Audit Committee Reporting: Trends and Best Practices. Claudio de los Rios CPA, CA, Wolters Kluwer November 1, 2016
|
|
- Aldous Bailey
- 6 years ago
- Views:
Transcription
1 Audit Committee Reporting: Trends and Best Practices Claudio de los Rios CPA, CA, Wolters Kluwer November 1, 2016
2 Claudio de los Rios Canadian CPA,CA Public accounting and Tax in Vancouver, Canada Deloitte, PwC, KPMG Internal Audit Hewlett Packard, ebay, PayPal, OmniVision Technologies, Activision Blizzard Wolters Kluwer TeamMate Sr. Director, Strategic Market Development Title of presentation 2
3 Agenda Key Concepts 2014 Audit Committee Reporting Survey Results 10 Opportunities to Enhance Your Audit Committee Materials & Reporting 3
4 Key Concepts An effective relationship between the audit committee and the (organization s) internal auditors is fundamental to the success of the internal audit function. Are reports and other communications from internal auditors to the audit committee of an appropriate standard and do they provide value? Audit Committee Resource Guide, Deloitte, January
5 Key Concepts to be successful, internal audit is less about presenting audit results and more about engaging executives and board members in thoughtful consideration of current challenges. Key Questions to Address: Can your organization take data and turn it into useful intelligence? Can your organization provide comparative information? Is your organization showing value of insights delivered by internal audit? Insight: Delivering Value to Stakeholders IIA Research Foundation,
6 Key Concepts Note strong focus on concepts: providing value thoughtful considerations useful intelligence providing comparative information Do not focus on report formats! 6
7 2014 Audit Committee Reporting Survey Results 7
8 Survey Background More than 300 audit executives surveyed regarding the following areas: Format of audit committee reporting Content provided to the audit committee Extent of current reporting practices Frequency of specific reporting activities Survey Data Augmented with insights from over half a dozen interviews with IA Leaders including current and former heads of COSO as well as current Audit Committee heads. Developed a set of 10 recommendations to enhance audit committee reporting methods, communications and content. 8
9 Survey Background & Demographics Location Organization Type Department Size 65% 1% 8% 7% 19% 42% 1% 4% 7% 22% 25% 2% 8% 12% 24% 28% 26% Central or South America Africa Asia/Pacific Region Europe and the Middle East North America Partnerships Educational Institutions Not-for-profit Organizations Government Agencies Private Companies Public Corporations Depts with more than 100 members Depts with members Depts with members Depts with members Depts with 6-10 members Depts with 1-5 members 9
10 Polling Devices Everyone should have a polling device Your responses are anonymous only group statistics are captured Please return at the end of the session 10
11 Do you provide the audit committee with: (Check all that apply) A. Copies of all audit reports B. Summaries of all audit reports C. Only audit reports with certain ratings or significant findings D. Summaries of audit reports with certain ratings or findings 48% 21% 17% 14% A. B. C. D. 11
12 Do you provide the audit committee with: (Check all that apply) Copies of all audit reports 43% Does this help the AC focus? Summaries of all audit reports 49% Only audit reports with certain ratings or significant findings 12% Summaries of audit reports with certain ratings or significant findings 35% 0% 10% 20% 30% 40% 50% 60% 12
13 Average total time to compile, prepare and distribute audit committee package is: A. 1-4 hours 38% 38% B. 5-8 hours C. 1-3 days 13% 10% D. More than 3 days 1-4 hours 5-8 hours 1-3 days More than 3 days 13
14 Average total time to compile, prepare and distribute audit committee package is: 1-4 hours 5% 4-8 hours 16% 1-3 days 49% More than 3 days 30% 0% 10% 20% 30% 40% 50% 60% 14
15 How satisfied are you with the quality of your Audit Committee materials? A. I believe we have a leading edge package 39% B. Generally very satisfied C. Somewhat satisfied D. Our format is set and it is adequate 5% 21% 15% 20% E. Not really satisfied A. B. C. D. E. 15
16 How satisfied are you with the quality of your Audit Committee materials? According to KPMG's 2015 Global Audit Committee Survey, audit committee members rate much of the information they receive as good but are searching for more and better information 16
17 10 Opportunities to Enhance Your Audit Committee Materials & Reporting 17
18 Framing the 10 Opportunities Focus on identifying knowledge and information that is valuable to the audit committee as opposed to report formats. Note connections & interrelationships between opportunities. Tailor reporting and materials to the specific needs and expectations of your audit committee. Approach as a strategic, relationship-building opportunity and not a tactical exercise. 18
19 1. Share materials with the Audit Committee more frequently To better inform your audit committee, provide members with periodic information and updates between committee meetings Good communications is an iterative process focusing on: Valuable information and knowledge not formats Building relationships and trust Think broadly about what kinds of materials and information would be of value to the audit committee: Audit committee articles and practices Risk and business-related materials Look beyond audit results 19
