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P7 internal audit
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P7 internal audit
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- 5. IA WHAT DOTHEY DO? Review Authorisation aCOWtancy.com
- 6. IA WHAT DOTHEY DO? Review Authorisation Review Policies aCOWtancy.com
- 7. IA WHAT DOTHEY DO? Review Authorisation Review Policies Review Systems aCOWtancy.com
- 8. IA WHAT DOTHEY DO? Review Authorisation Review Policies Review Systems Assess Risk & Compliance aCOWtancy.com
- 9. IA WHAT DOTHEY DO? Review Authorisation Review Policies Review Systems Assess Risk & Compliance VFM, Fraud, Evaluations aCOWtancy.com
- 10. INTERNAL AUDIT aCOWtancy.com
- 11. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve aCOWtancy.com
- 12. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Ongoing aCOWtancy.com
- 13. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Ongoing • Management scope aCOWtancy.com
- 14. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Ongoing • Management scope • No legal basis aCOWtancy.com
- 15. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Ongoing • Management scope • No legal basis • Output - weaknesses aCOWtancy.com
- 16. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • Management scope • No legal basis • Output - weaknesses • Audience is Managers aCOWtancy.com
- 17. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • One off • Management scope • No legal basis • Output - weaknesses • Audience is Managers aCOWtancy.com
- 18. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • One off • Management scope • Specific Area • No legal basis • Output - weaknesses • Audience is Managers aCOWtancy.com
- 19. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • One off • Management scope • Specific Area • No legal basis • Legal Basis • Output - weaknesses • Audience is Managers aCOWtancy.com
- 20. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • One off • Management scope • Specific Area • No legal basis • Legal Basis • Output - weaknesses • Assurance Report • Audience is Managers aCOWtancy.com
- 21. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • One off • Management scope • Specific Area • No legal basis • Legal Basis • Output - weaknesses • Assurance Report • Audience is Managers • Shareholders aCOWtancy.com
- 22. INTERNAL AUDIT Compared toASSURANCE • Add Value / Improve • Provide Assurance • Ongoing • One off • Management scope • Specific Area • No legal basis • Legal Basis • Output - weaknesses • Assurance Report • Audience is Managers • Shareholders BOTH USE RISK BASED APPROACH aCOWtancy.com
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- 24. IA MULTI SITES RegularVisits (few, close, big team, good coverage) aCOWtancy.com
- 25. IA MULTI SITES RegularVisits (few, close, big team, good coverage) Random Visits (As above but true view / relations?) aCOWtancy.com
- 26. IA MULTI SITES RegularVisits (few, close, big team, good coverage) Random Visits (As above but true view / relations?) Cyclical Visits (good coverage, small team) aCOWtancy.com
- 27. IA MULTI SITES RegularVisits (few, close, big team, good coverage) Random Visits (As above but true view / relations?) Cyclical Visits (good coverage, small team) “Large” Visits (risk focus, easy to plan) aCOWtancy.com
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- 29. OPERATIONAL AUDIT Identify Operational Risks aCOWtancy.com
- 30. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? aCOWtancy.com
- 31. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? aCOWtancy.com
- 32. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? Look for weaknesses aCOWtancy.com
- 33. OPERATIONAL AUDIT Identify Operational Risks Are Internal Controls Sufficient, effective & complied to? Any changes in Operations- affecting above? Look for weaknesses Improve the 3 Es aCOWtancy.com
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- 35. COMPLIANCE AUDIT Identify Regulations / Laws aCOWtancy.com
- 36. COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance aCOWtancy.com
- 37. COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance Make sure they’re followed aCOWtancy.com
- 38. COMPLIANCE AUDIT Identify Regulations / Laws Procedures to ensure compliance Make sure they’re followed Penalties for non-compliance aCOWtancy.com
- 39. INTERNAL AUDIT aCOWtancy.com
- 40. INTERNAL AUDIT IA OUTSOURCING? • Independence aCOWtancy.com
- 41. INTERNAL AUDIT IA OUTSOURCING? • Independence • More Flexible aCOWtancy.com
- 42. INTERNAL AUDIT IA OUTSOURCING? • Independence • More Flexible • Expertise aCOWtancy.com
- 43. INTERNAL AUDIT IA OUTSOURCING? • Independence • More Flexible • Expertise • Pass on Risk (ethics) aCOWtancy.com
- 44. INTERNAL AUDIT IA OUTSOURCING? • Independence • Culture clash • More Flexible • Expertise • Pass on Risk (ethics) • Cost Effective? aCOWtancy.com
- 45. INTERNAL AUDIT IA OUTSOURCING? • Independence • Culture clash • More Flexible • Knowledge of business • Expertise • Pass on Risk (ethics) • Cost Effective? aCOWtancy.com
- 46. INTERNAL AUDIT IA OUTSOURCING? • Independence • Culture clash • More Flexible • Knowledge of business • Expertise • Cost? • Pass on Risk (ethics) • Cost Effective? aCOWtancy.com
- 48. You’re an idiot June10 Q2 a & b