Effect of Financial Crisis in the Internal Audit Profession in Greece
|
|
- Marjorie Austin
- 6 years ago
- Views:
Transcription
1 10 th European Academic Conference on Internal Audit and Corporate Governance Effect of Financial Crisis in the Internal Audit Profession in Greece Dr. Andreas G. Koutoupis CMIIA, CIA, CICA, CCSA Lecturer of Accounting and Auditing, University of The Aegean Business School Dr. Michail Bekiaris, Assistant Professor of Accounting and Auditing University of The Aegean Business School 1 Introduction The current financial crisis is affecting the entire operations of the Greek modern enterprise. The main objective of this study is to identify and evaluate whether the current trend of downsizing impacts Internal Controls, Internal Auditors and Internal Audit departments. We will evaluate whether downsizing may lead to less compliance with corporate governance best practices, as well as laws and regulations or excessive risk-taking due to elimination of important controls. 2 1
2 Objectives of this study The main objective of this study is to identify and evaluate downsizing implications on Internal Controls, Internal Auditors and Internal Audit department in general. It consists of four main parts: Downsizing Overview; Downsizing Impact on Internal Controls; Internal Auditors Role in downsizing projects; Downsizing impact on Internal Audit department. 3 Our research objectives are the following: Identify, Examine and Evaluate the Impact of downsizing due to financial crisis on Internal Controls - Understand the importance of Internal Controls in the downsized environment; Identify and Evaluate Internal Audit s role in downsizing; Examine and Evaluate ways that downsizing can impact directly the Internal Audit department; Identify what was the impact of current financial crisis in the Internal Audit Profession in Greece. 4 2
3 Literature Review Benefits of Downsizing Bureaucracy reduced by adopting the use of Advanced Information Systems and eliminate the unnecessary steps within company s processes; As a direct effect from the above, costs are also reduced; Provides the opportunity to incorporate new technologies on the organization s network; It also provides employees the opportunity to learn or develop new skills and adopt new roles within organization as a result of various operations/functions being downsized. 5 Literature Review Risks of Downsizing(1/2) It may create unrealistic management expectations; Downsizing in employees terms, carries the inherent risk for the organization to fire some of its best performers; Staff reductions cause low morale and may also diminish employee commitment to their company. Organizational difficulty in retaining the right staff; Employees loss of trust in management. Some employees may react badly when certain co-workers are let go. They may probably become self served and defensive, rather than loyal to the company; The above is also enhanced by employees actual or perceived loss of responsibility, authority, or status within their peer group, function, or organization; Firing employees carries the risk of losing useful institutional knowledge; Corporate fraud is associated with downsizing according to field experts. 6 3
4 Literature Review Risk of Downsizing(2/2) Very high outplacement costs, such as early retirement packages and other forms of buyout; Adverse impact on productivity; Tendency of the affected areas of the business toward re-staffing themselves; It usually requires great amount of time, so sometimes long term benefit never materializes; It may also delay the implementation of other beneficial changes; Stakeholders, such as customers and suppliers may become aware of difficulties in the business and lose confidence in it. We may not able to say the same for company s shareholders which are always looking for profit maximization; Downsized systems may not meet Internal Control standards as easy as nondownsized ones. Authorization controls and segregation of duties are critical controls within downsized systems. The above controls, as well as the whole organizational security, might be at risk within downsized systems. The above consequences for organizations can be both damaging and embarrassing; Downsizing may cause an increase in training costs associated with learning to operate in a new environment; External Consultants fees may be also high. 7 Downsizing Internal Audit Considerations Downsizing is about change systems, processes and approaches in order to achieve dramatic changes. After the implementation of downsizing programme, there is a number of issues that should be taken into account by the Internal Audit function. These have as follows: The organizational culture will have changed significantly as a result of downsizing. Now, the organization focuses on customer and processes, rather than on production and functions; The organization will have a flatter structure, with more authority delegated to line management, clearer accountability, more scope for management discretion and reduced levels and frequency of checking 8 4