20 Reassess the type, nature and frequency of communications with the AC Chair 1 Goal establish a clear and effective channel between the two parties 60% of respondents indicated they hold discussions with the AC Chair to help the AC set priorities BUT half of these do this by Audit committees prefer timely and candid verbal communications David Landsittel, a former COSO chair There is much to gain from conducting executive sessions between audit chairs and CAEs. Such meetings provide the opportunity for the type of candid and constructive conversations that build rapport and strengthen the relationship 20
21 Enhance Relationships and Build Confidence 1 Expand the range of internal audit presenters to the audit committee - include direct reports to the CAE and other IA staff as appropriate. Informal meetings or events involving the audit committee and members of the internal audit staff. Have members of the audit committee conduct a critical review of internal audit's reports. Do they provide valuable insight? Do they reflect a strong knowledge of the organization and your primary areas of operation? 21
22 2. Utilize more automated reporting support Leverage technology to enhance informationsharing and expand scope of activities Consider board portals Take your corporate culture into account Assess director receptivity to newer technology Meet with audit committee to review options 22
23 How are audit committee materials provided to the members 2 A. In hard copy only B. Electronically plus hard copy 54% 35% C. Only Electronically D. Made available on a website In hard copy only 12% Electronically plus hard copy Only Electronically 0% Made available on a website 23
24 Ways to Enhance Audit Committee Materials: Current Considerations 2 24
25 3. Conduct a formal review of your audit committee materials and format During the last 2 years, have you conducted a formal review of the format and/or content of your audit committee materials with the audit committee to identify possible enhancements 52% 48% A. Yes B. No Yes No 25
26 Executive Review of AC Materials 3 Do you review AC material with executive management BEFORE sending it to the Audit Committee? Why not? Gain advance support on key issues from management and the external auditor Bob Hirth COSO Chair 26
27 4. Pursue greater Management involvement in follow-up on reporting issues Ample opportunity for internal audit to foster greater involvement from management in the reporting process. Though hard to achieve, can significantly enhance the stature and positioning of internal audit. 27
28 How do you handle open audit issues, including management responses & follow up? 4 TeamMate 2014 Survey Results Internal audit develops an updated status-report on open audit issues, including management responses and follow-up, and discusses the report with the audit committee Management develops an updated status-report on open audit issues BUT internal audit briefs the audit committee on report findings Management develops an updated status-report on open audit issues AND reviews report with audit committee 71% 16% 4% Other 8% 28
29 Increase management s responsibility for reporting the status of audit issues 4 Since management is responsible for following up on reporting activities, take steps to reinforce that responsibility 1. Find a champion within management to assist with the follow-up reporting process 2. Reposition internal audit as function providing assurance on actions as opposed to group responsible for the actions 3. Assist management by providing a streamlined technology solution to track and report on corrective actions 29
30 5. Provide More Periodic Trending Information Audit Committees gain significant value from trending types of information: helps them gain a sound overall assessment of an organization s systematic and thematic risk and control issues. predictive capabilities 30
31 Types of Trending Information Provided 5 TeamMate Insight: Audit committees find trending information extremely valuable in assisting them to see broader thematic and systemic issues. 31
32 How to improve? 5 Analyze trending information currently being provided to the audit committee. Does it seek to identify thematic and systemic issues? Ask senior management and members the audit committee what types of trending information they would find most valuable Revise internal audit processes to capture trending data as part of your ongoing procedures Sometimes, it s just about presentation 32
33 Playable graphs and tables 5 33
34 6. Provide more Risk Information to the Audit Committee The need to understand an organization s risks and risk management practices is a fundamental challenge for audit committees. CAEs have significant opportunities to step up and position themselves as trusted advisors to their audit committees Consider how to acquire and share information on emerging risks As an opportunity, consider the types of risk reporting only being used by a minority of survey respondents (next slide) Demonstrate the direct linkage between changes to the organization s risk profile and changes to the audit plan 34
35 Types of Risk Information Provided 6 35
36 7. Explore Combined Reporting Opportunities Audit committees appreciate and value combined reporting that contributes to consensus-building and the development of sound, enterprise-wide profiles of risks and controls. Only 28% of survey respondents prepare any materials on a combined basis with other risk-and-control functions. Suggests potential for many internal audit groups to increase stakeholder value by exploring additional opportunities for combined reporting. 36
