The document outlines best practices for internal audit departments across five key areas: roles and structure, people, process, technology, and knowledge. It provides examples of best practice features for each area and a template for departments to evaluate the evidence of these features in their own practices. The template can be used to assess areas as low, medium, or high and identify opportunities for improvement. The document aims to help internal audit departments evaluate their practices against industry standards and enhance their ability to add value through continuous improvement.
What is the purpose of internal auditing? How important is it to the business? How are internal audits planned and carried out? These slides show the relevance of internal audit to the business, how internal audits relate to the objectives and risks of the business, how they are planned and the work involved in an internal audit. Further advice is available from www.internalaudit.biz
Internal Audit is a tool of control to measure and evaluate the effectiveness of the working of an organization primarily with accounting, financial and operational matters.
Internal Audit plays a constructive role by rendering service to the management with objective appraisal of systems, procedures, practices, compliance with policies.
LetzConsult presents a smarter ways for companies to find the most relevant Consultant for their business needs. Find the right consultants for your Company on LetzConsult.com
Audit Committees have highly influential roles to support entity achieve its defined goals and objectives.
Through its powers, the audit committee has ability to meet both the internal and external auditor in course of its work and become only " intelligent" team to have insights of control issues affecting an entity.
Unfortunately, the audit committees in number of organization's are not competent enough to execute their roles effectively. EMAC has capacity building programs for audit committee members geared towards capacitating the committees for effective performance
What is the purpose of internal auditing? How important is it to the business? How are internal audits planned and carried out? These slides show the relevance of internal audit to the business, how internal audits relate to the objectives and risks of the business, how they are planned and the work involved in an internal audit. Further advice is available from www.internalaudit.biz
Internal Audit is a tool of control to measure and evaluate the effectiveness of the working of an organization primarily with accounting, financial and operational matters.
Internal Audit plays a constructive role by rendering service to the management with objective appraisal of systems, procedures, practices, compliance with policies.
LetzConsult presents a smarter ways for companies to find the most relevant Consultant for their business needs. Find the right consultants for your Company on LetzConsult.com
Audit Committees have highly influential roles to support entity achieve its defined goals and objectives.
Through its powers, the audit committee has ability to meet both the internal and external auditor in course of its work and become only " intelligent" team to have insights of control issues affecting an entity.
Unfortunately, the audit committees in number of organization's are not competent enough to execute their roles effectively. EMAC has capacity building programs for audit committee members geared towards capacitating the committees for effective performance
Internal Audit Training.
Training Objectives.
What is an audit?
How to prepare for and plan an audit?
How to conduct an audit?
How to report on an audit?
What is audit follow-ups?
Contact:
nomanaleemft@gmail.com
00923084089243
Internal auditing departments are led by a chief audit executive ("CAE") who generally reports to the audit committee of the board of directors, with administrative reporting to the chief executive officer (In the United States this reporting relationship is required by law for publicly traded companies).
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
This presentation is an overview of SA 220 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
Effective Framework for Continuous AuditingCaseWare IDEA
Past webinar presentation which details the organizational benefits to continuous auditing and example of how continuous auditing would help stem revenue losses.
SLIDESHARE: www.slideshare.net/CaseWare_Analytics
WEBSITE: www.casewareanalytics.com
BLOG: www.casewareanalytics.com/blog
TWITTER: www.twitter.com/CW_Analytic
Internal Audit Training.
Training Objectives.
What is an audit?
How to prepare for and plan an audit?
How to conduct an audit?
How to report on an audit?
What is audit follow-ups?
Contact:
nomanaleemft@gmail.com
00923084089243
Internal auditing departments are led by a chief audit executive ("CAE") who generally reports to the audit committee of the board of directors, with administrative reporting to the chief executive officer (In the United States this reporting relationship is required by law for publicly traded companies).
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
This presentation is an overview of SA 220 (R). Prepared with Prof. S. Sircar.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
Effective Framework for Continuous AuditingCaseWare IDEA
Past webinar presentation which details the organizational benefits to continuous auditing and example of how continuous auditing would help stem revenue losses.
SLIDESHARE: www.slideshare.net/CaseWare_Analytics
WEBSITE: www.casewareanalytics.com
BLOG: www.casewareanalytics.com/blog
TWITTER: www.twitter.com/CW_Analytic
The key proposition of Enterprise Risk Management is value creation and or enhancement which ultimately delivers sustainable comparative advantage exemplified by organizational excellence. This presentation highlights key components of both management concepts and points of congruence.
Internal controls maturity and SME corporate governananceBrowne & Mohan
Good Corporate governance is a key factor in ensuring sound financial reporting and deterring misappropriations of capital and resources. Internal control and corporate governance go hand in hand. Many SME
have an ambitious goal of reaching a
reliable, continuous and integrated internal
control state. However, many SME’s are
still grappling to build a comprehensive
control process. In this paper, we present an
internal maturity framework that SME can use to benchmark and know how they can discourage frauds, improve compliance and adoption of standards.