5 As a response to the new environment the following suggestions can be given: Internal Audit should adopt a consultation/advisory role to management as far as it concerns business risks. Their work should be in a form of a partnership with management; They should be able to continuously provide assurance to the Audit Committee of the Board of Directors, Management and their other clients, that the organization s system of Internal Controls in the reengineered processes is sound, appropriate and effective. These clients have the main responsibility for the efficiency end effectiveness of Internal Controls, as well as risk management; External Auditors may also be considered as Internal Audit clients. In the new environment Internal and External Audit should be able to co-operate in order to achieve their targets more economically, efficiently and effectively. In the new environment any conflicts between them should not exist. 9 Impact of the current Financial Crisis in the Internal Audit profession in Greece: Although Internal Audit for a certain number of organizations was targeted for downsizing purposes, the vast majority of organizations (governmental & private) do try to enhance their assurance processes in order to ensure safeguarding of assets (mainly against fraud events) and compliance with laws and regulations. Moreover, new laws imposed by the European Union ask for compulsory Internal Audit departments in the Central Government, Local Government, as well as the National Health System open the market for hundreds of new Internal Auditors. New Insurance Act which adopts the main principles of Solvency II requires compulsory Internal audit department for all insurance companies. Banks try to maintain their current Internal Audit structures to ensure adequate assurance and consulting activities take place under their scope. Moreover, due to financial crisis, fraud related events increase therefore there is a need to strengthen their assurance role. 10 5
6 Conclusions As a result of downsizing initiatives, the Internal Audit function may have to change its role within organizations. Internal Auditors may view downsizing either as an opportunity, or as a threat. Internal Audit should get involved in downsizing in order to ensure that the new processes have taken Internal Control considerations into account. Their role is to ensure that the organizational system of Internal Controls works in the most economic, efficient and effective manner. Internal Auditors must be proactive and they should also get involved in downsizing projects from the beginning in order to prevent deficiencies, as well as to incorporate changes into their departmental plans. By no meaning should always be control-oriented. Management is going to determine which controls will stay and which, will go. Internal Auditors should be in the position to suggest adequate controls that should be retained or built into the new downsized environment. 11 Thank You for Your Attention Questions? 12 6
Significance of Identifying Internal and External Public Financial Auditing Limitations and Objectives in Improving Public Finance Management
Arab Republic of Egypt Central Auditing Organization (CAO) Significance of Identifying Internal and External Public Financial Auditing Limitations and Objectives in Improving Public Finance Management
More informationCEIOPS-SEC-182/10. December CEIOPS 1 response to European Commission Green Paper on Audit Policy: Lessons from the Crisis
CEIOPS-SEC-182/10 December 2010 CEIOPS 1 response to European Commission Green Paper on Audit Policy: Lessons from the Crisis 1. CEIOPS welcomes the opportunity to comment on the Commission s Green Paper
More informationCORPORATE GOVERNANCE THEORY, SCOPE AND IMPORTANCE
CORPORATE GOVERNANCE THEORY, SCOPE AND IMPORTANCE What is on the agenda Corporate Governance: In Theory Brief history The concept Principles Corporate Governance: In Practice Corporate governance elements
More informationEVROSTON ECONOMICS AND MANAGEMENT CONSULTANTS CORPORATE BUSINESS ETHICS POLICY
EVROSTON ECONOMICS AND MANAGEMENT CONSULTANTS CORPORATE BUSINESS ETHICS POLICY JANUARY 2012 CORPORATE BUSINESS ETHICS POLICY TABLE OF CONTENTS Page 1. INTRODUCTION 2 2. COMPLIANCE WITH LAW AND REGULATIONS
More informationFinancial Institutions Consulting. Quality service. Personal attention.
Financial Institutions Consulting Quality service. Personal attention. Why Weaver? With more than 65 years of experience and a commitment to our financial institution clients, Weaver is established as
More informationIoDSA Director Competency Framework
IoDSA Director Competency Framework This framework identifies the knowledge, skills and experience you will be required to evidence for the Chartered Director Evaluation. The Institute of Directors in
More informationStrengthening Control and integrity: A Checklist for government Managers
Forum: Analytics and Risk Management Tools for Making Better Decisions Strengthening Control and integrity: A Checklist for government Managers By James A. Bailey The next contribution is based on a Center
More informationJOB ROTATION YOHAN J ATLAN INTERNAL AUDITING THE IIA NY CHAPTER SCHOLARSHIP OPPORTUNITY LONG ISLAND UNIVERSITY 11/18/2013
1 JOB ROTATION YOHAN J ATLAN INTERNAL AUDITING THE IIA NY CHAPTER SCHOLARSHIP OPPORTUNITY LONG ISLAND UNIVERSITY 11/18/2013 2 Question 1 The internal audit function does provide an independent assurance
More informationAUDITING AND ASSURANCE SERVICES IN AUSTRALIA. AUTHORS: GAY & SIMNETT
AUDITING AND ASSURANCE SERVICES IN AUSTRALIA. AUTHORS: GAY & SIMNETT Prepared by Roger Simnett Copyright McGraw-Hill 2003 1 PART ONE: The Auditing and Assurance Services Profession 2 CHAPTER 1 ASSURANCE
More informationThe Development of Public Internal Financial Control in Albania And His Role in Strengthening the Managerial Accountability
The Development of Public Internal Financial Control in Albania And His Role in Strengthening the Managerial Accountability Doi:10.5901/ajis.2014.v3n4p301 Abstract Dr. Hysen Muceku hysen_muceku@hotmail.com
More informationDuplicate Payments: Causes, Implications, and Solutions
Duplicate Payments: Causes, Implications, and Solutions Overview Duplicate payments are an unnecessary evil affecting government organizations, publicly held companies and privately owned businesses of
More informationPROMOTING A COLLABORATIVE ENVIRONMENT AMONG RISK MANAGEMENT, INTERNAL AUDIT, AND COMPLIANCE DEPARTMENTS. ANDREW SIMPSON, CISA COO CaseWare RCM Inc.
