internal audit function s communication channels

... audit function on its assessment of the bank 's risk profile and on its own supervisory work 91 The assessment of the internal audit function may have consequences for the supervisor 's assessment ... environment supported and assessed by a sound internal audit function 83 The assessment of the internal audit function should be based on the supervisory expectations as set out in section A of this guidance ... standards for the statutory or external auditor The internal audit function in banks responsibilities Regardless of the supervisor s assessment of the internal audit function, the supervisor should...

Ngày tải lên: 06/03/2014, 10:20

... governance systems and processes created by the business units and support functions and provide assurance on these systems and processes Principle 14: To facilitate a consistent approach to internal audit ... bank s capital resources and therefore associated controls should be robust and consistently applied across similar risks and businesses As such, it is important that these controls are subject ... standards for the statutory or external auditor The internal audit function in banks responsibilities Regardless of the supervisor s assessment of the internal audit function, the supervisor should...

Ngày tải lên: 06/03/2014, 10:20

... achieving its business objectives A risk assessment allows the auditor to consider how potential events might affect the achievement of business objectives The risk assessment process begins by defining ... progress, identify issues and make adjustments as needed The use of a Rapid-Start Program also helps prevent escalation of the start-up process and ensures that fieldwork begins as soon as possible ... take place simultaneously 11 Assess Needed Skill Sets Assessing needed skill sets begins by revisiting stakeholder value drivers and the mission statement developed earlier in the start-up framework...

Ngày tải lên: 06/03/2014, 19:20

Ngày tải lên: 18/02/2014, 11:20

... planned internal audit work This audit plan is based on a methodical control risk assessment A control risk assessment documents the internal auditor s understanding of the institution s significant ... effective system of internal controls, a measurement system for assessing the various risks of the bank s activities, a system for relating risks to the bank s capital level, and appropriate methods ... because internal audit provides an independent assessment of the adequacy of, and compliance with, the bank s established policies and procedures As such, the internal audit function assists senior...

Ngày tải lên: 06/03/2014, 19:20

... which the staff has consulted is not compromised The IIA s Standards for the Professional Practice of Internal Auditing (the IIA s Standards) address issues relating to internal auditors performing ... statements is not included in the scope of internal audit of some banks in some countries In these cases, auditing financial statements seems to be considered the sole responsibility of the bank 's external ... notes that the work of banks’ internal auditors can support banking supervisors’ work Banking supervisors should therefore have periodic consultations with each bank s internal auditors to discuss...

Ngày tải lên: 11/03/2014, 02:20

... your business: • IT Internal Audit should seek to get closer to the business and to IT decisionmakers Professionals must demonstrate that business and technology risks are equally understood • ... making best use of our firms professionals across EMA and deliver co- and outsourcing as well as specialist audit skills Our firms’ professionals can develop their skills and knowledge in KPMG s worldwide ... our survey results many industry sectors had particular issues, including: Energy and utilities • Skills shortages in security and standard frameworks • Only half of respondents use satisfaction...

Ngày tải lên: 11/03/2014, 02:20

... to cross some lines and set our mission to improve the company s controls and business efficiency—rather than just auditing controls We set a broad scope, first to focus on financial audits but ... Library was established at the University of Mississippi s National EDP Auditing Archival Center to house his collection of over 250 books on Auditing and EDP Auditing LOG ANALYSIS ACROSS SYSTEM BOUNDARIES ... years on IIARF BORA and the IIARF Board of Trustees His experiences as a CAE were published in his second successful book, Managing the Audit Function The book was featured in the business section...

Ngày tải lên: 15/03/2014, 20:20

... risks Business strategic risks Risk Evaluation Analyzing process risks Business process risks Risk Evaluation Analyzing remaining risks Analyzing exterior threats Analyzing internal threats Risks ... corporations Secondly, analysis is applied by auditors in practice in almost all internal audit tasks Thirdly, analytical analysis assists auditors in explaining discovered issues and then suggesting ... activities such as systems, factors of one system, componential systems, parallel systems and parental systems, (2) carry out the systematic approach with carrying out specific auditing contents Specific...

Ngày tải lên: 21/11/2014, 00:18

... policies No records should be destroyed without reference to those documents and all internal audit records no longer required for business purposes should be subject to the formal appraisal process ... Records Managers and Archivists” Internal auditors may hold personal information as a result of reviews of areas involving personal information such as payroll, travel and subsistence or human resources ... When superseded When superseded 11 Manuals and guides relating to departmental procedures Local auditing standards When superseded When superseded When superseded When superseded 12 24 B Legislation...

Ngày tải lên: 18/02/2014, 05:20

... knowledge areas under consideration.) Some skill areas, such as Assessing Controls Design and Assessing Controls Operating Effectiveness, were subdivided and considered from multiple aspects and at ... enterprisewide view of their risks and assess, mitigate and manage them effectively Each practice guide in the series addresses a specific aspect of IT risk and control assessments (Source: The Institute ... this research addresses issues on their minds We look forward to continuing this study in the years to come and assessing new priorities that likely will emerge for internal audit functions, as...

