Risk assessments are the primary component when planning, executing and delivering value in an internal audit. They are the building blocks of your internal audit activities and operational audit program. Sonia Luna CPA, CIA, CEO of Aviva Spectrum and Monica Raffety, CIA
Senior Manager, Financial Controls at Kaiser Permanente will help you to:
Understand risk assessment tools available
Learn how and when to apply risk assessment techniques
Leverage different forms of quantitative and qualitative analysis techniques
Learn when to deviate from risk assessment templates with a memo or scoring
Understand what external auditors, management and the Board need to know when executing a risk assessment.
Understand how risk assessment impact the internal audit activities, from walkthroughs to testing
Many leaders in today’s business environment have recognized the need for internal audit to play a larger role – one that expands on its historic focus on value preservation to encompass activities related to value creation. Leading integrated internal audit functions will need to stay ahead of the risk curve rather than simply follow the business, whilst preserving the core compliance and assurance activities senior management and the audit committee require. Audit functions that focus their efforts on significant risks are able to concentrate their audit resources on issues that drive the business. This 3-day course has been designed to help internal auditors understand what is needed to make the audit function totally risk based
Identify risks and hazards that have the potential to harm any process or project. Use content-ready Risk Assessment PowerPoint Presentation Slides to analyse what can go wrong, how likely it is to happen, what potential consequences are, and how tolerable the identified is. With the help of ready-made risk assessment PowerPoint presentation slideshow, use control measures to eliminate or reduce any potential risk related situation. This deck comprises of various templates to control risks such as types of risks, risk categories, identify the risk categories, stakeholder engagement, stakeholders risk appetite, risk tolerance, procedure, risk management plan, risk register, risk identification, risk assessment, risk analysis, risk response plan, risk response matrix, risk control matrix, risk item tracking, risk impact and probability analysis, risk mitigation strategies, qualitative risk analysis, quantitative risk analysis, risk management process, risk management steps, and more. These templates are completely customizable. You can easily edit the color, text, icon and font size as per your need. Add or remove content, if needed. Grab this easy-to-understand risk assessment PowerPoint templates to figure out what could cause harm to the project, whether the hazards could be eliminated or not, what preventive measures should be taken to control the risks. Download risk assessment PPT slides now to execute the project easily. Behave in a down to earth fashion with our Risk Assessment Powerpoint Presentation Slides. Give them a glimpse of your fact based approach.
Presentation från GRC 2014 den 15 maj. Kontakta gärna talaren om du har några frågor. Hela schemat för eventet hittar du här: http://www.transcendentgroup.com/sv/har-har-du-hela-schemat-for-grc-2014/
Risk-based auditing is a style of auditing which focuses upon the analysis and management of risk. ... A traditional audit would focus upon the transactions which would make up financial statements such as the balance sheet. A risk-based approach will seek to identify risks with the greatest potential impact.
Many leaders in today’s business environment have recognized the need for internal audit to play a larger role – one that expands on its historic focus on value preservation to encompass activities related to value creation. Leading integrated internal audit functions will need to stay ahead of the risk curve rather than simply follow the business, whilst preserving the core compliance and assurance activities senior management and the audit committee require. Audit functions that focus their efforts on significant risks are able to concentrate their audit resources on issues that drive the business. This 3-day course has been designed to help internal auditors understand what is needed to make the audit function totally risk based
Identify risks and hazards that have the potential to harm any process or project. Use content-ready Risk Assessment PowerPoint Presentation Slides to analyse what can go wrong, how likely it is to happen, what potential consequences are, and how tolerable the identified is. With the help of ready-made risk assessment PowerPoint presentation slideshow, use control measures to eliminate or reduce any potential risk related situation. This deck comprises of various templates to control risks such as types of risks, risk categories, identify the risk categories, stakeholder engagement, stakeholders risk appetite, risk tolerance, procedure, risk management plan, risk register, risk identification, risk assessment, risk analysis, risk response plan, risk response matrix, risk control matrix, risk item tracking, risk impact and probability analysis, risk mitigation strategies, qualitative risk analysis, quantitative risk analysis, risk management process, risk management steps, and more. These templates are completely customizable. You can easily edit the color, text, icon and font size as per your need. Add or remove content, if needed. Grab this easy-to-understand risk assessment PowerPoint templates to figure out what could cause harm to the project, whether the hazards could be eliminated or not, what preventive measures should be taken to control the risks. Download risk assessment PPT slides now to execute the project easily. Behave in a down to earth fashion with our Risk Assessment Powerpoint Presentation Slides. Give them a glimpse of your fact based approach.