PROMOTING A COLLABORATIVE ENVIRONMENT AMONG RISK MANAGEMENT, INTERNAL AUDIT, AND COMPLIANCE DEPARTMENTS Long gone are the days when organizations could afford to treat each risk, fraud, and compliance
More informationCommunity Bankers Conference
3rd Annual Regional and Community Bankers Conference The Federal Reserve Bank of Boston Disclaimer NEVER WRONG DON T COMPLETELY RELY UPON Recent Developments in Audit Practice SOX, FDICIA 112, Other Robert
More informationINSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA FINANCIAL REPORTING COMPONENT B: ETHICS
INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA FINANCIAL REPORTING COMPONENT B: ETHICS SECTION ONE: ETHICAL FRAMEWORK CONCEPTS AND VALUE - Nature of ethics - The ethical framework for accountants - Rules-based
More informationTHE WORTHINESS OF CORPORATE GOVERNANCE IN PUBLIC SECTOR THE CASE OF PUBLIC HEALTHCARE SECTOR IN GREECE
THE WORTHINESS OF CORPORATE GOVERNANCE IN PUBLIC SECTOR THE CASE OF PUBLIC HEALTHCARE SECTOR IN GREECE Georgios K. Papachristou*, Michail K. Papachristou** Abstract The objective of this paper is to measure
More informationInternal Audit Best Practices for Community Banks. A CSH White Paper
Internal Audit Best Practices for Community Banks A CSH White Paper Internal audit is not an option; examiners expect your bank to have an effective internal audit program in place. However, in today s
More informationInternal Controls: COSO, the Uniform Guidance, and More!
Code of Conduct Contact Us ncura.edu FAQ's Log In Internal Controls: COSO, the Uniform Guidance, and More! By Mary Lee Brown posted 02-06-2015 15:45 1 Recommend Within the research administration community
More informationRe: IOSCO Consultation Report, Good Practices for Audit Committees in
July 17, 2018 Re: IOSCO Consultation Report, Good Practices for Audit Committees in Supporting Audit Quality To: The Board of the International Organization of Securities Commissions The Institute of Internal
More informationOur Approach to Risk Management
62 Li & Fung Limited Annual Report 2017 Our Approach to Risk Management Our Approach to Risk Management We maintain a solid, effective system of risk management and internal controls to support us in achieving
More informationGHANA INSTITUTE OF MANAGEMENT AND PUBLIC ADMINISTRATION HEALTH ADMINISTRATION AND MANAGEMENT COURSE FOR SENIOR HEALTH PERSONNEL
GHANA INSTITUTE OF MANAGEMENT AND PUBLIC ADMINISTRATION HEALTH ADMINISTRATION AND MANAGEMENT COURSE FOR SENIOR HEALTH PERSONNEL INTRODUCTION (February, July and November every Year) One notable feature
More informationSTRAGETIC RISK MANUAL
Strategic Risk Manual 1 Unofficial Translation prepared by The Foreign Banks' Association This translation is for the convenience of those unfamiliar with the Thai language. Please refer to the Thai text
More informationInternational Standards for the Professional Practice of Internal Auditing (Standards)
INTERNATIONAL STANDARDS FOR THE PROFESSIONAL PRACTICE OF INTERNAL AUDITING (STANDARDS) Attribute Standards 1000 Purpose, Authority, and Responsibility The purpose, authority, and responsibility of the
More informationRSA ARCHER MATURITY MODEL: AUDIT MANAGEMENT
RSA ARCHER MATURITY MODEL: AUDIT MANAGEMENT OVERVIEW Internal Audit (IA) plays a critical role in mitigating the risks an organization faces. Audit must do so in a world of increasing risks and compliance
More informationCorporate Governance Principles of Auditing: An Introduction to International Standards on Auditing - Ch 14
Slide 14.1 Corporate Governance Principles of Auditing: An Introduction to International Standards on Auditing - Ch 14 Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage Slide 14.2 Corporate
More informationControlling Insurance. Accounting/Reporting. "Elements" Programs. Governmental Fund. Leadership,Manage ment and. Acillary Service.
