Caribbean Association of Audit Committee Members Inc. Independent Quality Assurance Assessment of the Internal Audit function
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1 Caribbean Association of Audit Committee Members Inc. Independent Quality Assurance Assessment of the Internal Audit function Strengthening the Performance and Influence of the Audit Committee within the scope of performing their Oversight Duties July 19, 2012
2 Agenda Page 1 Introductions 1 2 Setting the tone 3 3 The IIA Standards 12 4 Getting it Done 19 5 Questions? 32
3 Introductions 1
4 Section 1 Introductions Your Presenter today... Berkeley Greenidge Director Advisory Services PricewaterhouseCoopers SRL The Financial Services Centre Collymore Rock St. Michael Barbados (246) berkeley.greenidge@bb.pwc.com 2
5 Setting the tone 3
6 Section 2 Setting the tone Internal Audit defined... Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. The Institute of Internal Auditors 4
7 Section 2 Setting the tone The world today... We live in an intricately interconnected world... - Risks become apparent more quickly, and unexpectedly - Significant impacts on operations, reputations, and existence - Increased focus on identifying, assessing and managing risks, and communicating risk profile and risk management practices News is instantaneous - Planning for the management of adverse events is as important as identifying and managing the risk 5
8 Section 2 Setting the tone The current risk landscape The risk landscape is expanding and changing... - Risks are complex, unpredictable, and wide ranging - Emerging risks - Increased challenges associated with traditional risks - Constantly changing priorities - Organisations face inter-related risks - Perception that critical risks are not well managed Focus on financial risks since 2008, but... Efforts diverted from management of other risks 6
9 Section 2 Setting the tone Imperatives for Internal Audit Must be effective in supporting risk management, but... Constantly changing risk environment Transition from a reactive to proactive role Adopt a strategic mindset - What needs to go right? - How to position the organisation to react to or take advantage of opportunities? Alignment to critical risks is now of paramount importance Full co-ordination across three lines of defence for risk management Provide insightful and objective viewpoint 7
10 Section 2 Setting the tone The new standard for Internal Audit Navigate the new risk landscape - Think and act strategically - Align resource allocations - Leverage the second line of defence Provide deeper insight - Understand the business - Deliver advice and best practices - Leverage specialists Cut through the clutter - Build trust through on-going dialogue - Simplify reporting - Connect the dots 8
11 Section 2 Setting the tone Key Attributes A. Stakeholder Alignment What are the expectations of IA s key stakeholders? How confident are you that IA is meeting them? B. Critical Risk Focus How well aligned are audits to the organization s most critical risks? How appropriate is the mix of audits? C. Talent Model Alignment How adequate are IA s skills for both today and tomorrow? How effective is IA as a source of talent for your organization? D. Quality and Innovation How is IA quality measured and assessed? What innovation initiatives are underway? Attributes of Excellence E. Use of Technology How extensively is technology leveraged? What are the most significant IA challenges related to technology? F. Relationship Management What is IA s approach to managing key stakeholder relationships? G. Cost-effective Services What are IA s primary productivity metrics? In what ways have audit processes been analyzed for efficiencies? H. Client Service Culture How are business and soft skills emphasized? How consistently are tough issues handled well? 9
12 Performance Opportunity Section 2 Setting the tone Identifying enhancement opportunities Importance 10
13 Section 2 Setting the tone Addressing priority areas Improve Excess Urgent Action Appropriate Why less important? Key stakeholder views? Changes needed to bring highest value? Opportunities to refocus resources? Cost of not taking action? Why less important? How is high performance currently being achieved? Key stakeholder views? Changes needed to bring highest value? Opportunities to refocus resources? What s the key issue driving performance concerns? Current response? Stakeholder expectations? Barriers to high performance? Cost of not taking action? How is high performance currently being achieved? Key stakeholder views? What could cause current satisfaction levels to drop? What percentage of IA resources are focused on this area? Benefits of further progress? 11
14 The IIA Standards 12
15 Section 3 The IIA Standards Foundations of any profession Four key elements - Professional guidance - Common body of knowledge - Rules of behaviour - Quality assurance 13
16 Section 3 The IIA Standards International Professional Practices Framework (IPPF) IPPF is the conceptual framework developed for the Internal Audit profession by the IIA - Mandatory Guidance Definition of Internal Auditing Code of Ethics International Standards for the Professional Practice of Internal Auditing (Standards) - Strongly Recommended Guidance Position Papers Practice Advisories Practice Guides 14
17 Section 3 The IIA Standards Overview of IA Standards Purpose: - Delineate basic principles that represent the practice of internal auditing - Provide a framework for performing and promoting a broad range of value-added internal auditing - Establish the basis for the evaluation of internal audit performance - Foster improved organizational processes and operations The Standards are principles-focused, mandatory requirements consisting of: - Statements of basic requirements for the professional practice of internal auditing and for evaluating the effectiveness of performance, which are internationally applicable at organizational and individual levels. - Interpretations, which clarify terms or concepts within the Statements. 15
