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Here is a draft audit risk assessment report on Telstra Corporation Limited:
Audit Risk Assessment of Telstra Corporation Limited
Introduction
This report presents an audit risk assessment of Telstra Corporation Limited, one of Australia's largest telecommunications companies. The assessment identifies key risk areas that could impact the accuracy and reliability of Telstra's financial statements.
Industry Risks
As a telecommunications provider, Telstra faces risks common to the industry such as rapid technological changes, intense competition, and regulatory changes. These risks could impact Telstra's financial position and performance.
Audit Risk Model
The audit risk model identifies major risk areas for Telstra based on inherent, control, and detection risk. Key risks are discussed below.
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- The internal audit profession is facing growing customer dissatisfaction with traditional audit methods that focus on assessing controls rather than risk management processes. Regulators have called for internal audit to focus more on evaluating risk management, but most internal audits still assess controls.
- Surveys find high levels of customer dissatisfaction, with over 30% of board members and executives unhappy with internal audit. Competitors see an opportunity to exploit this dissatisfaction.
- The profession risks "paradigm paralysis" - an inability to change outdated models of thinking. History shows professions can become irrelevant if they do not adapt to changing needs. Internal audit may become the next Blackberry if it does not reinvent itself.
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Here is a draft audit risk assessment report on Telstra Corporation Limited:
Audit Risk Assessment of Telstra Corporation Limited
Introduction
This report presents an audit risk assessment of Telstra Corporation Limited, one of Australia's largest telecommunications companies. The assessment identifies key risk areas that could impact the accuracy and reliability of Telstra's financial statements.
Industry Risks
As a telecommunications provider, Telstra faces risks common to the industry such as rapid technological changes, intense competition, and regulatory changes. These risks could impact Telstra's financial position and performance.
Audit Risk Model
The audit risk model identifies major risk areas for Telstra based on inherent, control, and detection risk. Key risks are discussed below.
Is Internal Audit the Next Blackberry Part 1 ACCA IA Bulletin Dec 2016Tim Leech
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- Surveys find high levels of customer dissatisfaction, with over 30% of board members and executives unhappy with internal audit. Competitors see an opportunity to exploit this dissatisfaction.
- The profession risks "paradigm paralysis" - an inability to change outdated models of thinking. History shows professions can become irrelevant if they do not adapt to changing needs. Internal audit may become the next Blackberry if it does not reinvent itself.
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The GARP Buy Side Risk Managers Forum published Risk Principles for Asset Managers, a statement of best-practices guidelines prepared by senior risk management executives of leading investment firms. The Risk Principles document is updated and enhanced from a previous version published in 2008.
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The document discusses internal auditing in the Indian context. It begins with acknowledging those who contributed to the presentation. The discussion then covers various topics related to internal auditing including the meaning of governance, risk and control; the role of internal auditors as collaborators; preparing for continuous auditing; auditing in a changing environment; and moving beyond just compliance. The presentation emphasizes the importance of internal auditors focusing on risk assessment and mitigation, auditing entire business processes, and leveraging technology. It also outlines how the role of internal auditing needs to transform from being perceived as a "policeman" to a "policy man".
This work addresses research gap by elaborating what reporting quality is, What are the factors that affect the quality of the report? , What are the methods for measuring report quality? and how they are empirically manifested (empirical evidence).
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This document provides an overview of an internal risk assessment process presentation. It outlines the presentation agenda, which includes discussions of internal control frameworks like COSO and COBIT, risk assessment techniques, risk identification mapping, and the components of internal control. It also details the key aspects of each presentation section, such as defining internal control, its objectives, and management and auditor responsibilities regarding internal control assessment.
The audit concluded that Finance Canada has developed an adequate Corporate Risk Profile and established an Integrated Risk Management function in line with guidelines. Some elements of the communication strategy from the Corporate Risk Profile have not been fully implemented. The Department has identified key risks but could improve awareness of risk management practices among staff through better communication.