37 Areas Where Internal Audit Prepares Audit Committee Materials on a Combined Basis with other Risk & Control Functions 7 When it comes to collaborating with other risk-and-control functions for combined audit committee materials, Enterprise Risk Management (ERM) leads the way for those following this practice. 37
38 Combined Reporting - Key Success Factors 7 Play the role of catalyst: Develop a common framework Think about cooperation and working together not about changes in organizational structure Be aware of potential silo issues View the exploration of combined-reporting activities as an opportunity to increase information and knowledge sharing with other risk and control functions 38
39 8. Determine what types of internal audit opinions are valued by the audit committee When it comes to providing an annual opinion to the audit committee only 40% of survey respondents do so. The experts interviewed in our process believe there is more value in selective assurance (wherein internal audit provides an opinion on a specific area or process) rather than an overall blanket opinion. 39
40 Overall Internal Audit Opinions 8 40
41 Key Considerations: Providing an annual opinion 8 Would your audit plan support issuance of an overall opinion? Ask whether management sees value in an opinion If yes, determine what type of opinion that might be Per previous chart, top area of focus for respondents providing an opinion: Assessing Adequacy/Overall System of Controls Also consider areas such as risk management and adequacy of financial controls Discuss opinion value with audit committee chair 41
42 9. Enhance reporting on internal audit quality and performance. Do you provide the audit committee with any type of annual internal audit report on quality or performance? 51% 49% A. Yes B. No Yes No 42
43 Types of information reported annually 9 43
44 10. Help the audit committee focus and set priorities Basic challenge facing audit committees: the need to sift through volumes of materials to determine what really matters to their work. For internal auditors looking to provide value to their primary stakeholders, this challenge spells opportunity. 44
45 Techniques to Help the Audit Committee Set Priorities 10 Do you have any specific techniques to help the audit committee set priorities? 82% A. Yes B. No 18% Yes No 45
46 Techniques to Help the Audit Committee Set Priorities 10 * Other, including (1) Developing Matrix of Audit Committee Responsibilities, (2) Ranking Audits by Degree of Impact on Organization, (3) Use of Audit Ratings, and (4) Identifying the Severity of Each Audit Finding 46
47 Discussions with the Audit Committee Chair 10 CAEs, in particular, can help facilitate audit committee discussion on key Issues. a pre-meeting call between the CAE and audit committee chair provides the CAE with an opportunity to play the role of advisor and recommend specific areas of focus for the audit committee agenda Well before meeting dates, send out deep-dive background information to the audit committee 47
48 Visual Analytics 10 Purpose Tell the story / communicate the message Assist the reader in thinking/reasoning about the topic Enable rapid comprehension / interpretation Support decision making Inform / provide insight Establish credibility 48
49 Visual Analytics examples 10 49
50 Visual Analytics examples 10 50
51 Visual Analytics examples 10 51
52 Visual Analytics examples 10 High Risk Issue by City 52
53 Resources Available 53
54 Thanks for your time
Best Practices for Leveraging Technology. A Five Step Strategic Framework
Best Practices for Leveraging Technology A Five Step Strategic Framework Mike Gowell, SVP and GM Wolters Kluwer 32 Years of Audit and Audit Technology experience 22 Years with PwC Audit Manager, CPA Managing
More informationTools & Techniques II: Lead Auditor
About This Course Tools & Techniques II: Lead Auditor Course Description Learn the skills necessary to lead an audit team with confidence. This course provides an overview of the life cycle of an audit
More informationWhitepaper September Middle East Perspective State of the Internal Audit Profession 2016
Whitepaper September 2016 Middle East Perspective State of the Internal Audit Profession 2016 Foreword 4 Introduction 5 Value Staying effective in a changing world 6 Leadership 5 attributes of the most
More informationQuality Assessments what you need to know
Quality Assessments what you need to know Patty Miller, Partner Deloitte & Touche LLP Cavell Alexander, VP-Internal Audit Intermountain Healthcare Overview of requirements Scope of assessment Approaches
More informationSarbanes-Oxley Act of 2002 Can private businesses benefit from it?
Sarbanes-Oxley Act of 2002 Can private businesses benefit from it? As used in this document, Deloitte means Deloitte Tax LLP, which provides tax services; Deloitte & Touche LLP, which provides assurance
More informationDeveloping an Integrated Anti-Fraud, Compliance, and Ethics Program
Developing an Integrated Anti-Fraud, Compliance, and Ethics Program Establishing an Effective Anti-Fraud, Compliance, and Ethics Function 2018 Association of Certified Fraud Examiners, Inc. Discussion
More informationImplementation Guides
Implementation Guides Implementation Guides assist internal auditors in applying the Definition of Internal Auditing, the Code of Ethics, and the Standards and promoting good practices. Implementation
More informationValue-Added Internal Audit: Myth or Reality?