18 Section 3 The IIA Standards Standards relating to Quality Assurance 1300 Quality Assurance and Improvement Program - The Chief Audit Executive must develop and maintain a Quality Assurance and Improvement Program (QAIP) that covers all aspects of the internal audit activity A QAIP is designed to enable an evaluation of the internal audit activity s conformance with the Definition of Internal Auditing and the Standards and an evaluation of whether internal auditors apply the Code of Ethics. The program also assess the efficiency and effectiveness of the internal audit activity and identifies opportunities for improvement. 16
19 Section 3 The IIA Standards Standards relating to Quality Assurance 1310 The QAIP must include both Internal and External assessments 1311 Internal Assessments - Must include: On-going monitoring Periodic reviews through self-assessment or qualified internal resources 1312 External Assessments - Must be conducted at least every 5 years - CAE must discuss with the Board Need for more frequent assessments Qualifications and independence of external reviewer 17
20 Section 3 The IIA Standards Standards relating to Quality Assurance 1320 Reporting on the QAIP - Must be communicated to senior management and the Board 1321 Use of Conforms with the International Standards for the Professional Practice of Internal Audit - Must only be used if QAIP support this statement 1322 Disclosure of non-conformance - Must be disclosed if it impacts on overall scope or operation of Internal Audit activity - Disclosure must be made to senior management and the Board 18
21 Getting it Done 19
22 Section 4 Getting it Done The Options Self-assessment with independent validation Full scope quality assurance reviews (external assessments in accordance with 1312) - Conducted by a qualified reviewer or review team - Must demonstrate competence in two areas: Professional practice of external auditing External assessment process - External to the organisation - No real or apparent conflicts of interest 20
23 Section 4 Getting it Done Self-assessment with independent validation Intended for small Internal Audit units Areas of concern: - Report is limited to whether reviewer concurs with Internal Audit s conclusion on conformity with standards - Limited scope, but possible misinterpretation that full review was performed - Strict compliance - No focus on enhancement - Limited validation - Limited interaction with management 21
24 Section 4 Getting it Done External Assessments Methodology should address both objectives of the standard - Compliance with globally recognised professional standards - Strategic enhancement Affirm that it is serving as a reliable source of information for risk, control and governance within the enterprise Gain an important perspective on how its performance compares with its peers Determine whether it has the right reporting structure, people and skill sets to address enterprise-wide risk and governance issues 22
25 Section 4 Getting it Done External Assessments Assess its key stakeholder expectations (e.g., the value they expect to gain from internal audit) Determine whether its processes and practices are aligned effectively with stakeholder expectations Explore how to raise its stature and visibility within the enterprise 23
26 Section 4 Getting it Done Internal Audit drivers Stakeholder expectations provide the basis for mission, charter and performance measurement. In turn, these define the processes and activities used: Organisation Human resources Working practices Communicating and reporting Knowledge management Technology Performance metrics 24
27 Section 4 Getting it Done The Team Should be identified beforehand! Should be comprised of: - Engagement leader Should be experienced and have a deep knowledge of internal auditing and best practices Responsible for the overall quality of the engagement - Core team Should have knowledge of internal auditing and be familiar with the QAR methodology - Subject Matter Specialists Specific industry specialists that serve on an as-needed basis. 25
28 Section 4 Getting it Done The Process Five-step, scalable approach, cross cutting Internal Audit core processes - Plan - Validate - Assess - Analyse - Report Desired state benchmarks - Strategic value - Compliance with standards - Measurable, sustainable results; continuous improvement; value added 26
29 Section 4 Getting it Done Plan Define and tailor deliverables to company needs Assess current audit plan Review background information Establish project timelines Establish project office or steering committee Finalize proposed work plan Conduct initial steering committee meeting Identify key stakeholders to interview Identify SMEs to conduct interviews 27
30 Section 4 Getting it Done Validate Conduct interviews to identify: - Stakeholder objectives - Risks - Expectations of Internal Audit s role - Evaluation of Internal Audit s performance against stakeholder expectations Conduct interviews: - Chief Audit Executive - Selected Internal Audit staff - Auditees 28
31 Section 4 Getting it Done Assess Perform detailed review of core internal audit processes Benchmark internal audit processes against leading practices Profile processes and practices proven to be critical to the achievement of specific value drivers Assess compliance with IIA Standards 29
32 Section 4 Getting it Done Analyse Summarise results and evaluate potential recommendations: - Current state compared to stakeholder-defined desired state - Current state compared to best practices - Possible change and/or transformation initiatives - Strategies to successfully implement report recommendations 30
33 Section 4 Getting it Done Report Develop final report findings: - Areas or processes that do not align with stakeholder expectations - Areas or processes where incorporation of best practices will improve performance - Areas of non-compliance with the IIA Standards - Recommend actionable solutions Development of action plans to address opportunities Final report to Steering Committee Presentation to Audit Committee, if desired 31
34 Questions? 32
35 Quality is not an act: it is a habit... This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers SRL its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it PricewaterhouseCoopers SRL. All rights reserved. In this document, refers to PricewaterhouseCoopers which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.
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