Presentation från GRC 2014 den 15 maj. Kontakta gärna talaren om du har några frågor. Hela schemat för eventet hittar du här: http://www.transcendentgroup.com/sv/har-har-du-hela-schemat-for-grc-2014/
Risk-based auditing is a style of auditing which focuses upon the analysis and management of risk. ... A traditional audit would focus upon the transactions which would make up financial statements such as the balance sheet. A risk-based approach will seek to identify risks with the greatest potential impact.
Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of thirty one slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Risk Identification Powerpoint Presentation Slides complete deck.
Kuala Lumpur - PMI Global Congress 2009 - Risk ManagementTorsten Koerting
Presentation on Risk Management Tools, like Risk Register, Risk Profile Presentation Options, How to facilitate a Risk Assessment and effective Processes for day to day application of Risk Management in your Project
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Mastering Information Technology Risk ManagementGoutama Bachtiar
This is the presentation slide as part of the courseware utilized when delivering Information Technology Risk Management training - workshop on May 2013.
The underlying premise of enterprise risk management is that the Company exists to provide value for its stakeholders – customers, employees, and shareholders. Like any business, every Company faces some uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables senior management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. These capabilities inherent in enterprise risk management help management achieve the Company’s performance and profitability targets, and minimize loss of resources. Enterprise risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the Company’s reputation and associated consequences. In sum, enterprise risk management helps the Company get to where it wants to go and avoid pitfalls and surprises along the way. Enterprise risk management encompasses:
• Aligning Risk Appetite and Strategy
• Enhancing Risk Response Decisions
• Reducing Operational Surprises and Losses
• Identifying and Managing Multiple and Cross-Enterprise Risks
• Seizing Opportunities
• Improving Deployment of Capital
• Leveraging Talent, Structure, Process, and Capital
eGRC is a rapidly evolving business capability that uses processes and tools to combine:
- Compliance programs that measure control effectiveness,
- Risk management programs that categorize and prioritize risks, and
- Governance programs that identify, monitor and manage remediation of those risks.
Business Continuity Management PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Business Continuity Management PowerPoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with fifty-two slides is here to help you to strategize, plan, analyze, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on Business Continuity Management PowerPoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
Internal Audit Best Practices for Safety, Environment, and Quality AuditsNimonik
Nimonik has seen a wide variety of internal Health, Safety, Environmental and Quality (HSEQ) audit programs. They seem to come in all shapes and sizes! Each company tends to focus on different risks and controls.
Whether your organization conforms to ISO 19011 or another internal audit standard, re-focusing your internal audit program on your risks, controls, and operational reality is a key driver for operational excellence.
On March 14th, John Wolfe shared insights from over 20 years as a hands-on HSE Director and as the Sr. Director of Operations Integrity Audit for a global Oil & Gas company. John outlined the attributes of an outstanding Internal audit program. He showed you how you can build out a program tailored to your operations and add tremendous value to your business.
Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of thirty one slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Risk Identification Powerpoint Presentation Slides complete deck.
Kuala Lumpur - PMI Global Congress 2009 - Risk ManagementTorsten Koerting
Presentation on Risk Management Tools, like Risk Register, Risk Profile Presentation Options, How to facilitate a Risk Assessment and effective Processes for day to day application of Risk Management in your Project
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Mastering Information Technology Risk ManagementGoutama Bachtiar
This is the presentation slide as part of the courseware utilized when delivering Information Technology Risk Management training - workshop on May 2013.
The underlying premise of enterprise risk management is that the Company exists to provide value for its stakeholders – customers, employees, and shareholders. Like any business, every Company faces some uncertainty, and the challenge for management is to determine how much uncertainty to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunity, with the potential to erode or enhance value. Enterprise risk management enables senior management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value. Value is maximized when management sets strategy and objectives to strike an optimal balance between growth and return goals and related risks, and efficiently and effectively deploys resources in pursuit of the entity’s objectives. These capabilities inherent in enterprise risk management help management achieve the Company’s performance and profitability targets, and minimize loss of resources. Enterprise risk management helps ensure effective reporting and compliance with laws and regulations, and helps avoid damage to the Company’s reputation and associated consequences. In sum, enterprise risk management helps the Company get to where it wants to go and avoid pitfalls and surprises along the way. Enterprise risk management encompasses:
• Aligning Risk Appetite and Strategy
• Enhancing Risk Response Decisions
• Reducing Operational Surprises and Losses
• Identifying and Managing Multiple and Cross-Enterprise Risks
• Seizing Opportunities
• Improving Deployment of Capital
• Leveraging Talent, Structure, Process, and Capital
eGRC is a rapidly evolving business capability that uses processes and tools to combine:
- Compliance programs that measure control effectiveness,
- Risk management programs that categorize and prioritize risks, and
- Governance programs that identify, monitor and manage remediation of those risks.