Value-Added Internal Audit: Myth or Reality? Istanbul 12 November 2013 Jean-Pierre Garitte, CIA, CCSA, CISA, CFE, RFA Past Chairman of the Board IIA Past President ECIIA Polling question #1 For how long
More informationSafety Perception / Cultural Surveys
Safety Perception / Cultural Surveys believes in incorporating safety, health, environmental and system management principles that address total integration, thus ensuring continuous improvement, equal
More informationThe University of Texas at San Antonio 2014 External Quality Assessment of the Auditing and Consulting Services Office
www.pwc.com The University of Texas at San Antonio 2014 External Quality Assessment of the Auditing and Consulting Services Office July 9, 2014 Mr. Dick Dawson Chief Audit Executive The University of Texas
More informationQuality & Customer Service For Small Organizations
Quality & Customer Service For Small Organizations 10 Point Quality & Customer Service Criteria & Self-Evaluation Tool Written by John Perry December 2008 Version NQI No part of this publication may be
More informationCONTENTS. Acknowledgments... iv. 1: Introduction : Why have organizations chosen to seek compliance with the Standards?...2
IIA STANDARD 1312 - EXTERNAL QUALITY ASSESSMENTS: RESULTS, TOOLS, TECHNIQUES AND LESSONS LEARNED THE IIA RESEARCH FOUNDATION JULY 2007 Disclosure Copyright 2007 by The Institute of Internal Auditors Research
More informationThe Role of the Chief Risk Office and the Board s Role in Risk Oversight
The Canadian Society of Corporate Secretaries 16th Annual Corporate Governance Conference Banff Springs Hotel Banff, AB August 24 27, 2014 The Role of the Chief Risk Office and the Board s Role in Risk
More informationLEVERAGING COSO ACROSS THE THREE LINES OF DEFENSE
Committee of Sponsoring Organizations of the Treadway Commission Governance and Internal Control LEVERAGING COSO ACROSS THE THREE LINES OF DEFENSE By The Institute of Internal Auditors Douglas J. Anderson
More informationJune 2016 Issue 05/2016
CBOK 2015: THE TOP 7 SKILLS CAEs WANT Building the right mix of talent for your organisation This report is part of the 2015 Global Internal Audit Common Body of Knowledge (CBOK) Practitioner Study series.
More informationEnhancing Audit Committee Excellences through Internal Audit. 21 November 2017
Enhancing Audit Committee Excellences through Internal Audit 21 November 2017 Sharpen and Strengthen Excellences of Audit Committee Recent Trends and Emerging Challenges Global and Emerging Trends Roles
More informationExternal Quality Assurance Review of the Office of the Auditor General Proposed Statement of Work for the Audit Sub- Committee.
External Quality Assurance Review of the Office of the Auditor General Proposed Statement of Work for the Audit Sub- Committee Proposed Statement of Work City of Ottawa May 17, 2011 Submitted by: PricewaterhouseCoopers
More informationCorporate Risk Management Audit
Corporate Risk Management Audit Office of the Chief Audit Executive Audit and Assurance Services Directorate Juin 2014 Cette publication est également disponible en français. This publication is available
More information2012 IIA Standards Update
2012 IIA Standards Update International Internal Audit Standards Board (IIASB) October 2012 1 Session Overview Why the Standards matter Standards-setting due process The key changes in 2012 Best practices
More informationJustice Canada. Audit of Cost Recovery Process Improvement (CRPI) Initiative Phase 1. Audit Report. Internal Audit Services.
IA S AI Justice Canada Audit of Cost Recovery Process Improvement (CRPI) Initiative Phase 1 Audit Report Internal Audit Services March 2015 Information contained in this publication or product may be reproduced,
More information2014 Global Council. Dubai, UAE 6-9 March 2014 DAY 2. globaliia.org
2014 Global Council Dubai, UAE 6-9 March 2014 DAY 2 Opening Remarks Paul J. Sobel, Chairman of the Board Agenda - Tuesday Opening Remarks P. Sobel Expanding the Umbrella of the IIA D. Beran Tuesday Discussion
More informationInternational Finance Corporation
International Finance Corporation Corporate Governance and Internal Audit Overview Bob Lamm Independent Senior Advisor Center for Corporate Governance Deloitte LLP Neil White Global IA Analytics Leader
More informationExternal Quality Assessment Are You Ready? Institute of Internal Auditors
External Quality Assessment Are You Ready? Institute of Internal Auditors Objectives Describe frameworks used to assess the quality of an IA activity Discuss benefits, challenges, and success factors related
More informationExternal Quality Assessment of the Internal Audit Activity at the World Food Programme
External Quality Assessment of the Internal Audit Activity at the World Food Programme November 2016 Table of Contents Executive Summary... 3 Opinion as to conformance to the Standards... 3 Scope and methodology...