In PKC Management Consulting Internal Audit Services play a critical role in assessing and reporting on an organization's internal control environment. Chat with Us
info@pkcindia.com
+91 91761 00095
Your Challenge
Companies understand the importance of business process improvement (BPI) and recognize the touted benefits: cost savings, waste elimination, and process efficiency.
With this said, 70% of companies that embark on process improvement initiatives fail.
The high probability of failure is attributed to a number of factors, including lack of continuous improvement and failing to define measurable outcomes.
Our Advice
Adopt a forward-facing outlook. Don’t focus solely on the current state, set improvement targets upfront to drive the initiative.
Break problems down into root-cause variables. Don’t look at the symptom, dive deeper and alleviate the root cause.
Empower business analysts. Create a practical process improvement methodology that your analysts can follow.
Impact and Result
Kick off process improvement by identifying the goals and defining the improvement targets.
Start by referring to the operating model and identifying level 1, 2, and 3 processes. Once the team understands the relationship between processes, they can begin to map a level 3 process using a standard mapping notation.
Use qualitative and quantitative techniques for analyzing the root cause rather than the symptoms.
Ensure the design is aligned with the initial improvement targets. Focus on value-added activities.
Consistently monitor the process and assess the root-cause variables to gauge the success of the process improvements.
Lean Six Sigma Course Training Part 13Lean Insight
Lean-Insight.com is top training institute for six sigma plus lean six sigma courses in India. In Bangalore regular classroom training classes are running during the weekends. If you are planning six sigma training along with certification then visit: http://lean-insight.com/six-sigma-training-bangalore/
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This slide contain an overall idea about cmmi and how to get started with cmmi levels. Also it is very good PPT for students who are giving seminar in colleges.
Similar to Model i best practice evaluation worksheet for ia (20)
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ISO Quality System expects some quality principles to be adopted / practiced by IA to obtain their certification. How did we meet these principles in Internal Audit ?
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Model i best practice evaluation worksheet for ia
1. Page 1 of 8
Source : www.knowledgeleader.com
Best Practices Evaluation Worksheet for Internal Audit Departments
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
1. ROLES &
STRUCTURE
1.1 Internal Audit (IA) operates as an independent,
objective assurance and consulting activity designed
to add value and improve the organization’s
operations.
1.2 IA is viewed as a proactive "business partner"
helping the organization achieve its objectives by
bringing a systematic, disciplined approach to
evaluate and improve the effectiveness of risk
management, control and governance processes.
1.3 IA is appropriately integrated into the
organization’s Business Risk Management Process
(BRMP):
1- Establishing goals/infrastructure
2- Assessing risks
3- Developing risk solutions
4- Designing & Implementing controls
5- Monitoring performance
6- Improving process
7- Providing information for decision making
1.4 IA's role, scope and objectives are clearly
defined and communicated at all levels of the
organization.
1.5 IA manages relationships with External Auditors
and supervisory authorities to ensure audit coverage
is accomplished effectively and efficiently.
1.6 IA is perceived as a positive career development
opportunity and a training ground for future business
leaders.
2. Page 2 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
1.7 The structure of the IA department is aligned
with the business and is effectively communicated to
its customers, resulting in efficient service delivery.
1.8 A balanced set of performance measures is used
to monitor the timeliness, cost-effectiveness and
quality of IA's performance and to drive continuous
improvement to the IA organization and audit
process.
2. PEOPLE
Qualitative 2.1 An appropriate competency model is in place
(which defines the skills, knowledge and attributes
required of IA professionals to deliver value to
customers) to ensure that career and skill
development programs are consistent with the
business and its needs.
2.2 Career and skill development programs for IA
professionals are in place and effective.
2.3 IA professionals are recruited from both
traditional and non-traditional (operational)
backgrounds to maximize performance and create a
diverse, balanced IA organization.
2.4 Policies on training, appraisal, career
development, roles and responsibilities, job
descriptions, etc. are documented and consistent
with corporate policies.
2.5 Regular initiatives are promoted to raise the
profile of internal audit, attract and motivate suitably
qualified professionals, and reduce IA professionals’
turnover.
2.6 The appraisal process is clearly defined and
communicated to auditors. It is used as a means of
performance review and to update career and skills
development programs.
3. Page 3 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
2.7 Succession planning is in place to allow
continuity in IA management and the audit process.
It is aligned with career development programs.
Quantitative 2.8 Training time averages between 60-100 hours
per person per year
2.9 Cost of IA department per auditor in USD:
- between X and Y (Benchmarks for this information
can be obtained from annual GAIN surveys available
from the Institute of Internal Auditors)
2.10 Headcount of auditors per 1000 employees :
- Close to 5
2.11 Group revenue per auditor in USD :
(Benchmarks for this information can be obtained
from annual GAIN surveys available from the
Institute of Internal Auditors)
3. PROCESS
Risk
assessment
and planning
3.1 A straightforward, “top-down” business risk
identification and assessment process drives audit
planning.