Business Continuity Management PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Business Continuity Management PowerPoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with fifty-two slides is here to help you to strategize, plan, analyze, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on Business Continuity Management PowerPoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
Internal Audit Best Practices for Safety, Environment, and Quality AuditsNimonik
Nimonik has seen a wide variety of internal Health, Safety, Environmental and Quality (HSEQ) audit programs. They seem to come in all shapes and sizes! Each company tends to focus on different risks and controls.
Whether your organization conforms to ISO 19011 or another internal audit standard, re-focusing your internal audit program on your risks, controls, and operational reality is a key driver for operational excellence.
On March 14th, John Wolfe shared insights from over 20 years as a hands-on HSE Director and as the Sr. Director of Operations Integrity Audit for a global Oil & Gas company. John outlined the attributes of an outstanding Internal audit program. He showed you how you can build out a program tailored to your operations and add tremendous value to your business.
The IT Auditing Series is a series of 10 2-hour webinars.
The study program consists of 5 modules Basic and 5 modules Advanced spanning a broad range of topics and issues in the IT Auditing field. The emphasis in all webinars is therefore on practical aspects, of Internal Auditing.
The course content is based upon ISACA Framework which has been accepted world-wide as the basis of skills and competencies required for all IT Auditors.
This session covers risk analysis for auditors
Presentation by Vincent Tophoff, IFAC Senior Technical Manager and J. Stephen McNally, Campbell Soup Company Finance Director and Comptroller at the IMA Annual Conference and Exposition, June 2014
According to Worldometers' estimates for 2022, New Zealand has a population of roughly 4.9 million people. Christianism is the predominant religion in the nation, and English and Maori are the two most widely spoken languages.
New Zealanders typically think of themselves as being accepting of new concepts, diversity, and change. Most New Zealanders are proud of the historically predominately liberal social attitudes in their nation (for instance, New Zealand was the first nation in the world to grant women the right to vote). Most New Zealanders make an effort to be understanding and tolerant of most differences.
Understand the impact of Federal TAX regulations that impact HEMP and CBD oil manufacturing. Learn that 280E is now lifted for hemp farmers and CBD manufacturers and what you can do to start your business.
Don’t know where to start when setting up your admin roles in BlackLine? Wondering how to save hours every year when reviewing your profiles and roles? Want to know what auditors really need when they inquire on user permissions and roles? Then you’ll need to view our slides and understand the key tools and techniques to ease yourself into BlackLine implementation. We’ll cover the key aspects and give you 5 proven best practices that you can use immediately.
Personal Branding On LinkedIn to Optimize Your Job SearchAviva Spectrum™
Discover some of the best practices to get noticed on LinkedIn. Whether you're looking for your next job, or just want to keep your options open for your next big move, it pays to have a winning LinkedIn profile.
Cyber Security: User Access Pitfalls, A Case Study Approach Aviva Spectrum™
Worried your passwords are not strong enough for today’s sophisticated hackers? Cyber security breaches happen every day, as evidenced in recent headlines. Presentation covers key User Access threats both internal and external and ways to protect yourself and your company from malicious hackers. Learn from key case studies.
Worried about implementing the new Revenue Recognition standards? Afraid of missing reporting deadlines? Spending too much time trying to pass an internal controls audit for the new revenue standards? Then you’ll need to view our slides and understand the key tools and techniques to pass your internal control audit for the new revenue recognition standards. We’ll cover the internal controls aspects of the new 5-step model to recognize revenue.
Stop Auditing the Old Fashion WAY! Start working smarter on each audit engagement and actually add value at the same time to your clients. COSO framework suggests that monitoring is a timely assessment of the design and operation of controls to effectively manage risk and provide greater transparency in the monitoring process. Discover a new approach to Continuous Monitoring for Internal Control Effectiveness, with Case Studies in the Hospitality Industry.
Presenters: Sonia Luna, CPA, CIA, CRMA, CEO of Aviva Spectrum & S. Ramakrishnan, S. Narasimhan, Partners with PKF Sridhar & Santhana, Chartered Accountants with over 30 years of experience.
