Internal Audit in Banks-A Need for Continuous Improvement
•Download as PPTX, PDF•
1 like•1,041 views
Internal Audit should be in place not only to tackle the problem but also to ensure that such problem will not occur in the future
Report
Share
Report
Share
Recommended
Performance management audit
This document outlines key aspects for an effective performance management audit. It discusses the importance of internal audit aligning with and focusing on an organization's strategic objectives and risks. It also emphasizes the need for internal audit to continuously improve itself and promote improvement across the organization. Additionally, it notes the importance of internal audit managing relationships effectively and considering value for money in its work to help an organization achieve its strategic goals.
Internal audits role in compliance
1. Internal audit's role is to support the audit committee by providing assurance on risk management, control, and governance processes.
2. Internal audit conducts risk-based engagements by evaluating controls related to financial reporting, operations, and information systems.
3. Internal audit can take on both assurance and consulting roles related to compliance by evaluating regulatory compliance programs and making recommendations to enhance them.
Performance audit management for results
1. Performance auditing is a new paradigm that focuses on assessing the value obtained from public resources rather than just examining spending.
2. Managing for results through systematic planning, monitoring, and evaluation is key to performance auditing and obtaining value for resources.
3. Performance auditing examines economy, efficiency, effectiveness and environmental impacts of government activities to promote accountability.
Environmental scanning BBA I yr 2021
Environmental scanning is the process of examining internal and external factors that influence an organization's performance. It identifies strengths, weaknesses, opportunities, and threats to answer what may come in the future and how it will impact the business. The process involves identifying influential factors, scanning them critically, analyzing their effects on different business levels, and forecasting the impact of environmental changes to enable identifying opportunities, tapping resources, coping with changes, and improving planning and performance.
Michael Chapman Presentation
The document provides information about an executive with extensive experience leading operations and engaging employees. They have over 20 years of experience managing large international organizations and driving operational excellence. They are highly focused on raising performance through motivational leadership and employee engagement. They have a track record of exceeding cost reduction targets and strategically planning for the future.
Small business owner scanning within a dynamic environment
The document discusses scanning the environment by small business owners. It defines scanning as acquiring knowledge about external events, trends, and relationships to adapt to threats and opportunities. Dynamic environments create unstable markets and uncertainty. Small business owners must adjust not only their market perceptions but also their self-efficacy beliefs about their ability to adapt. The conclusion is that planning can help reduce the effects of dynamic environments on businesses and owners' ability to deal with major changes. Future research proposed includes studying scanning practices and self-efficacy effects before and after a dynamic market event.
Corporate Governance
Corporate governance involves the procedures used by stakeholders like shareholders to oversee management's risk and control processes. The principles aim to improve frameworks for stock exchanges, corporations, and investors through concise and understandable codes. There are five key principles: protecting shareholder rights; equitable treatment of shareholders; considering stakeholder roles; ensuring timely disclosure of financial and operational information; and defining the strategic guidance and oversight responsibilities of the board. Corporate governance also exhibits seven characteristics: discipline, transparency, independence, accountability, responsibility, fairness, and social responsibility.
Improve Regulatory Compliance & Risk Management Using Best Practices
Protect your companies' brand, add strategic value to AP, and assure your senior management that your vendor information is complete, accurate and compliant.
Mary Schaeffer from AP Now and Joe Flynn Founder of Lavante present how to:
* Improve Vendors relationships by enabling effective communication
* Define AP procedures for gathering credentials and ensuring government compliance
* Conduct an unbiased in-depth statement review process' to recover credits, erroneous payments, contract compliance, and more
* Leverage supplier portals to reduce costs and streamline AP processes
Fine out if you are using the best practices when it comes to your Government Regulation Compliance program. Or to watch the webinar on-demand, go here: http://bit.ly/1zAPxJC.
Recommended
Performance management audit
This document outlines key aspects for an effective performance management audit. It discusses the importance of internal audit aligning with and focusing on an organization's strategic objectives and risks. It also emphasizes the need for internal audit to continuously improve itself and promote improvement across the organization. Additionally, it notes the importance of internal audit managing relationships effectively and considering value for money in its work to help an organization achieve its strategic goals.
Internal audits role in compliance
1. Internal audit's role is to support the audit committee by providing assurance on risk management, control, and governance processes.
2. Internal audit conducts risk-based engagements by evaluating controls related to financial reporting, operations, and information systems.
3. Internal audit can take on both assurance and consulting roles related to compliance by evaluating regulatory compliance programs and making recommendations to enhance them.
Performance audit management for results
1. Performance auditing is a new paradigm that focuses on assessing the value obtained from public resources rather than just examining spending.
2. Managing for results through systematic planning, monitoring, and evaluation is key to performance auditing and obtaining value for resources.
3. Performance auditing examines economy, efficiency, effectiveness and environmental impacts of government activities to promote accountability.
Environmental scanning BBA I yr 2021
Environmental scanning is the process of examining internal and external factors that influence an organization's performance. It identifies strengths, weaknesses, opportunities, and threats to answer what may come in the future and how it will impact the business. The process involves identifying influential factors, scanning them critically, analyzing their effects on different business levels, and forecasting the impact of environmental changes to enable identifying opportunities, tapping resources, coping with changes, and improving planning and performance.
