14. INTERNAL AUDIT
Compared to ASSURANCE
•
Add Value / Improve
•
Ongoing
•
Management scope
•
No legal basis
aCOWtancy.com
15. INTERNAL AUDIT
Compared to ASSURANCE
•
Add Value / Improve
•
Ongoing
•
Management scope
•
No legal basis
•
Output - weaknesses
aCOWtancy.com
16. INTERNAL AUDIT
Compared to ASSURANCE
•
Add Value / Improve •
Provide Assurance
•
Ongoing
•
Management scope
•
No legal basis
•
Output - weaknesses
•
Audience is Managers
aCOWtancy.com
17. INTERNAL AUDIT
Compared to ASSURANCE
•
Add Value / Improve •
Provide Assurance
•
Ongoing •
One off
•
Management scope
•
No legal basis
•
Output - weaknesses
•
Audience is Managers
aCOWtancy.com
18. INTERNAL AUDIT
Compared to ASSURANCE
•
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 to ASSURANCE
•
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 to ASSURANCE
•
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 to ASSURANCE
•
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 to ASSURANCE
•
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
25. IA MULTI SITES
Regular Visits (few, close, big team, good coverage)
Random Visits (As above but true view / relations?)
aCOWtancy.com
26. IA MULTI SITES
Regular Visits (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
Regular Visits (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
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