THE EDUCATIONAL ENTERPRISE A. and - Identify and apply various organizational leadership models - Identify techniques for motivating others, delegating authority, decision making, information processing,
More informationCorporate Governance
The Silent Features Of Corporate Governance PSPTB Annual Conference 2016 Kassim Hussein, PhD kassimhussein2002@yahoo.com Cell 255 754 360 174 1 Corporate Governance Outline Corporate Governance Meaning
More informationAudit Committee Charter for XL Group Ltd
Audit Committee Charter for XL Group Ltd Audit Committee Charter for XL Group Ltd Purpose The Audit Committee is appointed by the Board to assist the Board in overseeing (1) the quality and integrity of
More informationWELLS FARGO & COMPANY AUDIT AND EXAMINATION COMMITTEE CHARTER
WELLS FARGO & COMPANY AUDIT AND EXAMINATION COMMITTEE CHARTER PURPOSE: The purpose of the Audit and Examination Committee is to assist the Board of Directors in fulfilling its responsibilities to oversee:
More informationAuditor Independence Policy
Auditor Independence Policy Why Auditor Independence Matters Audit Review ~ May 2012 Auditor Independence Policy Why Auditor Independence Matters Contents Introduction 2 The International Dimension 2 The
More informationVIRGINIA STATE UNIVERSITY RISK ANALYSIS SURVEY OPERATIONAL. 1. Operating Concerns of the Assessable Unit and/or Business Process
ASSESSABLE UNIT: Enter name of the Assessable Unit here BUSINESS PROCESS: Enter the Business Process here BANNER INDEX CODE: Enter Banner Index Code here 1. Operating Concerns of the Assessable Unit and/or
More informationHUD-US DEPT OF HOUSING & URBAN DEVELOPMENT: Understanding Internal Controls. Ladies and gentlemen, thank you for standing by and welcome to the
Final Transcript HUD-US DEPT OF HOUSING & URBAN DEVELOPMENT: Understanding Internal Controls SPEAKERS Petergay Bryan PRESENTATION Moderator Ladies and gentlemen, thank you for standing by and welcome to
More informationSpanish Banking Association 7 th December 2010 AEB C/ Velazquez, Madrid Spain. Interest Representative Register ID:
Spanish Banking Association 7 th December 2010 AEB C/ Velazquez, 64-66 28001 Madrid Spain Interest Representative Register ID: 08931402101-25 Consultation on Green Paper on Audit: Audit Policy lessons
More informationCertified Internal Auditor - Part 1, The Internal Audit Activity's Role in Governance, Risk, and Control
IIA IIA-CIA-Part1 Certified Internal Auditor - Part 1, The Internal Audit Activity's Role in Governance, Risk, and Control https://killexams.com/pass4sure/exam-detail/iia-cia-part1 Question: 555 During
More informationLeiningerCPA, Ltd. INTERNAL CONTROL PROCEDURE STATEMENT
LeiningerCPA, Ltd. INTERNAL CONTROL PROCEDURE STATEMENT Effective internal control is a foundation for safe and sound operations. Management and the Board of Directors are committed to providing sufficient
More informationISO Standards in Strengthening Organizational Resilience, Mitigating Risk & Addressing Sustainability Concerns
ISO Standards in Strengthening Organizational Resilience, Mitigating Risk & Addressing Sustainability Concerns 13 December 2016 Joe Muratore Copyright 2012 BSI. All rights reserved. Enterprise Risk Management
More informationDoes Internal Audit Need a Makeover?
Does Internal Audit Need a Makeover? Opportunities and Challenges Lie Ahead Jim Pelletier, CIA, CGAP Managing Director, Industry Audit Centers The Institute of Internal Auditors, Inc. Agenda ACGA overview
More informationAudit Committee Charter
Audit Committee Charter Organization (Adopted and Effective as of November 8, 2008) There shall be a committee of the Board of Directors of Redwood Trust, Inc. (Redwood) to be known as the Audit Committee.
More informationCertificate in Internal Audit IV
Certificate in Internal Audit IV The Senior Audit Role auditing key business activities Who should attend? Senior Auditors Audit Managers and those about to be appointed to that role Auditors that need
More informationEthical leadership and corporate citizenship. Applied. Applied. Applied. Company s ethics are managed effectively.