Michael Chapman Presentation
The document provides information about an executive with extensive experience leading operations and engaging employees. They have over 20 years of experience managing large international organizations and driving operational excellence. They are highly focused on raising performance through motivational leadership and employee engagement. They have a track record of exceeding cost reduction targets and strategically planning for the future.
Small business owner scanning within a dynamic environment
The document discusses scanning the environment by small business owners. It defines scanning as acquiring knowledge about external events, trends, and relationships to adapt to threats and opportunities. Dynamic environments create unstable markets and uncertainty. Small business owners must adjust not only their market perceptions but also their self-efficacy beliefs about their ability to adapt. The conclusion is that planning can help reduce the effects of dynamic environments on businesses and owners' ability to deal with major changes. Future research proposed includes studying scanning practices and self-efficacy effects before and after a dynamic market event.
Corporate Governance
Corporate governance involves the procedures used by stakeholders like shareholders to oversee management's risk and control processes. The principles aim to improve frameworks for stock exchanges, corporations, and investors through concise and understandable codes. There are five key principles: protecting shareholder rights; equitable treatment of shareholders; considering stakeholder roles; ensuring timely disclosure of financial and operational information; and defining the strategic guidance and oversight responsibilities of the board. Corporate governance also exhibits seven characteristics: discipline, transparency, independence, accountability, responsibility, fairness, and social responsibility.
Improve Regulatory Compliance & Risk Management Using Best Practices
Protect your companies' brand, add strategic value to AP, and assure your senior management that your vendor information is complete, accurate and compliant.
Mary Schaeffer from AP Now and Joe Flynn Founder of Lavante present how to:
* Improve Vendors relationships by enabling effective communication
* Define AP procedures for gathering credentials and ensuring government compliance
* Conduct an unbiased in-depth statement review process' to recover credits, erroneous payments, contract compliance, and more
* Leverage supplier portals to reduce costs and streamline AP processes
Fine out if you are using the best practices when it comes to your Government Regulation Compliance program. Or to watch the webinar on-demand, go here: http://bit.ly/1zAPxJC.
Business Environment analysis
This document provides an overview of business environment analysis. It discusses what business environment analysis is, the stages and techniques involved, and the approaches used. Business environment analysis is a strategic tool that identifies internal and external factors affecting an organization to understand their impact. It helps align strategies with the firm's environment. The main techniques covered are PESTLE analysis, which examines political, economic, social, technological, legal and environmental factors, and SWOT analysis, which evaluates strengths, weaknesses, opportunities and threats. Understanding the business environment through analysis is important for organizational success and adapting to changes.
IAASB Quality Management Webcast Series: Webcast Three
View the slides for the introduction to the International Auditing and Assurance Standards Board's recently proposed quality management standards. In this webcast, IAASB members and Task force chairs, Imran Vanker and Lyn Provost discuss the proposed ISQM 2, Engagement Quality Reviews, and ISA 220 (Revised), Quality Management for an Audit of Financial Statements. Video available at www.iaasb.org/quality-management
The quality management standards are currently open for public consultation until July 1, 2019.
Business impact analysis and Cost-benefit Analysis. Risk Assesment
This document discusses business impact analysis (BIA), cost/benefit analysis (CBA), and risk assessment methods. It defines BIA as identifying key business areas, critical functions, acceptable downtime, and dependencies to understand potential impacts of a disaster. CBA is described as a systematic approach to compare benefits and costs of alternatives to determine the best allocation of resources. Risk assessment methods involve understanding cost estimating risk, schedule risk, and requirement risk as well as quantifying uncertainties. Monte Carlo simulation is presented as a tool to analyze how uncertainties affect cost estimates.
Compliance framework
This document summarizes a presentation on compliance frameworks. It defines a framework and its key components: policy, process, and people. It provides examples of policy documents, compliance manuals, checklists, and training. The presentation emphasizes establishing a tone at the top, following all applicable laws and regulations, implementing processes to ensure compliance, and defining roles and responsibilities. It also discusses issues like balancing business needs with compliance and the need for common definitions.
The Consulting Approach of IA
Internal auditors can provide both assurance work and consulting services to an organization. There are six main types of consulting work: formal engagements, informal engagements, emergency services, assessment services, facilitation services, and remedial services. The document then outlines the typical steps and considerations for an internal audit consulting engagement, including: establishing initial terms of reference, conducting a preliminary survey, establishing suppositions, developing an audit work program, performing detailed field work, determining underlying causes, defining and evaluating options, testing selected options, discussing options with management, and reporting findings.
Org. change
The document presents an overview of organizational change, including:
1) Sources of organizational change can be external (economic, technological, socio-cultural, political, international) or internal (administrative processes, structure, technology, profitability, resources).
2) Types of change include planned (internal/external) and unplanned (internal/external).
3) Key factors to consider when changing an organization include the agent of change, what should change, the type of change, those affected, and criteria for evaluation.