Discover a simple score-card approach to implementing COSO 2013 Framework. Learn the unique aspects of adding a point system to each point of focus and understand how different stakeholders evaluate this targeted approach. Each user can identify where gaps may be hidden in your internal control processes.
Presented By: Sonia Luna, CPA, CIA, CRMA, CEO of Aviva Spectrum & Aruna Ashok CPA, CIA, Compliance Manager at eBay Marketplaces.
IPE Webinar with Sonia Luna-Aviva Spectrum-10/16/14Aviva Spectrum™
What should auditors audit in this ever-changing environment in light of IPE? How have key report testing requirements changed and how will this impact IT and Finance? This webinar will walk you through what you need to know today.
PCAOB Audit Alert #11: New Internal Control Testing Standards & ExcelAviva Spectrum™
Learn what the new PCAOB Audit Alert Standard #11 is all about. What are the new internal control testing standards for public companies. How does it impact your testing of critical excel files when you close the books.
2014 GRC Conference in West Palm Beach-Moderated by Sonia LunaAviva Spectrum™
Slides from the 2014 GRC Conference Presented by:
Jeff Spivey, CRISC, CPP
Vice President of Strategy, RiskIQ, Inc.
President, Security Risk Management, Inc
Adair Barton, CPA, CISA
Vice President of Internal Audit
Dycom Industries, Inc.
and
David A. Less, CISA, CISM
CIO & SVP
Sunteck, Inc.
Top 5 Pitfalls to Avoid Implemeting COSO 2013Aviva Spectrum™
Learn about the 5 pitfalls you should avoid when implementing COSO's 2013 framework. This presentation will provide you with background on what could go wrong for SOX testing and other pitfalls to be aware of.
2009 COSO guidance overview set of slides. At the end I have contact information but that is now outdated. You can reach me at Sonia.Luna@avivaspectrum.com if you have questions.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Risk Assessments Best Practice and Practical Approaches Webinar
1. Compliance Made Simple
Risk Assessments
Best Practice & Practical Approaches
Thursday, June 19, 2014
Presented by:
Sonia Luna & Monica Raffety
2. 2Compliance Made Simple
Bios
• Sonia Luna: has over 16 years of internal and external audit
experience. Worked at 2 of the Big 4 before leaving as an
audit manager to create Aviva Spectrum, in 2004. Aviva
Spectrum provides a wide variety of internal audit services
including SOX404, COSO 2013 transition, compliance audits
and quality assessment reviews.
• Monica Raffety: has over 15 years of internal audit and
compliance experience. She began her career in the
financial services industry where she held various internal audit
/ risk management roles. She is also a former President and
current Board of Governors member of the San Gabriel Valley
IIA Chapter.
Risk Assessments
3. 3Compliance Made Simple
Disclaimer
The comments, statements, views
and opinions expressed in this
webinar and other printed material
do not reflect the views or opinions
of the presenters’ current or past
employers.
Risk Assessments
4. 4Compliance Made Simple
Risk Assessment Planning Process
Establish the Purpose
and Identify Risks
Measure Risks
Review, Report, and
Communicate Results
Prioritize Risks & Develop
Audit Plan/Project
Risk
Assessment
Risk Assessments
5. 5Compliance Made Simple
Establish the Purpose
– Identify purpose and focus: Financial Misstatement, Fraud,
Other
– Collaborate with Internal Audit, Compliance, Business
Management, and IT Management: Risk Assessment
meetings, conduct interviews, complete risk assessment
questionnaires, perform site visits to validate understanding
of strategy, initiatives, products/services, and system
changes
– Establish ownership of the risk assessment process
– Establish risk assessment frequency: quarterly, annually
– Create format that is easy to review by stakeholders and
maintain
Risk Assessments
Risk Assessment- Establish the Purpose
7. 7Compliance Made Simple
Identify the Risks
– Review Regulatory Literature for your industry:
• Office of the Comptroller of the Currency (OCC) for risks
affecting Financial Institutions. Semiannual
Risk Perspective Fall 2013
• Centers of Medicare and Medicaid Services (CMS) for
risks affecting Health Care.