CORPORATE GOVERNANCE- KING III COMPLIANCE Analysis of the application as at 24 June 2015 by Master Drilling Group Limited (the Company) of the 75 corporate governance principles as recommended by the King
More informationPOLARIS INDUSTRIES INC. BOARD OF DIRECTORS AUDIT COMMITTEE CHARTER Revised January 26, 2017
POLARIS INDUSTRIES INC. BOARD OF DIRECTORS AUDIT COMMITTEE CHARTER Revised January 26, 2017 I. INTRODUCTION AND PURPOSE The primary function of the Audit Committee (the Committee ) is to assist the Board
More informationLabor Unions HELPING LABOR UNIONS NAVIGATE CHALLENGES
Labor Unions HELPING LABOR UNIONS NAVIGATE CHALLENGES About Us Calibre CPA Group is a full-service accounting and advisory firm with big capabilities. We focus on helping organizations nationwide make
More informationPublic Internal Control Systems in the European Union
Public Internal Control Systems in the European Union Illustrating essential Internal Control elements Discussion Paper No. 8 Ref. 2017-1 The information and views set out in this paper are those of the
More informationAudrey A. Gramling Kennesaw State University. Larry E. Rittenberg. University of Wisconsin Madison. Karla M. Johnstone
Auditin Audrey A. Gramling Kennesaw State University Larry E. Rittenberg University of Wisconsin Madison Karla M. Johnstone University of Wisconsin Madison /% SOUTH-WESTERN *% CENGAGE Learning- Australia
More informationManagement Accountability Framework
Management Accountability Framework Canadian Public Sector Quality Association November 20, 2013 Presented by: Anne Casault, Director MAF Directorate, TBS Management Accountability Framework (MAF) The
More informationStrategic thinking. Director level RISK MANAGEMENT CHANGE MANAGEMENT POLICIES AND PROGRAMS. Innovating through analysis and ideas.
RISK MANAGEMENT CHANGE MANAGEMENT POLICIES AND PROGRAMS Strategic thinking Innovating through analysis and ideas As leaders, all employees at the town advise and plan based on analysis of issues and trends,
More informationAUDIT COMMITTEE CHARTER
- 1 - AUDIT COMMITTEE CHARTER I. ROLE AND OBJECTIVES The Audit Committee is a committee of the Board of Directors (the "Board") of Pembina Pipeline Corporation (the "Corporation") to which the Board has
More informationMANATEE COUNTY CLERK OF THE CIRCUIT COURT INTERNAL AUDIT DEPARTMENT COUNTY ADMINISTRATOR S OFFICE CONSERVATION LANDS MANAGEMENT DIVISION
MANATEE COUNTY CLERK OF THE CIRCUIT COURT INTERNAL AUDIT DEPARTMENT COUNTY ADMINISTRATOR S OFFICE CONSERVATION LANDS MANAGEMENT DIVISION A U D I T R E P O R T TABLE OF CONTENTS I. INTERNAL AUDIT REPORT
More informationAUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK CHARTER
AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF THE TORONTO-DOMINION BANK CHARTER ~ ~ Supervising the Quality and Integrity of the Bank's Financial Reporting ~ ~ Main Responsibilities: overseeing reliable,
More informationExecutive Teams and the Use of ISO in Decision Making. Scott Wightman, ARM-E National Director Gallagher ERM Practice
Executive Teams and the Use of ISO 31000 in Decision Making Scott Wightman, ARM-E National Director Gallagher ERM Practice Agenda Defining ERM Mission, Objectives and Uncertainty Governance and Risk Varying
More informationTest Bank Auditing A Risk Based Approach To Conducting A Quality Audit 10th Edition
Test Bank Auditing A Risk Based Approach To Conducting A Quality Audit 10th Edition Full download: https://testbankarea.com/download/auditing-risk-basedapproach-conducting-quality-audit-10th-edition-test-bank/
More informationAnnual Governance Report. Union National Bank-Egypt. Compliance & Governance Department
Annual Governance Report Union National Bank-Egypt 2016 Compliance & Governance Department Report Contents Vice Chairman Foreword 1. Introduction 1.1 Objective 1.2 Commitment to Comply with Corporate Governance
More informationProfessional scepticism: its implications on audits of financial statements
Professional scepticism: its implications on audits of financial statements Professional scepticism, which should never be a new term to any accounting student, is often perceived as the cornerstone of
More informationBusiness Risk Services