Extended External Reporting (EER) Assurance
The webinar covered extended external reporting (EER) assurance and the IAASB's draft guidance on EER assurance engagements. It discussed what EER is, how assurance serves the public interest, and challenges in EER assurance due to characteristics of EER reporting. The purpose and structure of the guidance was explained, focusing on how it addresses key stages of an EER assurance engagement and common types of EER information. Next steps outlined a public comment period on the draft guidance, with the final version expected in late 2020.
Management control system in service and multinational organization
This document discusses management control systems in various types of organizations. It begins by explaining differences in management control for service organizations compared to manufacturing. It then discusses professional services, financial services, healthcare, and non-profit organizations, outlining their special characteristics and management control considerations. The document concludes by examining management control challenges in multinational organizations, including cultural differences, transfer pricing, exchange rates, and performance evaluation metrics.
Environmental Scanning, SWOT Analysis
Environmental scanning involves detailed research and interviews to understand the lifestyles and existing businesses in an area. This helps identify the most ideal business opportunities and internal and external factors that can impact a company. A SWOT analysis assesses a business's strengths, weaknesses, opportunities, and threats to evaluate positive factors like strengths and opportunities, as well as negative factors like weaknesses and threats that could pose risks.
Strategy org. desgn otd-ch-2
This document discusses organization design and effectiveness. It covers strategic direction and how it influences organization design. It also discusses organizational purpose including mission and goals. The document presents frameworks for selecting strategies and designs, including Porter's competitive strategies and Miles and Snow's strategy typologies of prospectors, defenders, analyzers, and reactors. It discusses assessing organizational effectiveness using contingency, goal, resource-based, and internal process approaches. The document proposes an integrated effectiveness model that combines these indicators into a single framework.
Man101 Chapter13
Control involves monitoring activities to ensure they are accomplished as planned and correcting deviations to attain organizational goals. The control process includes measuring performance, comparing to standards, and taking action to correct deviations. There are different types of control including feedforward, concurrent, and feedback control. An effective control system has qualities like accuracy, timeliness, flexibility, and reasonable criteria. Contingency factors like organization size and culture affect control system design.
IIA Report Writing 10 Oct 09
The document discusses important elements for writing effective reports. It outlines an agenda for a presentation on report writing skills, including why report writing is important, elements of a good report, and 10 rules for writing effective reports. Some key elements of a good report discussed are having a clear objective, understanding the audience, including a process narrative, and properly formatting recommendations and management responses.
External environment of Organization
This document provides an overview of business environment and its analysis. It discusses that business environment includes internal and external factors that influence an organization. The external environment is further divided into micro and macro environment. The micro environment includes suppliers, customers, competitors and other stakeholders that directly influence business operations. The macro environment consists of broader factors like economic, political, social, technological, legal and environmental factors that indirectly impact businesses. Various tools for environmental analysis are also discussed including PESTLE analysis that assesses Political, Economic, Social, Technological, Legal and Environmental factors of the external macro environment.
Process Level Auditing 2012
Process Level Auditing (PLA) involves auditors facilitating managers to assess control strengths and weaknesses within related business activities. The auditor and managers work together to develop improvement plans where needed. With PLA, all existing controls are reviewed by managers and auditors to determine how to improve efficiency. The internal audit acts as a consultant to enhance department operations. PLA improves the organization by incorporating manager operational knowledge, assessing processes as continuous flows, helping managers understand impact across activities, and applying controls for maximum efficiency and effectiveness.
L 5 external environment
Supermarkets have strong bargaining power over Coca-Cola as they:
- Buy in large volumes
- Control access to end customers
- Can threaten to stock substitute/competitor brands
- Have the ability to negotiate lower prices
Therefore, supermarkets can demand lower prices or better trade deals from Coca-Cola compared to smaller retail channels like convenience stores or soda shops. This gives supermarkets strong buyer power over Coca-Cola in the distribution channel. Meeting their demands impacts Coca-Cola's profits.
All You Need to Know about the Firm’s Risk Assessment Process
All You Need to Know about the Firm’s Risk Assessment ProcessInternational Federation of Accountants
This document provides an overview of ISQM 1, which establishes standards and provides guidance for quality management at the firm level. It discusses key changes in ISQM 1 including a focus on quality management and customizing the system of quality management. It also outlines the structure and components of ISQM 1. A major focus is on the firm's risk assessment process, which involves establishing quality objectives, identifying and assessing quality risks, designing and implementing responses, and making additions or modifications based on changes to the firm or engagements. The timeline for implementation is also presented.Bringing it all Together: Exploring all the Components of a Quality Managemen...
Bringing it all Together: Exploring all the Components of a Quality Managemen...International Federation of Accountants
The Quality Management webinar series, hosted by the IAASB in collaboration with IFAC, takes a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
The webinar series focused on:
Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
Webinar Two: Resources: Expectations for Firms and Engagement Partners
Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes
Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
ISQM 1 is part of the IAASB’s suite of quality management standards. Firms are required to have systems of quality management designed and implemented in accordance with ISQM 1 by December 15, 2022. Learn more about the quality management standards at: iaasb.org/quality-managementManagement Audit
A management audit is an independent review that identifies areas where management has failed to meet performance standards and evaluates management decision making to improve organizational efficiency and effectiveness. Shareholders or the board of directors appoint management auditors, who are typically chartered accountants with knowledge of accounting, finance, and management. Management auditors evaluate and compare past and present performance, assess current procedures, and suggest improvements to help organizations improve efficiency, evaluate management effectiveness, and inform decisions around loans, equity, reviving struggling business units, and foreign collaborations. A management audit differs from a cost audit in its definition, scope, period covered, appointment process, auditor qualifications, and audit report submission requirements.