The Royal Bank of Scotland is one of the oldest banks in the UK, founded in 1727. It provides banking and financial services globally through divisions like Global Banking & Markets, Corporate Banking, Retail, Wealth Management, Ulster Bank and Citizens. The bank employs over 137,000 people worldwide and had $38.8 billion in revenue. Philip Hampton serves as the Chairman of the Board of RBS.
Presentation by Vincent Tophoff, IFAC Senior Technical Manager, and J. Stephen McNally, Campbell Soup, on the pitfalls in current risk management and internal control practices and the new Internal Control-Integrated Framework from COSO (the Committee of Sponsoring Organizations of the Treadway Commission).
The document provides information about Spire Advisors Pvt Ltd, a risk management firm. It discusses Spire's risk management solutions which include risk-based internal audits, compliance audits, internal financial controls, IT audits, and standard operating procedures. It then goes into further detail about Spire's approach to risk-based internal audits, compliance audits, and internal financial controls. The document emphasizes the importance of these risk management processes and Spire's role in providing professional services around them.
Building a Holistic Capital Management FrameworkCognizant
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This document discusses risk assessment and the role of internal auditors in risk management. It explains that the purpose of risk assessment is to identify and analyze risks to understand how they could impact objectives. Internal auditors play an important role in monitoring enterprise risk management by evaluating risks, examining controls, and recommending improvements, but they are not responsible for implementing or maintaining the risk management process. The document also provides an overview of how to conduct an organizational risk assessment, including identifying risk factors, objectives, analyzing risks, and reviewing results with management.
The document discusses the launch of the IIA Bombay Research Foundation, which aims to conduct surveys and publish research reports on issues facing the internal audit profession. It presents findings from a survey of 30 Chief Audit Executives on how the internal audit function can add value in uncertain economic times. Respondents agreed that focusing on key risks, compliance, engagement and continuous monitoring were important. The document also discusses factors that differentiate effective versus ineffective internal audit functions and new risks that should be addressed, such as costs, fraud, compliance and resilience. It proposes metrics for measuring the impact of internal audit and perspectives on building a world class internal audit function focused on strategic and execution risks.
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This document reviews different financial performance measures and their ability to measure value creation. It criticizes traditional accounting-based measures for being inaccurate and subjective, and for not aligning with the goal of maximizing shareholder wealth. Specifically, accounting allows earnings manipulation and does not consider the cost of capital. The document then examines alternative "economic value" measures like Economic Value Added (EVA), Cash Flow Return on Investment (CFROI), and Shareholder Value Added (SVA), which aim to address the shortcomings of accounting measures by incorporating the cost of capital. It compares these measures on how well they associate with stock returns and discounted cash flow valuations, and their implications for management incentives.
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[To download this presentation, visit:
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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3. Let’s talk about…
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
5/17/2024
3
4. Objective
Collaboration of risk-management and internal-
audit functions is helping organizations improve
efficiency, decision-making, and results.
(Reference 1)
5/17/2024
4
Is this
happening?
5. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
5/17/2024
5
6. Overview
5/17/2024
6
In 1999 IIA revised the definition of internal
auditing to include both assurance and consulting
activities.
In 2004 the Commission of Sponsoring
Organizations of the Treadway Commission
(COSO) released its integrated framework for
ERM.
IIA issues a position paper delineating the core
roles of IA in regard to ERM. (IIA, 2004a).
(Reference 2)
7. ERM is defined by COSO (2004, 2) as:
“…a process, effected by an entity’s board of
directors, management and other personnel,
applied in strategy setting and across the
enterprise, designed to identify potential events that
may affect the entity, and manage risks to be within
its risk appetite, to provide reasonable assurance
regarding the achievement of entity objectives.”
Overview…cont’d
5/17/2024
7 (Reference 2)
8. Overview…cont’d
5/17/2024
8
When announcing the release of the COSO
framework, the IIA issued a statement
commenting on the internal auditor’s role in risk
management (IIA, 2004b).
“Internal auditors should assist both management
and the audit committee in their risk management
responsibilities and oversight roles by examining,
evaluating, reporting, and recommending
improvements on the adequacy and effectiveness
of management’s risk processes.”
(Reference 2)
10. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
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11. Trends in Financial Services
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Convergence
o Barriers separating Banks, Brokerage and Insurers
are coming down. CROSS SELLING!