More informationExtended Enterprise Risk Management
Extended Enterprise Risk Management Driving performance through the extended enterprise October 2015 A network within a network The Extended Enterprise is the concept that an organization does not operate
More informationSOLUTION BRIEF RSA ARCHER AUDIT MANAGEMENT
RSA ARCHER AUDIT MANAGEMENT INTRODUCTION Internal audit departments are struggling to deliver strategic leadership, coordinated assurance and other services their stakeholders need, but this task isn t
More informationContinuous Auditing - A Delicate Chemistry
Continuous Auditing - A Delicate Chemistry Continuous Auditing - A Delicate Chemistry - WeiserMazars LLP s Governance, Risk and Compliance (GRC) Group WeiserMazars LLP is an independent member firm of
More informationCaribbean Association of Audit Committee Members Inc. Independent Quality Assurance Assessment of the Internal Audit function
www.pwc.com/bb 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
More informationEnterprise Risk Management: Developing a Model for Organizational Success. White Paper
Enterprise Risk Management: Developing a Model for Organizational Success White Paper January 2009 Overview Less than a decade ago, Enterprise Risk Management (ERM) was an unfamiliar concept. Today, the
More informationTactical Implementation of Enterprise Risk Management
Tactical Implementation of Enterprise Risk Management Presented by: Glen Cooper Copyright Tactical Implementation of ERM CONGRATULATIONS YOU HAVE SUCCESSFULLY MADE YOUR BUSINESS CASE AND ACHIEVED MANAGEMENT
More informationAssessment of the Design Effectiveness of Entity Level Controls. Office of the Chief Audit Executive
Assessment of the Design Effectiveness of Entity Level Controls Office of the Chief Audit Executive February 2017 Cette publication est également disponible en français. This publication is available in
More informationAudit of Entity Level Controls
Unclassified Internal Audit Services Branch Audit of Entity Level Controls February 2014 SP-606-03-14E You can download this publication by going online: http://www12.hrsdc.gc.ca This document is available
More informationInternal Oversight Division. Internal Audit Strategy
Internal Oversight Division Internal Audit Strategy 2018-2020 Date: January 24, 2018 page 2 TABLE OF CONTENTS LIST OF ACRONYMS 3 1. BACKGROUND 4 2. PURPOSE 4 3. WIPO STRATEGIC REALIGNMENT PROGRAM 5 (A)
More informationAugust 14, Dear Ms. Gula:
Department of Internal Audit North End Center, Suite 3200, Virginia Tech 300 Turner Street NW Blacksburg, Virginia 24061 Campus Mail Code: 0328 540-231-5883 Fax: 540-231-4681 www.ia.vt.edu August 14, 2013
More informationFrom Dubai to Beijing
From Dubai to Beijing (How we use your GC input) Anton van Wyk, Chairman of the Board What Happens After GC? Global Council plays a key role in the governance process of The IIA. Discussion results are
More information10/5/2016. Quality Assessment Review. Agenda. What s the purpose of a QAR? Internal Audit Manager Training October 3-4, 2016
Quality Assessment Review Internal Audit Manager Training October 3-4, 2016 Lori Clark CIGA, CCEP, CGAP Compliance & Audit Specialist State University System of Florida Agenda What s the purpose of a QAR?
More informationIIA 2015 Worldwide survey of 15,000 internal auditors
IIA 2015 Worldwide survey of 15,000 internal auditors Michael P. Cangemi CPA, retired CISA, CGMA retired Former CFO, CEO & Director; Audit Com Chair Senior Fellow Rutgers CA Lab Senior Advisor/Investor
More informationBenchmarking Report Share, Compare, Validate SAMPLE. Year: 2017 Your Organization Date
Benchmarking Report Share, Compare, Validate Year: 2017 Your Organization Date Benchmarking Tier 1: Your Organization Benchmarking Tier 2: Services Benchmarking Tier 3: Services $1B to $5B Benchmarking
More informationIntegrated Reporting: What Is Internal Audit s Role? INTRODUCTION AND INSTRUCTIONS
Integrated Reporting: What Is Internal Audit s Role? INTRODUCTION AND INSTRUCTIONS The Institute of Internal Auditors Research Foundation (IIARF) is the global leader in providing research and knowledge
More informationSession 6C Internal audit value Developing metrics to present IA value
Session 6C Internal audit value Developing metrics to present IA value Lawrence J. Harrington CIA QIAL CRMA, Vice President, Internal Audit, Raytheon Company, USA and Chairman of the Board, IIA-Global
More informationShould boards and CEOs care about COSO ERM 2017? By Tim J. Leech
Should boards and CEOs care about COSO ERM 2017? By Tim J. Leech Source: Conference Board December 2017 https://www.conferenceboard.org/blog/postdetail.cfm?post=6631 As globalization accelerates and the
More informationQuality Assurance and Improvement Program (QAIP)
Quality Assurance and Improvement Program (QAIP) Presenters: Lori Carmichael, CPA Rafael Guijarro, CPA Florida Michigan North Carolina Texas Insight. Oversight. Foresight. Class Overview Overview- QAIP
More informationAdvisory on UNESCO s Enterprise Risk Management. Internal Oversight Service Audit Section. IOS/AUD/2016/05 Original: English.