Business Risk Services Corporate Governance Internal Control Review Risk Management Internal Audit Fraud & Forensics Compliance Policies & Procedures Our Firm... Grant Thornton - Al-Qatami, Al-Aiban and
More informationPULSE OF INTERNAL AUDIT. Navigating an Increasingly Volatile Risk Environment
PULSE OF INTERNAL AUDIT Navigating an Increasingly Volatile Risk Environment Survey Demographics Survey Conducted Oct. 2014 8th consecutive year 370 responses 63% Public/Private companies 84% CAEs and
More informationNEW YORK LIFE INSURANCE COMPANY AUDIT COMMITTEE MISSION STATEMENT
NEW YORK LIFE INSURANCE COMPANY AUDIT COMMITTEE MISSION STATEMENT I. MISSION AND FUNCTION OF THE AUDIT COMMITTEE A. The mission of the Audit Committee is to assist the Board of Directors (the Board of
More informationCertified Identity Governance Expert (CIGE) Overview & Curriculum
Overview Identity and Access Governance (IAG) provides the link between Identity and Access Management (IAM) rules and the policies within a company to protect systems and data from unauthorized access,
More informationSupport Services Review Template
Update Year: 2012 Unit Name: Office of Internal Audit Today s Date: June 28, 2012 Unit Review Leader: Imad Mouchayleh Five Fundamental Questions 1. What are the primary services or outcomes provided by
More informationBALANCED SCORECARD STRATEGY MAPS FOR-PROFIT EXAMPLES
BALANCED SCORECARD STRATEGY MAPS FOR-PROFIT EXAMPLES Strategy maps are used by many for-profit organizations and corporations to clearly communicate their strategic plan. A good strategy map should identify
More informationAUDIT COMMITTEE CHARTER
AUDIT COMMITTEE CHARTER CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS (As amended and restated on November 30, 2016.) The responsibilities of the Board of Directors of The Walt Disney Company
More informationAudi-Wire Newsletter. Ethics Under Pressure. October-December 2018
Audi-Wire Newsletter October-December 2018 Ethics Under Pressure No matter how well trained, every internal auditor must deal with challenges to their judgment and to their core ethical values. How they
More informationStrategic Management of Stakeholder Relationships
CHAPTER 2 Strategic Management of Stakeholder Relationships PURPOSE AND PERSPECTIVE The purpose of this chapter is to fully examine the concept of stakeholders and explore why these groups are important
More informationRisk Advisory SERVICES. A holistic approach to implementing effective governance, managing risk and maintaining compliance
Risk Advisory SERVICES A holistic approach to implementing effective governance, managing risk and maintaining compliance Contents Weaver's Risk Advisory Services 1 Enterprise Risk Management 4 Assessing
More informationAUDIT OF CORPORATE SOCIAL RESPONSIBILITY
AUDIT OF CORPORATE SOCIAL RESPONSIBILITY CA. Rajkumar S. Adukia B.Com (Hons.), FCA, ACS, AICWA, LL.B, M.B.A, Dip In IFRS(UK), Dip In LL & LW Mob: 098200 61049/09323061049 Email: rajkumarfca@gmail.com/
More informationWhat does it look like when there's a culture of pervasive leadership? In the Workforce
What does it look like when there's a culture of pervasive leadership? In the Workforce Workforce has latitude to be responsive to the customer and to improve through innovation, but is guided by the vision
More informationCompetency Model. Level B. Level C Applies to: Manager Coordinator. Applies to: Assistant Vice President Assistant Dean Director
Job Knowledge a. Demonstrates detailed knowledge of FIT programs, products and services in independently carrying out varied professional duties. a. Uses thorough knowledge of the range of FIT products,
More informationPERSONNEL RESTRUCTURING
PERSONNEL RESTRUCTURING Human Resources Master November 2010 Personnel restructuring has become, nowadays in a very common process in several companies around the world. The global crisis has forced the
More informationRisky Business: Internal Audit Best Practices for Community Banks. Presented by: Angela Roberts & Leonard Wagers
Risky Business: Internal Audit Best Practices for Community Banks Presented by: Angela Roberts & Leonard Wagers Our Presenters Angela Roberts, CIA, Clark Schaefer Hackett Angela is an audit consultant