3.2 The company risk profile is formally and regularly
reviewed to ensure it reflects development in the
business risk environment and is linked to a rolling
audit plan.
3.3 A common language exists across the
organization to ensure consistent approach of risks
at all level in the organization.
3.4 Major stakeholders (Management, External
Auditors, and Audit Committee) are involved in risk
assessment and planning.
4. Page 4 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
3.5 Management and Audit Committee formally
approve the audit plan.
3.6 A systematic approach is in place for planning
and scheduling work programs and performance is
monitored to allow optimum resources allocation.
3.7 Job scheduling and planning is organized to
ensure auditors with the right competencies are
assigned to the right job.
Audit
execution
3.8 Terms of reference, covering issues such as
scope, objectives and timing, are agreed with
management before each audit begins.
3.9 The audit process, and status of the audit
program are effectively communicated to audit
customers in order to promote awareness and
greater "buy-in"
3.10 Clearly defined standard audit methodologies
are in place.
3.11 The format, content and use of working papers
and audit files is standardized across the IA
organization to maximize efficiency and promote
consistency.
3.12 There is a systematic process in place to link
business risks to business processes. Evaluation of
business controls is based on assessment of these
process risks.
5. Page 5 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
3.13 The audit process is applied to the whole of the
organization's BRMP and is not limited to looking at
process controls.
3.14 Best practices (both internal and external) are
used for evaluations of controls and
recommendations.
3.15 Open communication is maintained with
management throughout the audit process.
3.16 A formal closing meeting is held to discuss all
open issues with management.
3.17 Self-assessment techniques are used to
identify and analyze risks and controls. This helps
the audit customers understand how controls help to
meet business objectives.
3.18 Knowledge sharing is built into the audit
execution process to allow effective contribution by
auditors and control and approval by audit
management.
Reporting and
follow-up
3.19 The report approval, sign-off and distribution
process is clearly defined and documented.
3.20 Final reports are prepared and issued on site.
3.21 Standard, pre-defined report formats are used
to promote a concise, consistent and efficient
approach. Report formats reflect audit customer
requirements (summary with appropriate level of
detail on major issues for Audit Committee, more
detailed report for Management).
6. Page 6 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
3.22 Issues and recommendations are regularly
reported and prioritized using clear and agreed upon
criteria (risk importance, ease of implementation,
etc.).
3.23 Overall control ratings are assigned, based on
audit findings, using a clearly defined rating scale
communicated to IA staff and customers.
3.24 Reports include action plans setting
responsibilities and target dates embraced by
Management.
3.25 Regular follow-up is made by IA to ensure that
agreed action plans are implemented.
3.26 There is a clearly defined process to capture
customer satisfaction ratings and gather customer
feedback on IA's performance to ensure IA services
match the needs of the business
4. TECHNOL-
OGY
4.1 Communication technology is widely used to
support the IA's knowledge sharing process.
Technology used by IA is integrated with the
company’s technology platform.
4.2 Voting technology is used to facilitate risk and
control self-assessment meetings and allow efficient
team decision-making.
4.3 Technology is used to facilitate continuous risk
and control self-assessment across the organization.
7. Page 7 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
4.4 Workflow technology is used to enable more
effective and efficient implementation of standard
audit processes (planning, electronic workpaper,
etc.)
4.5 Data-mining technology is used to allow efficient
retrieval and analysis of relevant corporate data for
risk analysis.
4.6 Technology is used to capture and integrate
audit data sources to provide comprehensive
management information to support the BRMP.
4.7 Auditors are equipped with, and trained to use,
appropriate technology to increase personal
productivity (laptop computers, standard software,
modem, printer, etc.).
4.8 Responsibility for maintenance of tools (and
license agreements) is given to IT specialists within
the company or outside providers if needed.
5.
KNOWLEDGE
5.1 Standard, organization-wide knowledge sharing
process and technology in place.
5.2 Culture in place that facilitates, encourages and
rewards knowledge sharing. The sharing of
knowledge is measured.
5.3 Local and remote access available to internal
and external knowledge databases and resources
that facilitate auditors and audit management in the
performance of their duties (best control practices,
best practices for auditing, industry specifics,
benchmarking information etc).
8. Page 8 of 8
Source : www.knowledgeleader.com
Best
Practice
Framework
Best Practice Features
Evidence of this
feature in
internal audit
(L : Low, M : Medium,
H : High)
Description of evidence
Opportunity for
improvement
recommendations
5.4 A knowledge manager is appointed to ensure
responsibilities are clear and define the process in
place to allow contribution in an organized way.
5.5 Responsibilities for controlling the quality of
content/knowledge (ensure regular updates and
upgrades, additions and consistency within the IA
organization) are clearly identified.