Ngày tải lên: 26/02/2014, 04:20

... Institute of Technology Business Affairs Office Oregon State University Business Affairs Office Portland State University Business Affairs Office Southern Oregon University Business Services ... the Audit in Disguise! Reviews Analysis Site visit Engagement Planning Auditors are coming…Send help!!! Contact University Audit liaison- Business Office, Internal Audit, Sponsored Programs? Preliminary ... Operation Audits Who audits Internal Auditors Objectives of the review Economy Efficiency Effectiveness Investigative Audits Who audits Internal Auditors Governmental Audit Agencies • Federal and State...

Ngày tải lên: 06/03/2014, 23:20

... Process 97 Identifying and Assessing Management s Risk Management Process 99 Assessment of Internal Control Processes 100 GRC Software 101 Summary and Conclusions 102 CHAPTER CAATTs Benefits and ... parallel simulations, reasonableness tests and exception reports, and systematic transaction samples Some organizations were still achieving very effective results with these types of audit tools in ... It also presents numerous case studies that illustrate the power and flexibility of standard and auditspecific software packages Internal auditors cannot stand by and watch as the business world...

Ngày tải lên: 11/03/2014, 02:20

... tools for risk assessments  Tools for electronic working papers  Control Self-assessment  Fraud Risks Assessment and Fraud prevention controls  Sarbanes-Oxley compliance  IT auditing  Business ... systems and computer assisted audit tools and technologies (CAAT)  There is also a significant response suggesting ineffective communication, a lack of capable resources and not enough focus ... benefit of Internal Audit function Is a skill gaps analysis performed on a regular basis? Yes 33% 67% No Commentary Skill gaps analysis being performed at regular intervals is essential for ensuring...

Ngày tải lên: 11/03/2014, 02:20

... meet the Standards for Professional Practice of Internal Auditing of the Institute of Internal Auditors The Head of Internal Audit should carry out monitoring of Internal Audit s processes on a ... Internal Audit is accountable to CMT and the TAFG for: a) providing regular assessments of the adequacy and effectiveness of OGB s systems of risk management and internal control; b) reporting significant ... exercise this right where significant concerns regarding risk and control cannot be dealt with through the normal reporting channels RESPONSIBILITY The Head of Internal Audit is responsible for:...

Ngày tải lên: 14/03/2014, 00:01

... keys to success we identified were a strategic vision, sound business planning processes, executive-level buy-in, and access to EMC s own professional services engagements Extending the tiered storage ... rates for storage and servers Server and storage tiering was used to focus high-level resources where needed and reduce costs where possible Phase 2: Business Production The goal during this phase ... operational costs, as well as improving business processes, remain top priorities for most companies However, cost is not the only consideration this year; they also expect to increase focus on security,...

Ngày tải lên: 15/03/2014, 20:20

... business by providing insights on strategic business issues These audits can be planned in advance, aligned to the business strategy or ad hoc based on business requests or unexpected events ... management and business units on relevant business issues They also expect internal audit resources to have deep sector knowledge and business acumen When we asked survey respondents the areas for which ... effectiveness of audit process • Value impact on the business (process improvement) • Business relationships, insights and advisory focus • Six Sigma-principled • Risk coverage • Staff placement/attraction...

Ngày tải lên: 15/03/2014, 23:20

... terms of their status as employees of an organization with responsibility to act as internal assurance providers This requires internal auditors to assess and monitor various governance decisions ... auditors are also seen as key contributors as consultants and assurance providers on risk management processes and systems In particular, the internal auditing profession has become a key driver ... Australian (Queensland) government entities Found the extent of client advocacy was less severe in the case of outsourced internal auditors, as opposed to in-house auditors Found assessments of competence,...

Ngày tải lên: 15/03/2014, 23:20

... assessments 1311 – Internal Assessments Internal assessments must include: Ongoing monitoring of the performance of the internal audit activity; and Periodic reviews performed through self-assessment ... yet to institute a formal risk management process but IAD is nevertheless required to establish its annual audit work plans based on its analysis of the risks in its audit universe Riskbased annual ... assignments C.1.1.1 Assignments from the risk register In consultation with the risk assessment team, the Section Chief should propose assignments from the risk register An audit assignment should potentially...

Ngày tải lên: 15/03/2014, 23:20

... audit universe is assessed Relative risk assessment is necessary to provide a means for rational deployment of limited resources across the audit universe In assessing relative risk, auditors ... effective audit plan The risk assessment process involves both a high level overview of topical and selected strategic business risk as well as an intensive and comprehensive process to assess risk ... University 's lines of business as well as the Internal Audit Program 's service activities The Plan also serves as a tool to assist Internal Audit management in analyzing its mix of customers and services...

Ngày tải lên: 15/03/2014, 23:20