More informationInternal audit effectiveness reviews. Working in partnership to help you enhance the quality and effectiveness of your internal audit function
Internal audit effectiveness reviews Working in partnership to help you enhance the quality and effectiveness of your internal audit function A changing environment Since the 2008 financial crisis it is
More informationEvaluating alternative operating models for government-wide shared services. Taking the back office out of mission-focused agencies
Evaluating alternative operating models for government-wide shared services Taking the back office out of mission-focused agencies Increasing demand to streamline back-office functions across government
More informationMotivating Employees. Motivating Employees
Motivating Employees Introduction Strategic management encompasses the use of specialized management tactics in order to achieve organizational goals. (Jong, 2012)Different issues must be addressed in
More informationETHICAL DILEMMAS FOR ACCOUNTANTS PRESENTATION BY FAITH W. MUHORO
ETHICAL DILEMMAS FOR ACCOUNTANTS PRESENTATION BY FAITH W. MUHORO ETHICS Ethics refers to a code or moral system that provides criteria for evaluating right and wrong. It is about the rules of conduct that
More informationBrightPath Early Leaning Inc. Audit Committee Charter
BrightPath Early Leaning Inc. Audit Committee Charter 1. Purpose The purpose of the Audit Committee is to assist the Board of BrightPath Early Learning Inc. ( BrightPath ) in its oversight of: (a) The
More informationCorporate Governance Principles 2015
Corporate s 2015 corporate principles 1 corporate principles 1. Ethical leadership and corporate citizenship Responsible leadership 1.1 The board should provide effective leadership based on an ethical
More informationApril 12, Attn: Mr. Chris Spedding, Secretary to the Committee. Responded via to
April 12, 2013 Chartered Institute of Internal Auditors Committee on Internal Audit Guidance for Financial Services 13 Abbeville Mews 88 Clapham Park Road London SW4 7BX Attn: Mr. Chris Spedding, Secretary
More informationInternal Auditing Functions at Ultra Tech Cement Ltd.
EUROPEAN ACADEMIC RESEARCH Vol. II, Issue 8/ November 2014 ISSN 2286-4822 www.euacademic.org Impact Factor: 3.1 (UIF) DRJI Value: 5.9 (B+) Internal Auditing Functions at Ultra Tech Cement Ltd. ALI NOAMAN
More informationCHARTER OF THE AUDIT COMMITTEE NATIONWIDE MUTUAL INSURANCE COMPANY NATIONWIDE MUTUAL FIRE INSURANCE COMPANY NATIONWIDE CORPORATION
CHARTER OF THE AUDIT COMMITTEE NATIONWIDE MUTUAL INSURANCE COMPANY NATIONWIDE MUTUAL FIRE INSURANCE COMPANY NATIONWIDE CORPORATION ESTABLISHMENT The Audit Committees are committees of the Board of Directors
More informationRISK AND AUDIT COMMITTEE CHARTER
RISK AND AUDIT COMMITTEE CHARTER 1. ORGANIZATION This Charter governs the conduct of Computershare Limited s (the Company ) Risk and Audit Committee. A reference in this Charter to the Group means a reference
More informationAGA Gulf Region PDT COSO and the Green Book: An Enhanced Internal Control Framework
AGA Gulf Region PDT COSO and the Green Book: An Enhanced Internal Control Framework Isabelle Dikland, Director, MorganFranklin Consulting Timothy Grace, Director, MorganFranklin Consulting May 6, 2015
More informationCODE OF ETHICS AND CONDUCT OF THE TELECOM ITALIA GROUP
CODE OF ETHICS AND CONDUCT OF THE TELECOM ITALIA GROUP 6 December 2012 CONTENTS Article 1 - Premise 2 Article 2 - Founding values 2 Article 3 - Internal control and risk management system 3 Article 4 -
More informationSKILLSI FOUNDATIONS OF MANAGEMENT. The Nature of Ethics MANAGEMENT. Stakeholders and Ethics. Types of Company Stakeholders.
Chapter 3 Ethics and MANAGEMENT SKILLSI FOUNDATIONS OF MANAGEMENT Chapter 3: Ethics & The Nature of Ethics Ethics The inner guiding moral principles, values, and beliefs that people use to analyze or interpret
More informationAudit & Risk Management Committee Charter
Table of Contents 1 INTRODUCTION... 3 2 OBJECTIVES... 3 3 AUTHORITY... 3 4 MEMBERSHIP OF THE COMMITTEE... 3 5 ADMINISTRATIVE MATTERS... 4 6 REPORTING... 4 7 RESPONSIBILITIES AND FUNCTIONS... 4 8 REVIEW...