Internal Oversight Service Audit Section IOS/AUD/2016/05 Original: English Advisory on UNESCO s Enterprise Risk Management July 2016 Auditors: Sameer Pise Dawn Clemitson Christian Muco EXECUTIVE SUMMARY
More informationThe Future of Internal Auditing:
Internal Audit The Future of Internal Auditing: Changing Internal Audit s Value Proposition October 12, 2010 Istanbul, Turkey Presented by: Naman Parekh Partner, Agenda Background of the 2012 Study Key
More informationTHREE -YEAR STRATEGIC PLAN
THREE -YEAR STRATEGIC PLAN 2017 18 2019 20 About ICES Population-based health research that makes a difference Since its inception in 1992, the Institute for Clinical Evaluative Sciences (ICES) has led
More informationAudit and Advisory Services Integrity, Innovation and Quality. Audit of Internal Controls over Financial Reporting
Audit and Advisory Services Integrity, Innovation and Quality Audit of Internal Controls over Financial Reporting October 2015 Table of Contents i Audit of Internal Controls over Financial Reporting EXECUTIVE
More informationEnterprise Risk Management 2016
Senior Management Conference November 3, 2016 Enterprise Risk Management 2016 Presented by: Jack R. Salvetti, Principal S.R. Snodgrass, P.C. 2016 S.R. Snodgrass, P.C. All Rights Reserved Risk: Exposure
More informationEffective CEO Assessments Robert Fealy and Merrill Schwartz. Foundation Leadership Forum January 22, 2018 Palos Verde, CA
Effective CEO Assessments Robert Fealy and Merrill Schwartz Foundation Leadership Forum January 22, 2018 Palos Verde, CA 1 Agenda Why Assessment Matters Boards and CEOs Foundation Context Areas for Leadership
More informationWhat We Will Cover Today
Standards for the Professional Practice of Internal Auditing The IIA Red Book The Basics of Internal Auditing September 8, 2014 Sam McCall, PhD, CPA, CGFM, CIA, CGAP, CIG Chief Audit Officer Florida State
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 informationCareer opportunity: Executive Vice President and General Manager, Worldwide - Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR) - London
Career opportunity: Executive Vice President and General Manager, Worldwide - Wolters Kluwer Finance, Risk and Regulatory Reporting (FRR) - London About Wolters Kluwer Financial Services Wolters Kluwer
More informationSession 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA
Session 4C: Model Governance: What Could Possibly Go Wrong? (Part I) Moderator: Dwayne Allen Husbands, FSA, MAAA Presenters: James Russell Collingwood, ASA, MAAA David Paul, FCAS, MAAA Chad R. Runchey,
More informationThe IPPF in How changes to The IIA s guidance framework can benefit internal auditors and SAIs
The IPPF in 2017 How changes to The IIA s guidance framework can benefit internal auditors and SAIs From the Previous IPPF To the New IPPF International Professional Practices Framework Launched July 2015
More informationadp.ca Outsourcing: Today s Approach to Doing More with Less Your guide to getting the most from your HR outsourcing experience
adp.ca Outsourcing: Today s Approach to Doing More with Less Your guide to getting the most from your HR outsourcing experience Executive Summary Table of Contents Executive Summary... 2 Recommendations
More information2. This paper will also provide an update of the ICT Taskforce (the Taskforce ) activities since the April 2017 Board meeting.
Committee: Meeting Location: International Accounting Education Standards Board (IAESB) Mexico City, Mexico Meeting Date: November 1-3, 2017 SUBJECT: Information and Communications Technology Project Issues
More informationWorld Anti Corruption Forum
World Anti Corruption Forum Anti Corruption in Public and Private Sectors 24-25 September 2012, Amman Jordan THE EFFECTIVE ROLE OF ACADEMIA AND PROFESSIONAL INSTITUTIONS IN CORRUPTION DETECTION Hossam
More informationBoard of Directors Individual Director Self Assessment Survey
Board of Directors Individual Director Self Assessment Survey Wednesday, February 18, 2015 Powered by 11 Total Responses Date Created: Wednesday, February 04, 2015 Complete Responses: 11 of 12 GOVERNANCE
More informationMeasuring Corporate Culture: Enhancing the Board s Understanding
Corporate Governance Presents: Measuring Corporate Culture: Enhancing the Board s Understanding John C. Lenzi, Chief Compliance Officer, Altria Corporate Services, Altria Group, Inc. Timothy T. Lupfer,
More information2016 Audit Quality Report Section title goes here Audit Quality Report Driving innovation, advancing quality, and shaping the profession
2016 Audit Quality Report Section title goes here 2016 Audit Quality Report Driving innovation, advancing quality, and shaping the profession 1 A message from Deloitte leadership.... 1 Audit of the future....