Implementation for performance auditing
This document provides guidelines for performance auditing based on INTOSAI's Auditing Standards and practical experience from SAIs. Performance auditing examines the economy, efficiency, and effectiveness of government programs and organizations with the aim of driving improvements. It differs from financial auditing in that it has more flexibility in its scope and methods. The guidelines are intended to assist performance auditors but also recognize that performance auditing approaches vary between countries. The guidelines cover defining performance auditing, applying auditing principles, planning, conducting, and reporting performance audits.
Creating a compliance assessment program on a tight budget
The document provides guidance on creating a compliance assessment program on a tight budget. It outlines steps to prepare such as creating policies and socializing them, determining assessment scope and methods, developing assessment forms and reporting templates, and improving the program over time. The preparation phase involves creating policies, standards, and guidelines. Assessment involves mapping processes, using forms to evaluate adherence, and creating reports on findings. Findings are then reviewed and the program is refined through cycles.
Process Level Auditing Presentation
Process level auditing involves auditors facilitating managers' assessment of control strengths and weaknesses across related activities. The auditors and managers work together to develop improvement plans where needed. Under this approach, all existing controls are reviewed by managers and auditors to determine how efficiency can be improved. The auditors act as consultants to help enhance department operations.
Clay Alvin Resume 4-15
Alvin Clay has over 20 years of experience in operations management, fraud prevention, and investigations within the banking industry. He currently works as an Enhanced Due Diligence Investigator and Quality Assurance Manager at M&T Bank, where he is responsible for quality reviews, investigations, training, and ensuring regulatory compliance. Previously, he held senior management roles overseeing fraud prevention teams at HSBC and Capital One Banks. He has a Master's degree in Business Management and a Bachelor's degree in Business Administration.
More Related Content
What's hot
Business Environment analysis
This document provides an overview of business environment analysis. It discusses what business environment analysis is, the stages and techniques involved, and the approaches used. Business environment analysis is a strategic tool that identifies internal and external factors affecting an organization to understand their impact. It helps align strategies with the firm's environment. The main techniques covered are PESTLE analysis, which examines political, economic, social, technological, legal and environmental factors, and SWOT analysis, which evaluates strengths, weaknesses, opportunities and threats. Understanding the business environment through analysis is important for organizational success and adapting to changes.
IAASB Quality Management Webcast Series: Webcast Three
View the slides for the introduction to the International Auditing and Assurance Standards Board's recently proposed quality management standards. In this webcast, IAASB members and Task force chairs, Imran Vanker and Lyn Provost discuss the proposed ISQM 2, Engagement Quality Reviews, and ISA 220 (Revised), Quality Management for an Audit of Financial Statements. Video available at www.iaasb.org/quality-management
The quality management standards are currently open for public consultation until July 1, 2019.
Business impact analysis and Cost-benefit Analysis. Risk Assesment
This document discusses business impact analysis (BIA), cost/benefit analysis (CBA), and risk assessment methods. It defines BIA as identifying key business areas, critical functions, acceptable downtime, and dependencies to understand potential impacts of a disaster. CBA is described as a systematic approach to compare benefits and costs of alternatives to determine the best allocation of resources. Risk assessment methods involve understanding cost estimating risk, schedule risk, and requirement risk as well as quantifying uncertainties. Monte Carlo simulation is presented as a tool to analyze how uncertainties affect cost estimates.
Compliance framework
This document summarizes a presentation on compliance frameworks. It defines a framework and its key components: policy, process, and people. It provides examples of policy documents, compliance manuals, checklists, and training. The presentation emphasizes establishing a tone at the top, following all applicable laws and regulations, implementing processes to ensure compliance, and defining roles and responsibilities. It also discusses issues like balancing business needs with compliance and the need for common definitions.
The Consulting Approach of IA
Internal auditors can provide both assurance work and consulting services to an organization. There are six main types of consulting work: formal engagements, informal engagements, emergency services, assessment services, facilitation services, and remedial services. The document then outlines the typical steps and considerations for an internal audit consulting engagement, including: establishing initial terms of reference, conducting a preliminary survey, establishing suppositions, developing an audit work program, performing detailed field work, determining underlying causes, defining and evaluating options, testing selected options, discussing options with management, and reporting findings.
Org. change
The document presents an overview of organizational change, including:
1) Sources of organizational change can be external (economic, technological, socio-cultural, political, international) or internal (administrative processes, structure, technology, profitability, resources).
2) Types of change include planned (internal/external) and unplanned (internal/external).
3) Key factors to consider when changing an organization include the agent of change, what should change, the type of change, those affected, and criteria for evaluation.
Extended External Reporting (EER) Assurance
The webinar covered extended external reporting (EER) assurance and the IAASB's draft guidance on EER assurance engagements. It discussed what EER is, how assurance serves the public interest, and challenges in EER assurance due to characteristics of EER reporting. The purpose and structure of the guidance was explained, focusing on how it addresses key stages of an EER assurance engagement and common types of EER information. Next steps outlined a public comment period on the draft guidance, with the final version expected in late 2020.
Management control system in service and multinational organization
This document discusses management control systems in various types of organizations. It begins by explaining differences in management control for service organizations compared to manufacturing. It then discusses professional services, financial services, healthcare, and non-profit organizations, outlining their special characteristics and management control considerations. The document concludes by examining management control challenges in multinational organizations, including cultural differences, transfer pricing, exchange rates, and performance evaluation metrics.
Environmental Scanning, SWOT Analysis
Environmental scanning involves detailed research and interviews to understand the lifestyles and existing businesses in an area. This helps identify the most ideal business opportunities and internal and external factors that can impact a company. A SWOT analysis assesses a business's strengths, weaknesses, opportunities, and threats to evaluate positive factors like strengths and opportunities, as well as negative factors like weaknesses and threats that could pose risks.
Strategy org. desgn otd-ch-2
This document discusses organization design and effectiveness. It covers strategic direction and how it influences organization design. It also discusses organizational purpose including mission and goals. The document presents frameworks for selecting strategies and designs, including Porter's competitive strategies and Miles and Snow's strategy typologies of prospectors, defenders, analyzers, and reactors. It discusses assessing organizational effectiveness using contingency, goal, resource-based, and internal process approaches. The document proposes an integrated effectiveness model that combines these indicators into a single framework.
Man101 Chapter13
Control involves monitoring activities to ensure they are accomplished as planned and correcting deviations to attain organizational goals. The control process includes measuring performance, comparing to standards, and taking action to correct deviations. There are different types of control including feedforward, concurrent, and feedback control. An effective control system has qualities like accuracy, timeliness, flexibility, and reasonable criteria. Contingency factors like organization size and culture affect control system design.
IIA Report Writing 10 Oct 09
The document discusses important elements for writing effective reports. It outlines an agenda for a presentation on report writing skills, including why report writing is important, elements of a good report, and 10 rules for writing effective reports. Some key elements of a good report discussed are having a clear objective, understanding the audience, including a process narrative, and properly formatting recommendations and management responses.
External environment of Organization
This document provides an overview of business environment and its analysis. It discusses that business environment includes internal and external factors that influence an organization. The external environment is further divided into micro and macro environment. The micro environment includes suppliers, customers, competitors and other stakeholders that directly influence business operations. The macro environment consists of broader factors like economic, political, social, technological, legal and environmental factors that indirectly impact businesses. Various tools for environmental analysis are also discussed including PESTLE analysis that assesses Political, Economic, Social, Technological, Legal and Environmental factors of the external macro environment.
Process Level Auditing 2012
Process Level Auditing (PLA) involves auditors facilitating managers to assess control strengths and weaknesses within related business activities. The auditor and managers work together to develop improvement plans where needed. With PLA, all existing controls are reviewed by managers and auditors to determine how to improve efficiency. The internal audit acts as a consultant to enhance department operations. PLA improves the organization by incorporating manager operational knowledge, assessing processes as continuous flows, helping managers understand impact across activities, and applying controls for maximum efficiency and effectiveness.
L 5 external environment
Supermarkets have strong bargaining power over Coca-Cola as they:
- Buy in large volumes
- Control access to end customers
- Can threaten to stock substitute/competitor brands
- Have the ability to negotiate lower prices
Therefore, supermarkets can demand lower prices or better trade deals from Coca-Cola compared to smaller retail channels like convenience stores or soda shops. This gives supermarkets strong buyer power over Coca-Cola in the distribution channel. Meeting their demands impacts Coca-Cola's profits.
All You Need to Know about the Firm’s Risk Assessment Process
All You Need to Know about the Firm’s Risk Assessment ProcessInternational Federation of Accountants
This document provides an overview of ISQM 1, which establishes standards and provides guidance for quality management at the firm level. It discusses key changes in ISQM 1 including a focus on quality management and customizing the system of quality management. It also outlines the structure and components of ISQM 1. A major focus is on the firm's risk assessment process, which involves establishing quality objectives, identifying and assessing quality risks, designing and implementing responses, and making additions or modifications based on changes to the firm or engagements. The timeline for implementation is also presented.Bringing it all Together: Exploring all the Components of a Quality Managemen...
Bringing it all Together: Exploring all the Components of a Quality Managemen...International Federation of Accountants
The Quality Management webinar series, hosted by the IAASB in collaboration with IFAC, takes a deep dive into aspects of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
The webinar series focused on:
Webinar One: All You Need to Know about the Firm’s Risk Assessment Process
Webinar Two: Resources: Expectations for Firms and Engagement Partners
Webinar Three: What’s New for Firms’ Monitoring and Remediation Processes
Webinar Four: Bringing it All Together: Exploring all the Components of a Quality Management System
ISQM 1 is part of the IAASB’s suite of quality management standards. Firms are required to have systems of quality management designed and implemented in accordance with ISQM 1 by December 15, 2022. Learn more about the quality management standards at: iaasb.org/quality-managementManagement Audit
A management audit is an independent review that identifies areas where management has failed to meet performance standards and evaluates management decision making to improve organizational efficiency and effectiveness. Shareholders or the board of directors appoint management auditors, who are typically chartered accountants with knowledge of accounting, finance, and management. Management auditors evaluate and compare past and present performance, assess current procedures, and suggest improvements to help organizations improve efficiency, evaluate management effectiveness, and inform decisions around loans, equity, reviving struggling business units, and foreign collaborations. A management audit differs from a cost audit in its definition, scope, period covered, appointment process, auditor qualifications, and audit report submission requirements.
Implementation for performance auditing
This document provides guidelines for performance auditing based on INTOSAI's Auditing Standards and practical experience from SAIs. Performance auditing examines the economy, efficiency, and effectiveness of government programs and organizations with the aim of driving improvements. It differs from financial auditing in that it has more flexibility in its scope and methods. The guidelines are intended to assist performance auditors but also recognize that performance auditing approaches vary between countries. The guidelines cover defining performance auditing, applying auditing principles, planning, conducting, and reporting performance audits.
Creating a compliance assessment program on a tight budget
The document provides guidance on creating a compliance assessment program on a tight budget. It outlines steps to prepare such as creating policies and socializing them, determining assessment scope and methods, developing assessment forms and reporting templates, and improving the program over time. The preparation phase involves creating policies, standards, and guidelines. Assessment involves mapping processes, using forms to evaluate adherence, and creating reports on findings. Findings are then reviewed and the program is refined through cycles.
What's hot (20)
IAASB Quality Management Webcast Series: Webcast Three
IAASB Quality Management Webcast Series: Webcast Three
Business impact analysis and Cost-benefit Analysis. Risk Assesment
Business impact analysis and Cost-benefit Analysis. Risk Assesment
Management control system in service and multinational organization
Management control system in service and multinational organization
All You Need to Know about the Firm’s Risk Assessment Process
All You Need to Know about the Firm’s Risk Assessment Process
Bringing it all Together: Exploring all the Components of a Quality Managemen...
Bringing it all Together: Exploring all the Components of a Quality Managemen...
Creating a compliance assessment program on a tight budget
Creating a compliance assessment program on a tight budget
Similar to Internal Audit in Banks-A Need for Continuous Improvement
Process Level Auditing Presentation
Process level auditing involves auditors facilitating managers' assessment of control strengths and weaknesses across related activities. The auditors and managers work together to develop improvement plans where needed. Under this approach, all existing controls are reviewed by managers and auditors to determine how efficiency can be improved. The auditors act as consultants to help enhance department operations.
Clay Alvin Resume 4-15
Alvin Clay has over 20 years of experience in operations management, fraud prevention, and investigations within the banking industry. He currently works as an Enhanced Due Diligence Investigator and Quality Assurance Manager at M&T Bank, where he is responsible for quality reviews, investigations, training, and ensuring regulatory compliance. Previously, he held senior management roles overseeing fraud prevention teams at HSBC and Capital One Banks. He has a Master's degree in Business Management and a Bachelor's degree in Business Administration.
Unit v
The document provides information on various management topics including management by objectives (MBO), controlling as a management function, SWOT analysis, strategic management, enterprise resource planning (ERP), supply chain management, activity-based management, and keys to successfully implementing activity-based management. It defines each concept and discusses its importance, benefits, weaknesses, and key aspects.
Resume m west 2016
This document provides a summary of Michelle West's experience and qualifications. She has over 24 years of experience in finance, accounting, customer relations, and administration. Most recently, she worked for 11 years at Boeing where her roles included labor estimating, compliance, accounting, configuration management, and engineering. She has extensive experience in accounting, contracts, internal controls, planning, and reporting. She is proficient in various systems and accounting principles. Prior to Boeing, she worked as an assistant branch manager at a credit union where she performed administrative, financial, and customer service duties.
9erobbins ppt18
This document provides an outline for a chapter on organizational control and performance measurement. It discusses key topics like the definition of control, the control process, measuring performance, and tools for controlling organizational performance. Specifically, it defines control as monitoring activities to ensure goals are met and deviations are corrected. It describes the three steps in the control process as measuring performance, comparing it to standards, and taking action to address deviations. Finally, it discusses different types of controls like feedback, concurrent, and feedforward controls and tools for measurement like financial reports, balanced scorecards, and benchmarking.
Robbins9 ppt18 controlling
This document provides an outline for a chapter on organizational control. It discusses key topics like the definition of control, the control process, measuring performance, and tools for controlling organizational performance. Specifically, it defines control as monitoring activities to ensure they are accomplished as planned and correcting deviations. It describes the three steps in the control process as measuring performance, comparing it to a standard, and taking action to correct deviations. The document also discusses common performance measures, different types of controls like feedback and concurrent controls, and tools managers can use to control performance like balanced scorecards and benchmarking.
Resume- HAJER JAOUANI - August 2016
Hajer Jaouani is an experienced internal audit consultant offering over 15 years of experience in internal audit, risk management, and compliance. She has expertise in a variety of industries including real estate, healthcare, and telecommunications. Jaouani has held senior roles at PricewaterhouseCoopers and Bell Canada where she led internal audit engagements, assessed risks, and tested internal controls. She is proficient in audit standards and frameworks including COSO and Sarbanes-Oxley.
Lynes Diagrams
The document discusses IT management best practices across multiple phases and areas, including:
- Phase I focuses on defining the IT strategy and identifying how IT can enable, enhance, or inhibit business strategies.
- Phase II involves developing an IT plan to define strategic initiatives, applications, infrastructure, partnerships, and staffing needed to achieve the strategy.
- Phase III is focused on ensuring IT quality through programs for total quality management, standards, and continuous improvement.
SM Waddell2010gmail
Michelle Waddell is a versatile finance professional with over 15 years of experience in financial planning, analysis, reporting, and process improvement. She has held various financial roles such as CFO, Controller, Financial Analyst, and Consultant for companies in the medical device and technology industries. Her experience includes strategic planning, budgeting, financial modeling, accounting, and ensuring regulatory compliance. She has a B.B.A in Economics from the University of Memphis and additional training in controllership, management, and quality systems.
Controlling
The document discusses various types of organizational control systems including feedforward, concurrent, and feedback control. It describes how these different control systems can be used to anticipate problems, monitor ongoing processes, and evaluate outputs. Specific examples are given of how different organizations implement various control strategies like budgeting, quality management programs, and financial reporting.
Internal auditing for “one & all” (second edition)
The depth and scope of examination, time of audit, processing methods, etc. In deciding on a specific technique, also need to take account of the objective of the audit action and the capacities limited by time or other factors.
Office 365: Is Governance Affected and Where Do We Start?
As we all know, more and more organizations are starting to question “Do we or do we not implement Office 365?”. However, as these discussions are taking place; governance is rarely addressed or considered. The main reason is that the majority believe that once they have implemented governance that they are done; unless there is an update such as a server name change or an employee change (such as a departure or addition). During the initial planning around governance it is likely that there were discussions around auditing of the governance document and potential quarterly reviews to ensure that the document is up to date and still fits the business. However, it is common to forget that after that fact; even though it is documented “within the governance document”.
Governance becomes even more important with Office 365 because it’s all cloud based. This means all of the content, backup, recovery, etc. are all handled by Microsoft and you have virtually no control over it. In this session we will review the areas of concern and how they can be addressed within the governance document, the importance of reviewing the document frequently; and ways to make the information available to your internal SharePoint Community. In addition, we will review the features of Office 365 that will have a major impact on Exchange, SharePoint, Office Apps and Lync. We will review each of these applications and the areas of importance that should be addressed in the governance document, as well as why each of them are important.
Chapter 9 Managing and Controlling Ethics Programs
This chapter examines how to manage and control ethics programs through the use of ethics audits. It discusses implementing effective ethics programs, defining ethics audits and how they relate to social audits. The chapter then explores the benefits of ethics auditing such as identifying issues early, improving stakeholder relationships, and preparing for crises. It also details how to measure performance against goals using tools like the balanced scorecard and Global Reporting Initiative. Finally, the chapter covers risks of auditing and questions that should be addressed in the auditing process.
Cv Mindy Kaplan Ia Bk 1228 Li
Mindy Kaplan is an experienced internal auditor and SOX compliance executive with an MBA in finance. She has 20 years of experience in internal audit, SOX compliance, and enterprise risk management at major financial institutions. She is skilled in process analysis, risk assessment, project management, and internal controls. Currently, she works as an independent contractor providing audit, compliance, and consulting services.
Covering Your Bases McDonald
This document discusses establishing an effective compliance program at commercial lenders. It notes the intense pressure for cost reduction and revenue growth that requires a coordinated compliance risk management system. An effective program has elements like qualified compliance staff, risk testing, documentation, and addressing regulatory changes. Key elements include compliance resources, testing, responsibility, policies, communication, training, technology, issue reporting, and adapting to new laws. The document provides sources for further information on preparing for and passing regulatory exams and compliance program best practices.
Accounting & Financial Management SGVU Exam Question Sampe Paper Infographics
The document discusses key concepts in financial accounting and management accounting such as fixed assets, capital and revenue expenditures, financial statements, and accounting as an information system. It addresses topics like fixed asset components, bank reconciliation statements, tangible and intangible assets, cost centers, fixed asset registers, controlling fixed assets, capital versus revenue expenditures, criteria for differentiation, financial versus management accounting, accounting statements, and the role and ethics of accounting.
Josh Browning Resume
Joshua Browning is an experienced executive seeking a new opportunity utilizing his skills in human resources, sales, operations, and accounting management. He has over 10 years of sales management experience and 7 years in operations management. Browning is highly trained in areas like negotiations, customer service, troubleshooting, and computers/electronics.