More informationSUNEDISON, INC. AUDIT COMMITTEE CHARTER (Adopted October 29, 2008)
SUNEDISON, INC. AUDIT COMMITTEE CHARTER (Adopted October 29, 2008) I. Purpose The primary purpose of the Audit Committee of the Board of Directors (the Committee ) is to assist the Board of Directors in
More informationDevelopment of auditing in Mongolia and further objectives
Development of auditing in Mongolia and further objectives L. Dondog, PhD., Professor, President of MonICPA It is possible to say that the history of auditing in Mongolia began in the early 1990s. In 1993,
More informationPlanning the audit and understanding internal control
Planning the audit and understanding internal control When the client has internal auditors then the major issue for independant auditors is to assess the competence and objectivityof the internal auditors.
More informationSuccessful ERM Program Standards. Definitions of Enterprise Risk Management (ERM)
1 Successful ERM Program Standards Enterprise Risk Management Vendor Management Business Continuity IT GRC Internal Audit Regulatory Compliance Manager William C. Hord V.P. of Enterprise Risk Management
More informationAdvanced Audit Techniques
Advanced Audit Techniques Who should attend? Senior Auditors Audit Managers and those about to be appointed to that role Auditors that need to audit technical or complex business areas Assurance professionals
More informationCORPORATE GOVERNANCE KING III COMPLIANCE REGISTER 2017
CORPORATE GOVERNANCE KING III COMPLIANCE REGISTER 2017 This document has been prepared in terms of the JSE Listing Requirements and sets out the application of the 75 corporate governance principles by
More informationJoining The IIA is an investment in your career and the profession.
Joining The IIA is an investment in your career and the profession. Connected. Knowledgeable. Confident. The IIA is the internal audit profession s global voice, recognized authority, acknowledged leader,
More informationWorking better by working together
Working better by working together Deal Advisory We can help you Partner. kpmg.ch/dealadvisory A pragmatic approach to enhancing value through partnerships. / 1 Your vision. Our proven capabilities. Businesses
More informationBoards and internal audit: Working together to strengthen risk management
Boards and internal audit: Working together to strengthen risk management Growing demands on boards The role of the board has always been an important and demanding one, but today s board members face
More informationBPK5B Corporate Ethics and Governance. Unit : I - V
BPK5B Corporate Ethics and Governance Unit : I - V Unit I - Syllabus Concept of ethics Ethics and morals Justice Fairness Values Normative ethical theory Relevance of business ethics Arguments for and
More informationBoard Charter. Page. Contents
1 Board Charter Contents Page 1. Introduction 2 2. Role and Objectives 2 3. Board Composition 2 4. Duties and Responsibilities 3 5. The Chairman 5 6. The Managing Director 6 7. Individual Directors 6 8.
More informationCORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE STATEMENT Corporate Practices and Conduct Vodacom Group is guided in its commitment to the principles of good governance by the King Committee Report on Corporate Governance 2002.
More informationManaging reputation risk. Laura Toni, Deloitte Romania November 28, 2014
Managing reputation risk Laura Toni, Deloitte Romania November 28, 2014 Executive summary What is your company s reputation worth? According to a study by the World Economic Forum performed in 2012, on
More informationRising to the challenge Delivering Internal Audit excellence
www.pwc.co.uk Rising to the challenge Delivering Internal Audit excellence Internal Audit. Expect More. November 2016 Welcome Lindsey Paterson Scotland Internal Audit Government and Public Sector Leader
More informationSecure Your ERP Environment with Automated Controls Naomi Iseri,Sr. GRC Solution Consultant
Secure Your ERP Environment with Automated Controls Naomi Iseri,Sr. GRC Solution Consultant Agenda Introductions & Objectives Why Automate Controls What types of Automation Controls Do I Need When to Implement
More informationThe certificate in Strategic Risk and Responsibility includes four 3-credit courses (12 total credits, one class from each pillar of Risk Management)
The certificate in Strategic Risk and Responsibility includes four 3-credit courses (12 total credits, one class from each pillar of Risk Management) Risk Management - MGMT 751 (Risk Management) REQUIRED
More informationIESBA Agenda Paper 7-A February 2010 New York, USA. From which perspective are you providing this online feedback?
Survey Results & Analysis Part 1: Classification From which perspective are you providing this online feedback? Response Count Percent Professional Accountant in Public Practice 28 27.7% Professional Accountant
More informationAdvisory Services Governance, Risk & Compliance
Advisory Services Governance, Risk & Compliance Caribbean Association of Audit Committee Members Inc. 2010 Conference Caretakers of Integrity and Accountability: The Role of Internal Audit in Corporate
More informationWhen cost cutting alone isn t enough
Consumer products Of special interest to Consumer products executives Insights for 5executives When cost cutting alone isn t enough Sustainable cost reduction means knowing your culture EY s Global Consumer
More information