More informationKING REPORT ON GOVERNANCE FOR SOUTH AFRICA 2009 (KING III)
UPDATED: 18 FEBRUARY 2015 KING REPORT ON GOVERNANCE PRINCIPLE PER KING III ETHICAL LEADERSHIP AND CORPORATE CITIZENSHIP 1.1 The board should provide effective leadership based on an ethical foundation.
More informationSee your auditor clearly. Transparency report: How we perform quality audit engagements
See your auditor clearly. Transparency report: How we perform quality audit engagements February 2014 Table of contents 1) A message from the CEO and Managing Partner Assurance 2 2) Quality control policies
More informationArapahoe/Douglas Workforce Development Board
Arapahoe/Douglas Workforce Development Board Strategic Priorities and Vision, Mission, Values Program Years 2015-2017 The Arapahoe/Douglas Workforce Development Board is dedicated to identifying and promoting
More informationREPORT 2016/033 INTERNAL AUDIT DIVISION
INTERNAL AUDIT DIVISION REPORT 2016/033 Advisory engagement on the Statement on Internal Control project at the United Nations Joint Staff Pension Fund 25 April 2016 Assignment No. VS2015/800/01 CONTENTS
More informationBUILDING BLOCKS FOR AN EFFECTIVE INTERNAL AUDIT FUNCTION Presentation by:
BUILDING BLOCKS FOR AN EFFECTIVE INTERNAL AUDIT FUNCTION Presentation by: Denish Osodo Co-Convener, Audit & Risk Committee of ICPAK, Director Internal Audit, Safaricom Limited Thursday, 22 nd June 2017
More informationMeasurement Tailoring Workshops
Measurement Tailoring Workshops Introduction The Director of Information Systems for Command, Control, Communications, and Computers (DISC4) policy memorandum of 19 September 1996, reference (a), eliminated
More informationChapter 10 Crown Corporation Governance
Crown Corporation Governance Contents Background............................................................. 123 Scope................................................................... 124 Results in
More informationTask Force on the Roles, Responsibilities and Duties of Auditors
Task Force on the Roles, Responsibilities and Duties of Auditors June 30, 1994 To persons interested in the Report of the Task Force: On behalf of the Task Force on the Roles, Responsibilities and Duties
More informationPERFORMANCE MANAGEMENT ROADMAP
PERFORMANCE MANAGEMENT ROADMAP Building a high-performance culture PERFORMANCE MANAGEMENT ROADMAP a The Partnership for Public Service is a nonpartisan, nonprofit organization that works to revitalize
More informationICMA PRACTICES FOR EFFECTIVE LOCAL GOVERNMENT LEADERSHIP Approved by the ICMA Executive Board June 2017; effective November 2017
Reorganization The Credentialing Advisory Board proposed, and the Leadership Advisory and Executive Boards agreed, that the ICMA Practices should be organized as a narrative rather than a list. The following
More informationOptimizing the value of audit quality indicators Lessons we have learned
Optimizing the value of audit quality indicators Lessons we have learned 1 Lesson 1: AQIs can trigger new constructive conversations on audit quality 3 Lesson 2: Customize for greater value 3 Lesson 3:
More informationFraud Risk Management
Fraud Risk Management Fraud Risk Management Overview 2017 Association of Certified Fraud Examiners, Inc. Discussion Questions 1. Does your organization follow a specific risk management model? If so, which
More informationThis document contains a summary of the Group s application of all of the principles contained in King III.
King III Compliance The Board supports the Code of Corporate Practices and Conduct as recommended by the King III Report on Corporate Governance for South Africa 2009 ( King III ). This document contains
More informationHow to apply participatory leadership in the organisation? 5 case studies
How to apply participatory leadership in the organisation? 5 case studies Jan Hein Nielsen, april 2016 How to apply participatory leadership in the organization? The above question is a question often
More information189,000. Operates in. countries. Europe, Middle East and Asia (EMA) is KPMG s fastestgrowing. Global Green Initiative. KPMG was founded.
