The Cyprus Internal Audit Forum - May 2018

1. New expectations from audit committees
Martyn Scrivens, chair of ICAEW’s Internal audit panel
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2. It’s a scandal!
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3. Changing corporate environment
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Rising expectations
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Accountability
- Professionalism of directors
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What are companies doing
- Shareholders no longer sole primary audience
- Impact on customers, suppliers
- Rise of Environmental, Social and Governance factors
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Who can directors turn to for support and assurance?
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4. Evolving role of internal auditor
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Broader responsibility for assurance at much higher level
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Potential new areas of assurance
- Is the whole governance structure appropriate?
- Are the right people round the table?
- Is the information coming to the Board fit for purpose?
- Is the culture of the organisation what we want it to be?
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IIA’s financial services code has noteworthy new areas of scope
- Scope includes outcomes, not just process and compliance
- Risk and control culture
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5. Hot topics facing audit committees
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Artificial intelligence and robotics
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Cyber security
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Data – big data, data analytics, data visualisation
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No more black boxes
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6. Hot topics facing audit committees (cont)
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Culture
- Strong governance framework – quality, talent,
independence, security
- is the control environment resilient and
sustainable?
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7. Relationship between ACs and IAs
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Primary reporting line to the Chair of the Audit Committee - not the Executive
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Privileged relationship
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Two-way transparency
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How do you manage disagreements between Executive and Internal Auditors
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Risk to internal audit independence
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8. Any questions?
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9. © ICAEW