http://www.cms.gov/Medicare/Compliance-and-Audits
– Review past audit reports:
• Length of time since last audit, prior findings, # of findings
– Perform quantitative and qualitative analysis:
• Significant financial statement line items
• Threshold such as exceeding overall materiality (5% of
pre-tax income)
• Volume of transactions – dollar and #
• Identify risk factors
Risk Assessments
Risk Assessment- Identify the Risks
9. 9Compliance Made Simple
Measure the Risks
– Set risk levels for each auditable activity:
• Risk Factors such as: Financial risks, IT risks, Legal /
Compliance risks, Operational risks, Strategic risks,
Human Resource risks and Prior / Other Audit activities
– Assign a “Risk Score” to each audit activity:
• Based on likelihood/probability and impact (potential
losses) of inherent risks associated with the activity
– Assign a “Risk Rating” to each audit activity:
• High, Medium, or Low – to each audit activity / area
based on the level of risk associated with the activity
Risk Assessments
Risk Assessment- Measure the Risks
10. 10Compliance Made Simple Risk Assessments
Example Risk Assessment – Risk
Score Matrix
Impact: Risk impact on achieving
Organizational/Business Unit strategies and
objectives
Probability: The likelihood that a given risk will
occur, given current control/business environment
3. High 3. Probable
Represents a risk which materially or significantly
impacts the achievement of goals and objectives
Given the current control environment, the risk is likely
or very likely to occur and there is a possibility of
repeated incidents
2. Medium 2. Maybe
Represents a risk that may prevent achieving goals
and objectives
Given the current control/business environment, it is
possible that the risk may sometimes occur
1. Low 1. Remote
Represents a risk with little or no impact on
achieving goals and objectives
Given the current control/business environment, there
is only a remote possibility that the risk will occur
11. 11Compliance Made Simple Risk Assessments
Risk Assessment- Prioritize the Risks
and Develop Audit Plan/Project
Prioritize the Risks and Develop Audit Plan/Project
– Develop a risk-based audit plan based on the results of the
risk assessment - the assigned risk ratings help to determine
the frequency and scope of audit testing
– Example
• High risk areas may be audited annually
• Medium risk areas may be audited on a rotating basis
and every 2-3 years
• Low risk areas may be audited on rotating basis and
every 3-4 years.
12. 12Compliance Made Simple Risk Assessments
Risk Assessment- Review, Report, &
Communicate Results
Review, Report, & Communicate Results
– Look at the big picture:
• What risks are you controlling?
• Do you have many controls in areas that are low risk or have not
had a material misstatement or fraud event? If yes, why?
– Prepare a risk assessment package:
• Share with Executive Management and review quarterly or
annually.
– Identify items that may call for a re-assessment of risks:
• Examples: Systems implementations, acquisitions, divestitures,
changing business models, changing control/business
environment, new technology etc.
• Update your audit plan as needed
13. 13Compliance Made Simple
Template Materials
• Sample Risk Assessment Questionnaire
• Sample Risk Score Matrix
• Sample Risk Assessment Templates
• Sample Audit Plan
• Sample Change Management Questionnaire
Thank you to the Internal Audit Community that contributed these
templates!!
Please feel free to share your “scrubbed” or original templates with this
group.
Risk Assessments
14. 14Compliance Made Simple
COSO & Risk Assessments
New 17 Principles
Risk Assessments
Still the Same
only better,
more clear and
more relevant.
15. 15Compliance Made Simple
COSO 2013: Risk Assessment
Updates!
• Fraud Risk Assessment: Finally documented but conducted in
practice.
• Includes monitoring of risks as a “Must Have”.
Risk Assessments
18. 18Compliance Made Simple
Risk Assessment Case Study
Risk Assessments
Company Background:
– Public financial services company
– Three divisions A, B and C
– Objective Category for COSO framework =
External Financial Reporting (SOX 404)
19. 19Compliance Made Simple
Case study:
Control Analysis
Risk Assessments
• Mgmt documented its overview of its assessment of control
effectiveness.
• Management determined it has some revenue recognition
control deficiencies and need to reflect the severity of those
deficiencies. One of the revenue streams lacked good
controls. They noted deficiencies in one of their up and
coming divisions “DIVISION C” but there were NO KNOWN
financial statement errors!
• Root case analysis concluded that management failed to
implement control activities over the revenue recognition
process at Division C, which became a significant part of their
overall revenue and growth for the organization.
20. 20Compliance Made Simple
Case studies – Polling Question
Risk Assessments
QUESTION ?
How bad is it? Was this a ……
A)Control Deficiency,
B) Significant Deficiency
C) Material Weakness
D) Not a deficiency
21. 21Compliance Made Simple
Case Study: Conclusion
Risk Assessments
What COSO has to say:
A related weakness was noted in Principle #9 “Identifies &
Analyzes Significant Change”, because the company
never adopted key controls over this Division C that was
growing rapidly and Corporate office assumed it was doing
what they expected. The conclusion was a:
MATERIAL WEAKNESS for 2 Principles!
Principle #10 “Selects and Develops Control Activities” and
Principle #9 “ID & Analyzes Significant Change”
22. 22Compliance Made Simple
Case Study Solutions
• Create and implement a Risk Assessment Policy/Procedure
• Interim SOX 404 control analysis, including risk assessment
procedures
• Evaluate Materiality (prior to interim testing or just after).
Risk Assessments
24. 24Compliance Made Simple
Control Compliance Analysis
Risk Assessments
COSO Transition
1. Top Transition Failures (Case
Studies)
2. Audit Evidence required
3. Priority Driven by Principles
PCAOB, IIA & SEC Guidance
1. Latest PCAOB Internal Control
Standards
2. IIA Incorporated Top 7 IC Failures
3. SEC Guidance for Mgmt on
Internal Controls
info@avivaspectrum.com
Subject: CCA Reservation
25. 25Compliance Made Simple
Polling Question 2
Risk Assessments
Does your organization have a Risk
Assessment Policy/Procedure
document?
Risk Policy
A Yes, we have one
B No, wish I had one
C Don’t Know
26. 26Compliance Made Simple
Risk Assessment Impact of Reported
Changes
Risk Assessments
Change Management
Select
Yes, No,
NA
Yes
Yes
Yes
No
3. Process (including report) Changes
Are there any significant changes in the
business processes, including reporting
changes? (Process or Control narrative
should be updated for specific changes to
controls and/or business processes)
4. Significant Policy or Regulatory Changes
Are there any significant changes in
regulations, operating and/or financial
policies and/or procedures?
List any planned significant changes (organization, systems, process, policies and procedures and
others) that you anticipate in 201X that may affect or potentially affect the internal controls over
financial reporting for your business process, including the expected implementation date, impact
of such changes and related action items to ensure that the key control and/or business process
continue to operate effectively.
This section must be completed
For each item (1 - 4) select "Yes",
"No", or "NA" if a change occurred.
Comments (If the answer is "YES", identify
the personnel change, name of
application/system affected, business
process change, affected policy(ies) name(s),
date of change(s), and action items taken to
ensure the key control and/or business
process continue to operate effectively.)
1. Organizational Changes
Are there any significant changes in the key
personnel managing the process?
2. System/Technology Changes
Are there any significant changes in the
financial (application) systems, including
additions or modifications to existing
systems? Are there any significant
technology changes?
Benefits/Impact of Regular
Change Management
Reporting
• Identify areas that require
walkthrough or new areas
to be added to audit plan:
– Could lead to
postponed testing
– Updated audit plan
– Updated testing
strategy
– Updated risk
assessment
• Identify current and future
areas of risk:
– Significant changes in
people, process, or
technology
• Identify opportunities to
serve in an advisory role
– New
systems/technology
– New regulations that
may impact the
Organization
27. 27Compliance Made Simple
Polling Question 3
Risk Assessments
Is your organization conducting risk
based walkthroughs?
Walkthroughs
A Yes,
B No, wish we would
C Don’t Know
28. 28Compliance Made Simple Risk Assessments
• Caused audit procedure
layering
• More in-depth written
description of estimates and
use of judgment, especially
review controls
• Detailed documentation and
testing of system reports utilized
in performance of controls.
New PCAOB Auditing BAR!
29. 29Compliance Made Simple Risk Assessments
Level of precision in Plain English?
• How detailed is management’s review of
journal entries?
• Document your thought process
– Dollar Threshold
– Percentage of Revenue
– Geographic Location
– Lines of Business
– Other Risk Factors
– Timing
31. 31Compliance Made Simple
IT Spreadsheets – RA Process
Risk Assessments
Inventory your Excel files (Total in-versus-out of scope)!
Next tab reveals what you’re test!
34. 34Compliance Made Simple
Polling Question 4
Risk Assessments
For sampling controls to test do you find
your current risk assessment is
adequate? Sampling
A Yes, to a degree
B Yes, but needs some work
C No, we need new approach
35. 35Compliance Made Simple
Community & Sharing
Risk Assessments
Join Our LinkedIn Group
COSO Framework Discussion &
Webinars
http://www.linkedin.com/groups/2013-COSO-
Implementation-4888186/about
Technical Community sharing Ideas ,Templates, WEBINARS,
Advise and Learn from others implementing new framework.
Share your latest templates here!
36. 36Compliance Made Simple
Q & A session (5 – 8 Min)
Risk Assessments
Sonia Luna- President, CEO
Aviva Spectrum
www.linkedin.com/in/sonialuna
www.slideshare.net/soxppt
www.avivaspectrum.com/podca
sts
Editor's Notes
Sonia (LEAD): …our bios are attached in the registration but also included here…..
Sonia (LEAD):
Monica (LEAD): Discuss the top areas auditors generally focus their risk assessment efforts (see bullet points in ppt slide).
There are 4 key areas in developing a risk assessment.
We will speak in more detail on the following slides.
Sonia (Contribute): Add what clients request internal auditors to focus their energy during the risk assessment process.
Monica (LEAD): Purpose and Focus: Financial Misstatement and Fraud. Required by new COSO framework to look at both
Meet with Internal Audit, Compliance, Business Management, and IT Management: Risk Assessment Meetings, Conducting Interviews, Completing Risk Assessment questionnaires. Getting SSAE 16 Type II reports.
Identify, assess, and prioritize risks that impact the achievement of the Company’s strategic and business objectives
Develop a risk-based Internal Audit (IA) Plan that provides sufficient coverage of applicable audit areas
Monica (LEAD): By conducting risk questionnaires, not only can you identify potential risks, you can also add value by identifying areas where internal audit can serve in a consulting capacity. Also, this particular questionnaire builds in a change management process. However, it the questionnaires are distributed semi-annually or annually that might not be a sufficient frequency to understand all the changes occurring in your organization, especially if it is large, complex, or spread out across different regions or globally.
Sonia comment
Monica (LEAD)
Monica (LEAD): Vendor threats can include data breach at vendor, data breach at your organization due to vendor, hosted environment goes down or is unstable. Example of Health Care Risks – Prescription Drug Event Reconciliation, Coverage Gap Discount Program, Direct/Indirect Renumeration Reporting, third party risks due to delivery of service., impact on patient care, impact on revenue cycle,
Monica (LEAD)
Monica (LEAD): this provides the “x” and “y” axis of how to conduct your risk assessment scoring.
Sonia comment on scoring could go from 1-3 to 1-5 or 1-10 etc in the marketplace.
Monica (LEAD): By prioritizing your high-risk areas you can determine where to best allocate your resources and also drive value into your organization.
Monica (LEAD): By prioritizing your high-risk areas you can determine where to best allocate your resources and also drive value into your organization.
Monica (LEAD): First template to share and discuss.
Sonia contribute to state that COSO Implementation Group is here to serve its active members and appreciate Monica leading the charge in providing incredible template solutions to a complex and challenging process of Risk Assessments.
Sonia (LEAD): here it the simple layout of the 17 new principles COSO issued out in May 2013. There’s a wide variety of source material out there to help you transition to the new framework, however I would strongly suggest you visit the e-commerce site of the AICPA and order COSO transition and guidance materials from them. Website is located at: www.cpa2biz.com
Monica (Contribute): are you implementing COSO’s new framework in 2014, if yes, when. If no then when and how do you believe “success” would be measured in the transition by the Audit committee and also by mgmt.
Sonia (LEAD): Two main areas I noticed in the “refreshed” 2013 COSO framework was #1: Clarity in the language requiring management to assess fraud risk, although we (auditors and management) were conducting this in practice. More importantly item #2: for me was the biggest change my clients believed they were conducting effectively, but soon in a case study we’ll show you some challenges that may effect your own organization. Item #2 covers the monitoring process of when significant changes impact your organization and what you do to address those changes.
Monica (Contribute): have you implemented a change management process for ID new risks? If so what was your experience? Can you share best practices?
Sonia (LEAD): I wanted to share some insights of what we’re seeing in the COSO 2013 transition services. Here I only highlighted what I already mentioned earlier is a significant change in Principle #9, dealing with the ID and analysis of significant change. I’ve noted in a template we have provided for other clients, the page reference where COSO calls out in vol #4 the type of audit evidence an auditor may want to review/consider when transitioning to the new framework. Here I’ve simply noted for your reference that in page 76 of COSO’s vol #4 dealing with SOX considerations, there’s a clear indication that companies need to have a monitoring mechanism in place to ID/Analyze Changes in its environment.
Monica (Contribute): Have you seen or implemented a monitoring mechanism in an organization to ID significant changes? What were some lessons learned or best practice items.
Sonia (LEAD): One way of analyzing how points of focus impact principles is to utilized a bar stool analogy.
Sonia (LEAD): I wanted to share a quick case study so we can understand some interesting concepts in the new 2013 COSO Framework. This case study is straight from COSO guidance materials and we’ll cover later what volume and page number you can reference this case study yourself.
