholders is
149
generated through divergent thinking (more than 20), it might be useful to
trim the numbe ...
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This document outlines the planning process for an assurance engagement being conducted by an internal audit team. The team is comprised of 4 members: Ahmed Hassan Ali, Mohamed Abdullahi Dahir, Abdulkadir Mohamed Mohamud, and Najma Hassan Mohamed. The planning process involves understanding the auditee, identifying and assessing risks, identifying key controls, evaluating control design, creating a test plan, developing a work program, and allocating resources to the engagement.
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effectivedecisionmaking-111214021741-phpapp02 (1).pptx
effectivedecisionmaking-111214021741-phpapp02 (1).pptx
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Week 1Defining the Safety Management SystemSeveral years .docx
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Seven Steps to Ethical Decision Making– Step 1 Define the p.docx
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Elements & Analysis Of Audit Findings & Respones
- 1. Resolving Audit findings Elements & Analysis of a Finding Elements of a Response
- 2. Elements & Analysis of a Finding
- 3. Elements of a Finding Finding Composition Findings are typically composed of 4 elements.
- 4. Elements of a Finding What is the auditor’s Concern? Who did the auditor assign Ownership of the concern to? What is the auditor using to Support their concern? What Consequence is the auditor indicating will happen if the finding is not cured?
- 5. Analysis of a Finding Finding Analysis Analysis process of findings typically entail 8 steps.
- 6. Analysis of a Finding Determine which executive has ultimate Ownership of the concern. (authority & ability) For example, should the General Manager develop and seek approval for policies and procedures…or should the Director of Compliance…or is it a collaboration by both? Develop an Understanding of what the concern is.
- 7. Analysis of a Finding Conduct Verification: Verify that the concern did in fact occur as stated. Verify the accuracy and sufficiency of the reason. Do cited regulation or policy and procedure support concern? Are cites for current regulations or policy and procedures? Is there exposure to fraud or et cetera?
- 8. Analysis of a Finding Determine what the Root Cause of the concern might be; is there any underlying causes. For example, was the count room door left open because someone forgot to close it or is the magnetic lock malfunctioning? Determine the Material Impact of the concern. Is there exposure to severe fines and significant lost of assets…or no regulatory action and minimum lost of assets? Was the concern an isolated incident or was it occurring frequently?
- 9. Analysis of a Finding Develop feasible Solution to cure the concern. Does the solution fully solve the root cause of the concern; or Is there a chance of the concern repeating? Determine the solution’s Cost and ROI. (cost benefit analysis) How much money needs to be invested? How much time by team members need to be invested? How much does the solution save in potential fines or theft of assets?
- 10. Analysis of a Finding Form Decisions: Whether the finding is a concern; Whether to cure the concern; How to cure the concern; Who will cure the concern; When the concern will be cured; and How to respond.
- 11. Elements of a Response
- 12. Elements of a Response Conclusive Response Response to resolve findings typically entail 5 elements.
- 13. Elements of a Response Response Owner is indicated within response. The executive with the ultimate accountability to resolve the finding is indentified. This allows the auditor and management team to know who had the authority to respond and who responded…the go to person. For example: “General Manager directed the Table Games Manager to order rules of the game brochures by June 1st and have them available to the public upon receiving shipment of brochures.” or “General Manager response is that the Table Games Manager…”
- 14. Elements of a Response Response implies or implicitly indicates Concurrence or Rebuttal of the finding. This allows the auditor and management team to know whether the executive believes there was: A regulatory or procedural violation; A lack of best practices being utilized; or Sufficient processes in place. For example: The previous slide’s table game sample response implies concurrence with the finding. A rebuttal might be “General Manager believes the poster size posting of the rules of the game at the end of the pit satisfies regulatory requirements as stated within [cite] and at this time brochures will not be ordered.”
- 15. Elements of a Response Specific Solution is indicated within response. This allows the auditor and management team to know what specific actions will be taken to resolve the finding. For example: “General Manager had the Security Manager immediately install a mechanical lock on the count room door and place the keys under dual access within the electronic key box requiring a Security Officer and Count Team Member to check out the keys. Security Officer will physically check to ensure door is secured prior to leaving area. Magnetic lock will be used once again upon it being fixed.” Highlighted portion resolves the root cause while the second portion resolves the initial concerns.
- 16. Elements of a Response A Definite Timeframe is indicated within the response. This allows the auditor and management team to know when the concern will be resolved. This holds Response Owner and Solution Owner accountable. This prevents follow-up audits from being conducted prior to solution being implemented and thus prevents repeat finding. A timeframe might be date certain or when a precondition is met. For example: “All Cage Cashier banks will be maintained on impress basis by June 1st.” or “All Cage Cahier banks will be maintained on impress basis upon ONGC approval of the submitted system of policies and procedures.”
- 17. Elements of a Response A Solution Owner is indicated within the response. This allows the auditor and management team to know who will take the specific action to resolve the concern. This (a) holds a specific person accountable, (b) eliminates uncertainty who was to resolve the concern, and (c) allows immediate recognition of whether the right person is resolving the concern. For example: “General Manager directed the Casino Swing Shift Manager to order rules of the game brochures…” when a more appropriate person may be the Table Games Manager.
- 18. In Summary Determine Elements of Finding Perform Analysis of Finding Develop Elements of Response Issue Conclusive Response And… Prevent Repeat Findings
- 19. Donald E. Westcott III Regulatory Compliance Executive http://www.linkedin.com/in/donaldwestcott Presentation Developed by: