Enhancing Audit Committee Excellences through Internal Audit. 21 November 2017

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1 Enhancing Audit Committee Excellences through Internal Audit 21 November 2017

2 Sharpen and Strengthen Excellences of Audit Committee Recent Trends and Emerging Challenges Global and Emerging Trends Roles and responsibilities of Audit Committee Challenges and Priorities for Audit Committee Maximizing the value of Internal Audit Trends and Key Considerations for Internal Audit Future State of Internal Audit Quality Assessment of Internal Audit Regulatory Provision vs Quality Improvement Reason for Quality Assurance Review Added Value of External Quality Assessment Key Takeaways Benchmark your view of Internal Audit Key Takeaways 2

3 Global Trends Emerging Challenges Extracted from 2017 KPMG Global Audit Committees Survey 3

4 Global Trends Risk Management Almost 50% of Global Audit Committees survey posted concerned about the effectiveness of risk assessments Almost 50% said they need to take more time and expertise to oversee major risks agenda 4

5 Global Trends Cyber and Digitalization 28% of Global Audit Committees survey concerned about cyber security risks 1/3 said the most significant gaps are from (a) organizational culture and awareness and (b) technology up to date The company s cyber risks shall be escalated to the board as a business or enterprise risk not just simply the cyber risk 5

6 Global Trends Organization Culture 24% of Global Audit Committees survey posted concerned about tone at the top and organization cultures Governance and culture 1/5 said they are not satisfied with the current tone at the top and organization culture 6

7 Global Trends Value of Internal Audit More than 50% of Global Audit Committees survey suggested that Internal Auditors should expand audit plan to be flexible to cover risks and changes in business conditions 1/5 said they expect Internal Auditors to assess/audit the culture of the organization and enhance value of IA 7

8 Global Trends Value of Internal Audit 8

9 Global Trends Value of Internal Audit Opportunity for improvements! Only 10% agrees that IA function adequately identify and responds to emerging risks 9

10 Global Trends Value of Internal Audit 10

11 Global Trends Value of Internal Audit 11

12 Roles and Responsibilities of Audit Committee Generally, Audit Committee has the oversight responsibilities over financial reporting, internal control, auditing, and other traditional areas of compliance Are the roles of Audit Committee evolving? And what factors are driving changes?? Market and Economic Volatility More complex business environment Going forward, audit committee should stay ahead of the game by creating value from internal audit Changing Risk Landscape Increasing demand for regulatory compliance and scrutiny from authorities 12

13 Challenges and Priorities for Audit Committee Risk Management as the top concern Increasing volatilities and uncertainties Tone at the top strengthened culture Evolving regulatory compliances Disruptive and emerging technologies Demanding increased information and transparency Audit Committee has to play a prominent role in overseeing risk management system and internal audit Internal Audit serves as a valuable resource to help Audit Committee respond to those critical challenges with a significant role in evaluation of risk management and internal control 13

14 Challenges and Priorities for Audit Committee Establishing and maintaining the effective internal audit is the key The challenges for Audit Committee is to optimize Internal Audit resources and redefine Internal Audit s roles to focus on the critical risks of business Internal audit focuses not just financial and compliance issues but critical risks of the businesses Internal audit function needs to leverage more on advanced technologies to improve the quality and effectiveness of their work such as data analytics, integrated information system, etc Valued-added Model Internal audit should ensure the appropriate and adequate resources in order to achieve its mandate and objectives 14

15 Sharpen and Strengthen Excellences of Audit Committee Recent Trends and Emerging Challenges Global and Emerging Trends Roles and responsibilities of Audit Committee Challenges and Priorities for Audit Committee Maximizing the value of Internal Audit Trends and Key Considerations for Internal Audit Future State of Internal Audit Quality Assessment of Internal Audit Regulatory Provision vs Quality Improvement Reason for Quality Assurance Review Added Value of External Quality Assessment Key Takeaways Benchmark your view of Internal Audit Key Takeaways 15

16 Trends and Key Considerations for Internal Audit Risk Assessment and audit plan The changing risk landscape demands the internal audit function to focus on emerging risks and revisit their audit plan Cybersecurity and Technology risks Cybersecurity and technological risks become critical factors for many businesses, which poses significant challenges to companies Integrated Assurance The organization expected internal audit to integrate the enterprise risks and work together with other assurance functions Culture/Soft Controls Culture has become critical factor for company s success It is more important than ever to reinforce strong organization culture Regulatory Compliance The organizations are affected by the increasing numbers of regulatory requirements and compliance risks 16

17 Next State of Internal Audit Driving towards value-added model The role of internal audit has to go far beyond normal regulatory compliance review, but to encompass activities related to value creation 1 Getting involved in business matters and playing more strategic advisor 2 Focusing on critical risks to the business, including key operational risks 3 Integrating technological advancements into audit approach such as data analytics, enterprise-wide data management, etc 4 Balancing the role of internal audit and ensuring the right skills of resources are fulfilled 17

18 Sharpen and Strengthen Excellences of Audit Committee Recent Trends and Emerging Challenges Global and Emerging Trends Roles and responsibilities of Audit Committee Challenges and Priorities for Audit Committee Maximizing the value of Internal Audit Trends and Key Considerations for Internal Audit Future State of Internal Audit Quality Assessment of Internal Audit Regulatory Provision vs Quality Improvement Reason for Quality Assurance Review Added Value of External Quality Assessment Key Takeaways Benchmark your view of Internal Audit Key Takeaways 18

19 Does Internal Audit become a valuable resource for Audit Committee? 19

20 Quality of Internal Audit - Considerations Does internal audit have a concrete understanding of business and associated risks? Has internal audit added value to the organization? Is internal audit size and structure appropriate to deliver its annual audit plan? Is internal audit effective in improving the quality and effectiveness of governance, risk management and internal control process? Does internal audit have a right people strategy to achieve its objectives? Does internal audit have a risk based audit plan based on appropriate risk assessment? 20

21 Quality of Internal Audit - Considerations Has internal audit added value to the organization? Is internal audit effective in improving the quality and effectiveness of governance, risk management and internal control process? Does internal audit have a concrete understanding of business and associated risks? An increasing demand from stakeholders requires internal audit to expand its roles to be more proactive and encompass activities to value-added model Is internal audit size and structure appropriate to deliver its annual audit plan? With the requirements to assess conformance with IIA-Standards, Internal Audit has to undergo Does quality internal assurance audit have a right people strategy to review to evaluate achieve efficiency its objectives? and effectiveness of IA processes; identify opportunities for enhancement Does internal audit have a risk based audit plan based on appropriate risk assessment? 21

22 Reasons for External Quality Assurance Review Regulatory Provision IIA Standards (1312) External assessments 1 must be conducted at least once every five years by a qualified, independent assessor or assessment team from outside the organization 2 Build stakeholder confidence Despite the scrutiny from various stakeholders, it present how effective and efficient the organization s internal control, governance, and risk management processes are delivered Quality, risk, internal controls 3 Commit to quality and best practices Benchmarking of existing process, procedures and practices with other firms and identifying opportunities for improvements How effective is internal audit as independent reviewer and how well they perform comparing with other companies and best practices? 22

23 Engaging External Quality Assessment External Quality Assessment allows an entity to enhance effectiveness, efficiency, and value of Internal Audit and serve key stakeholders expectations Value added from External QAR Conceptual Framework Internal Stakeholders Is Internal Audit appropriately positioned to achieve its objectives and provide valueadded contribution to the company? External Influences Assessment of compliance to IIA and other relevant standards Independent view from qualified professionals and quality of tools, techniques, and methodology to perform the review Constructive insights and recommendations based on best practices and relevant industry benchmarking Does Internal Audit have the right staff and appropriate HR Strategy to fulfill its objectives? Internal Audit Perspective Are internal audit processes effective and efficient and aligned with company s strategy? High-impact opportunities for improvements in alignment with the organization s strategy 23

24 Sharpen and Strengthen Excellences of Audit Committee Recent Trends and Emerging Challenges Global and Emerging Trends Roles and responsibilities of Audit Committee Challenges and Priorities for Audit Committee Maximizing the value of Internal Audit Trends and Key Considerations for Internal Audit Future State of Internal Audit Quality Assessment of Internal Audit Regulatory Provision vs Quality Improvement Reason for Quality Assurance Review Added Value of External Quality Assessment Key Takeaways Benchmark your view of Internal Audit Key Takeaways 24

25 Quick Glance at your internal audit Positioning Q1: What kind of role do you think internal audit is playing? Q2: Do you think that Internal Audit has value added to the business? If yes, how? If no, why? Q3: Does Internal Audit help to shape the risk control culture and awareness? People Q4: What do you think of the current skillsets of internal auditors? Are they sufficiently staffed? Process Q7: Is internal audit risk assessment process able to identify and consider emerging risks? Q8: Is internal audit plan risk based? Q9: Does internal audit leverage on technological advancements to enhance its effectiveness and efficiency? Q10: Is internal audit s work concentrated on a critical risk areas? Q5: How well do you think internal auditors understand business? Q6: Is internal audit strategy and succession plans well developed? 25

26 Key Takeaways how to enhance IA value A high-performing Internal Audit is the valuable resource for Audit Committee 01 Ensuring effective Internal Audit helps the Audit Committee address their roles and responsibilities Focusing on the critical risks of business including key operational risks maximizes the effectiveness of internal audit Establishing and maintaining the right role of internal audit is the key to become a higher value-added model Undergoing External Quality Assessment allows an entity 04 to enhance effectiveness, efficiency, and value of Internal Audit and serve key stakeholders expectations 05 Thoroughly understanding of business matters including critical risks improves audit committee oversight effectiveness 26

27 Question & Answer 27

28 Contact Detail: Disclaimer This presentation is made by KPMG Phoomchai Business Advisory Ltd (KPMG), a Thai limited liability company and member firm of the KPMG network of independent firms affiliated with KPMG International, a Swiss cooperative, and is in all respects subject to the negotiation, agreement, and signing of a specific engagement letter or contract KPMG International provides no client services No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm Sukit Vongthavaravat Partner - Advisory sukit@kpmgcoth This Document is Strictly Confidential This document contains confidential material proprietary to KPMG Phoomchai Business Advisory Ltd (KPMG) The materials, ideas, and concepts contained herein are to be used exclusively to evaluate the capabilities of KPMG The information in this document contains trade secrets and confidential or proprietary information of KPMG, the disclosure of which would provide a competitive advantage to others Therefore, this document shall not be disclosed, used or duplicated, in whole or in part, for any purpose other than as presentation

29 Anticipate Innovate Deliver Anticipate Innovate Deliver Anticipating tomorrow to deliver the best results today is our philosophy Ongoing economic uncertainty, the evolving role of government in the marketplace, prospects of a more complex regulatory environment, combined with rapid changes in industries, huge strides in the advancement, of digital technology and consumers rising expectations mean that to be at the forefront of each industry, companies must constantly anticipate change In such a fluid economic climate, we believe in anticipating and understanding the changes before they take place We are ready for tomorrow, and our goal is to make our clients find the best solutions today At KPMG, we believe that despite the recent advances in technology, ultimately what still makes the difference to our clients is the experience of working with KPMG people We work hard to develop and retain the best professionals in the field to best serve our clients Our people understand both the local and global contexts of business and have a deep understanding of our clients diverse industries and the complex environment in which they operate This, combined with a conscious and calculated expansion of innovation and technology in our Audit, Tax and Advisory services, allows us to make the best decisions for our clients We tailor our services and solutions to suit each client s unique needs and businesses What we do is simple We understand the business climate and industries, we know our clients and we deliver tailor-made services to best serve each client s individual needs using experts in the field and innovative tools We are constantly expanding our capabilities as a firm, developing our people and innovating our tools to allow us to stay ahead We bring long term added value through our real world experience and technical know-how Our forward looking vision and deep expertise ultimately lead to one goal: Delivering real results to you

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