Here we have a public company that has three divisions, and they have a corporate office as well. The objective they are trying to reach is the external financial reporting objective that most public companies are trying to achieve and some would call the “SOX 404” objective. Now let’s take a look at what’s going on with this company that is trying to assess the effectiveness of their controls at Corporate and their divisions for SOX 404 compliance purposes.
Sonia (LEAD): Covering more background on this case, we discover that management documented some observations during its internal control assessment for SOX 404. However in this assessment they noted Division C lacked controls over revenue and it became a significant part of their operations whereas in prior year Division C was not material or reviewed heavily for SOX 404 controls. A root cause analysis determined a lack of controls being documented and tested in Division C.
Sonia (LEAD): Now let’s take a quick poll to see where you all think this Company should assess their overall effectiveness of their SOX 404 program again assuming that ALL OTHER CONTROLS are good to go and there were no other deficiencies.
SONIA (LEAD): the challenge in this case is most of us would be proud that one of our divisions is not growing and becoming significant to the contribution of the success of the entire organization. Remember there were no Financial Accounting errors in the numbers in this case study, what went wrong was control documentation! Therefore the company had concluded in this case study, which again you can read it for yourself on pages 110 – 111, a material weakness for Principles 10 which in their assessment they believe impacted Principle 9 because they could not ID this risk coming. It only was noted to the company when they looked at key controls in Principle #10. There are a few lessons here which are a) as you “test controls” in your sox 404 program and find failures, you MUST conduct a root cause analysis to determine if it impacted other principles which in this case the management team noticed it impacted their system of ID risks in principle #9.
Monica (CONTRIBUTE): Comment on how one could institute best practice “interim risk assessment analysis” or even policies on Risk Assessment procedures.
Sonia (LEAD): Here are some solutions and most of which are either common sense to most of you here with us today. However I do want to share an IIA standard that does point out that internal audit groups must have a risk assessment policy and procedure document which I’m stating as the very first bullet point to share as a solution to this case study.
Monica: Comment here to your opinion of having a risk assessment policy. Have you created one or used one in the past. Comment on how well it worked or not?
Yes, our Internal Audit department has a Risk Assessment Procedure document.
Sonia (LEAD) free video and other tools available discussion
Sonia (LEAD) Transition best practice alignment discussion
Sonia (LEAD): polling question.
Monica (LEAD): Additionally, if the organization or business is accustomed to reporting changes regularly, the plus side there should be fewer surprises.
Sonia (LEAD): now let’ find out how many of you conduct risk based walkthroughs?
Sonia (LEAD): this new audit alert #11 came out late last year and most of you I know missed this practice alert. I’ve put down the top three items here of what is changing in the day to day audit of internal controls which are:…….
Sonia (LEAD): They want to see you’ve considered what a thorough review requires given your specific environment factors and you’ve documented it
Monica (CONTRIBUTE): what have you noticed from either management or external auditors wanting more detailed information on how precise management is in their review? How does this impact your audit program and budget?
Sonia (LEAD): What the PCAOB wants (noted here in page 27 of Audit Alert #11), when it comes to key system reports, is the verification of those reports. Therefore, if in your AR analysis you use a few reports let’s say:
1) AR Client detail report
2) Client Invoice Analysis report by product type
3) Payment history - client detail report
Those reports may be included as key reports and must be tested/validated for accuracy and completeness and not to mention user access and change mgmt. controls.
Monica (Contribute): Explain what you have seen auditors request for IPE (Information Prepared by Entity) or “key system generated reports”.
Sonia (LEAD): now let’s talk about when system generated data or reports are really just auditor talk for “my key control depends on excel”. There is an risk based approach to deal with spreadsheets and how to test them. Our firm was the first to develop based upon ITGI guidance issued in 2006, how to risk rank your IT spreadsheets that are “in-scope” for SOX 404.
Sonia (LEAD):
Sonia (LEAD)
Sonia (LEAD): now here’s our final polling question to share with us and everyone on live with us today…..
Sonia (LEAD): I wanted to share some insight on a very fast growing technical community and more importantly thank Monica who is a member of the COSO Implementation community for being here with us and sharing her insights on risk assessments best practice items and practical approaches in this webinar.
Monica (Contribute): please chat what value you received from this LI group.
Sonia (LEAD): now we’ll open our live session to Questions for 5 to 8 minutes. Please enter your questions in the chat box….., and please let’s connect on LinkedIN as well for those of you a little shy to ask a question now or if you have questions later on when you head back into work mode.