BGRC Proposition November 2016
This document discusses establishing robust regulatory control frameworks for regulated firms. It summarizes that effective governance and high regulatory standards are critical for regulated businesses. It then outlines the key elements of a regulatory control framework, including governance oversight, risk assessment, policies and procedures to control risks, ongoing monitoring, and communication of information. The company, Bespoke Governance & Regulatory Control Frameworks, then offers its services to help firms design, implement, and embed customized regulatory control frameworks tailored to their needs and requirements.
Case study _a_regional_care_organisation_s_commitment_to_good_governance__1_
Case study _a_regional_care_organisation_s_commitment_to_good_governance__1_Turlough Guerin GAICD FGIA
The regional care organisation engaged Governance Evaluator to evaluate its governance. The board and CEO completed online evaluations. Areas of highest satisfaction included board size/structure and financial oversight. Areas of lowest satisfaction were risk appetite and partnering with consumers. The CEO was less satisfied than directors in partnering with consumers and understanding industry trends. An action plan was developed to strengthen governance, including a new strategic plan and consumer partnerships. The process improved board awareness and culture.radius-profile[1]
Radius is a global advisory firm that provides services across many industries and business sectors. They have a broad range of expertise developed from working with clients on critical issues. Their team of consultants can assemble project teams with deep knowledge of specific client industries. Radius aims to offer customized solutions and strategies tailored to each client's needs. They have experience in areas like management consulting, due diligence, risk management, IT services, strategic planning, and more. Radius works to deliver measurable benefits to clients by developing and implementing processes and programs to improve their operations.
Similar to Internal Audit in Banks-A Need for Continuous Improvement (20)
Internal auditing for “one & all” (second edition)
Internal auditing for “one & all” (second edition)
Office 365: Is Governance Affected and Where Do We Start?
Office 365: Is Governance Affected and Where Do We Start?
Chapter 9 Managing and Controlling Ethics Programs
Chapter 9 Managing and Controlling Ethics Programs
Accounting & Financial Management SGVU Exam Question Sampe Paper Infographics
Accounting & Financial Management SGVU Exam Question Sampe Paper Infographics
Case study _a_regional_care_organisation_s_commitment_to_good_governance__1_
Case study _a_regional_care_organisation_s_commitment_to_good_governance__1_
Internal Audit in Banks-A Need for Continuous Improvement
- 1. INTERNAL AUDIT NEED FOR CONTINUOUS IMPROVEMENT
- 2. DEFINITION An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations.
- 3. OBJECTIVES Examination and evaluation of the adequacy and effectiveness of internal control systems Review of the application and effectiveness of risk management procedures and risk assessment methodologies Review of management and financial information systems Review of the accuracy and reliability of accounting records and financial information systems Testing of both transactions and functioning of specific internal control procedures at various departments of the company's branches and other departments.
- 4. OBJECTIVES Evaluation of adherence of legal and regulatory requirements and approved policies and procedures Evaluation of effectiveness of existing policies and procedures and provide recommendations for improvements Identifying opportunities for cost savings and making recommendations for cost efficiencies Confirming that the directives issued by NRB are strictly adhered to.
- 5. PROBLEM PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM, PROBLEM
- 6. SOLUTION LETS MOVE TOWARDS SOLUTION
- 7. STRATEGIC ISSUES RESPONSIBILITY OF THE SENIOR MANAGEMENT TO FORMULATE POLICIES, PROCEDURES AND GUIDELINES TO SOLVE.
- 8. EXAMPLES OF STRATEGIC ISSUES PREPARATION OF SCHEDULE OF SERVICE CHARGES PROVIDING TRAINING TO BRANCHES AS PER REQUIREMENT. SIGNATURE MANAGEMENT. VAULT MANAGEMENT
- 9. OPERATIONAL ISSUES RESPONSIBILITY OF THE BRANCH MANAGERS TO IMPLEMENT THE POLICIES, PROCEDURES AND GUIDELINES FORMULATED BY SENIOR MANAGEMENT
- 10. EXAMPLES OF OPERATIONAL ISSUES BOOKS OF ACCOUNTS AND INTERNAL RECORDS UPTO DATE TIMELY INTERNAL REPORTING CASH OUTSIDE THE VAULT ROOM INCORRECT INTEREST RATE ON DEPOSITS AND LOANS CASH IN TRANSIT ABOVE THE INSURANCE COVERAGE
- 11. CONCURRENT CHECK BY BM WEEKLY/MONTHLY SURPRISE CASH VERIFICATION CSD NON TAXABLE ACCOUNT REPORT VERIFICATION OF REGISTERS ON MONTHLY/WEEKLY BASIS. MONTHLY/WEEKLY REVIEW OF INTEREST RATES ON DEPOSITS AND LOANS. REVIEW OF CREDIT FILES FOR REPAYMENT SCHEDULES, LOAN SANCTION LETTER, DISBURSEMENT LETTER ETC AT THE POINT OF DISBURSEMENT.
- 12. CONCLUSION JOINT EFFORT, COORDINATION AND SUPPORT FOR CONTINUOUS IMPROVEMENT
- 13. THANK YOU EVERY END IS A BEGINNING