Consolidation
o Acquisitions. Reduce operating expenses and
increase market share.
Changing Business Models
o Ways to make more profit (Technology, etc.)
Challenge: Customization and Personalization
of product lines. Changes in structure for
revenue models.
12. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
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13. IA’s challenge:
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It needs to reconsider its role!
o Board Oversight
o Execution – A clear differentiator
o Change Management
o Operating style and culture – Critical to execution
effectiveness
Change the mindset! From control oriented to risk
oriented.
14. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
5/17/2024
14
15. Is audit focused on the real risks?
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15
6% 12%
68%
13%
Financial Compliance
Operation
al
Strategic/Busines
s
12
%
6
%
13% 68%
(Reference 6)
However, a significant percentage of internal audit resources
are focused on financial controls in most organizations.
16. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
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16
17. What should be the approach?
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Audit Plan
Traditional Transformed
(Reference 6)
• Evaluate impact of risks within
universe.
• Identify different risks (financial,
operational, Compliance).
• Define Audit Universe.
• Identify shareholders value by
creating business assessment
activities.
• Understand Enterprise Risks
(Strategic, Financial, Ops,
Compliance).
• Evaluate impact to shareholder
value.
√
√
√
19. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
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19
20. How do we assess risk priorities?
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20 (Reference 6)
Result: Audit universe is prioritized based on impact on
shareholder value drivers, and the current and targeted maturity
of the processes, programs and initiatives
21. Sample Risk Assessment Framework
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21 (Reference 6)
Result: A practical framework is created based on risk information
and judgment.
22. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
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22
23. Audit Plan
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23 (Reference 6)
Result: Audit plan is based on impact on shareholder value
drivers, regulatory requirements/priorities and audit judgment.
24. How do we continue the
process?
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24 (Reference 6)
Result: The relevance of the framework is driven per behavior of
each of the elements of the audit program/plan, and audit
judgment.
25. Table Content
Objective
Overview
Trends in Financial
Services
Internal Audit Challenge
Real Risks?
Approach
Assessment Framework
Audit Plan
Role of IA in ERM
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25
26. Summarizing - Role of IA in ERM
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Core Internal
Auditing Roles in
ERM
Giving assurance on risk
management processes
Giving assurance that risks
are correctly evaluated
Evaluating risk management
processes
Evaluating the reporting of
risks
Reviewing the management
of key risks
(Reference 2)
Roles internal auditing
should not undertake
Setting the risk appetite
Imposing risk management
processes
Management assurance on
risks
Taking decisions on risk
responses
Implementing risk
responses on
management’s behalf
Accountability for risk
management
28. References
1. Kristina Narvaez & John Bugalla, October 22,2012, CFO.com
2. Laura de Zwaan, Jenny Stewart and Nava Subramaniam,
Internal Audit Involvement in ERM, Griffith University,
Queensland Australia, No. 2009-02
3. Andre Brodeur & Martin Pergler, Top-dow ERM: A pragmatic
Approach to Managing Risk from the C-Suite, McKinzey
working papers on risk, #22
4. Institute of Internal Auditors, The Professional Practices
Framework, January 22
5. COSO – ERM Enterprise Risk Management - Integrated
Framework, Executive Summary, September 2004.
6. Mike Brown & Rich Reynolds, Applying Risk Assessment to
Your Audit Plan, The Future of Internal Audit, Corp Executive
Board, 2010.
7. Walter Festand - GARP (Global Association of Risk
Professionals, Common Themes in SEC and FINRA Exam
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Editor's Notes
Board Oversight: Shareholders looking for skillful members to demonstrate oversight of risk management activities.
Execution – A clear differentiator: Timely and effective identification and communication of issues. Good judgment.
Change Management: Over reliance on objective factors and historical data points. Firms do not react to aggressive business strategy and increasing risk in appetite.
Operating style and culture: Accountability and clear roles and responsibilities. Full Transparency (rapid escalation of issues). Attention to detail. Continuous improvement.
How value is destroyed in companies – reasons for decreases in shareholder value