Graduate careers We want to work with graduates who share our sense of purpose; graduates who want to contribute positively to society and are driven to make a difference in the world. KPMG in Bahrain
More information2017 Global Council Global Council Background Papers
2017 Global Council 2017 Global Council Background Papers A. Agenda... Page 3 B. Global Council Overview Pages 4 6 C. Background Paper #1: Strategic Planning.. Pages 7 10 D. Background Paper #2: Stakeholder
More informationCertified Digital Marketing Specialist in Search
Certified Digital Marketing Specialist in Search Align your skills with the needs of industry www.digitalandsocialmediaacademy.com Validated by the Syllabus Advisory Council (SAC). Including members from
More informationDIRECTOR TRAINING AND QUALIFICATIONS: SAMPLE SELF-ASSESSMENT TOOL February 2015
DIRECTOR TRAINING AND QUALIFICATIONS: SAMPLE SELF-ASSESSMENT TOOL February 2015 DIRECTOR TRAINING AND QUALIFICATIONS SAMPLE SELF-ASSESSMENT TOOL INTRODUCTION The purpose of this tool is to help determine
More informationQuality Assurance and Improvement Program
Internal Audit Foundations Standards 1000, 1010, 1100, 1110, 1111, 1120, 1130, 1300, 1310, 1320, 1321, 1322, 2000, 2040 There is an Internal Audit Charter in place Internal Audit Charter is in place The
More information2013 COSO Internal Control Framework Update. September 5, 2013
2013 COSO Internal Control Framework Update September 5, 2013 Agenda 2013 COSO IC Framework Topic Minutes The update process 5 What is not changing / What is changing 5 The 17 principles and changes to
More informationAboriginal Affairs and Northern Development Canada. Internal Audit Report. Management Practices Audit of the Treaties and Aboriginal Government Sector
Aboriginal Affairs and Northern Development Canada Internal Audit Report Management Practices Audit of the Treaties and Aboriginal Government Sector Prepared by: Audit and Assurance Services Branch Project
More informationProject management is a critical skill in today s marketplace especially. Part V End-User Information Systems Project Management
1 Part V End-User Information Systems Project Management Project management is a critical skill in today s marketplace especially for IS professionals. Although many basic principles apply, methods for
More informationPractice Advisory : Quality Assurance and Improvement Program
Practice Advisory 1300-1: Quality Assurance and Improvement Program Primary Related Standard 1300: Quality Assurance and Improvement Program The chief audit executive must develop and maintain a quality
More informationAN ASSESSMENT OF THE COSTS AND BENEFITS ASSOCIATED WITH THE IMPLEMENTATION OF SARBANES OXLEY SECTION 404 IN A SOUTH AFRICAN CONTEXT
AN ASSESSMENT OF THE COSTS AND BENEFITS ASSOCIATED WITH THE IMPLEMENTATION OF SARBANES OXLEY SECTION 404 IN A SOUTH AFRICAN CONTEXT by ANDRE HORN A research report submitted in partial fulfilment of the
More informationMeeting Stakeholder Expectations for Assurance: Internal Audit s Role in a Group Effort
Meeting Stakeholder Expectations for Assurance: Internal Audit s Role in a Group Effort Urton Anderson The University of Texas at Austin 1 2 Agenda The IA Value Proposition The Demand for Assurance Assurance
More informationEnterprise Risk Management Demystified
Enterprise Risk Management Demystified Charles W. Soucy, CPCU, CLU, ARM Joe C. Underwood, CPCU, ARM, AIC October 27, 2010 Agenda 1. What is it? A formal definition of ERM How it s different 2. Why do it?
More information2017 North American Pulse of Internal Audit. Public Sector Focus. Courageous Leadership: Instilling Confidence from Within
2017 North American Pulse of Internal Audit Public Sector Focus Courageous Leadership: Instilling Confidence from Within Agenda Pulse Overview Topics Communications Not Traditionally Subject to Assurance
More informationA Marketing Makeover Changing the Perception and Image of Your Internal Audit Department AHIA Annual Conference
A Marketing Makeover Changing the Perception and Image of Your Internal Audit Department 2011 AHIA Annual Conference 1 Your Presenters Christy Decker is the Internal Audit Manager at Sharp HealthCare in
More informationGOVERNMENT OF YUKON POLICY 1.13 GENERAL ADMINISTRATION MANUAL
GOVERNMENT OF YUKON POLICY 1.13 GENERAL ADMINISTRATION MANUAL VOLUME 1: CORPORATE POLICIES - GENERAL TITLE: GOVERNMENT INTERNAL AUDIT SERVICES (GIAS) EFFECTIVE: 16-04-01 1.0 INTRODUCTORY PROVISIONS 1.1
More informationFSB Consultative Document - Guidance on Supervisory Interaction with Financial Institutions on Risk Culture
Richard F. Chambers Certified Internal Auditor Certified Government Auditing Professional Certification in Control Self-Assessment Certification in Risk Management Assurance President and Chief Executive
More informationCatching Fraud During a Recession Through Superior Internal Controls. FICPA s 25 th Annual Accounting Show. J. Stephen Nouss September 29, 2010
Catching Fraud During a Recession Through Superior Internal Controls FICPA s 25 th Annual Accounting Show J. Stephen Nouss September 29, 2010 1 Session Objectives Fraud Facts (2008 Association of Certified
More informationConseil scolaire Viamonde (Conseil scolaire de district du Centre Sud-Ouest)
Ministry of Education (Conseil scolaire de district du Centre Sud-Ouest) Follow-up Report to the Operational Review October 2011 TABLE OF CONTENTS 1. INTRODUCTION... 1 2. STATUS AND IMPLEMENTATION UPDATE...
More information2O15 CANADA S MOST POWERFUL WOMEN TOP 1OO LEADERSHIP SUMMIT RECAP
2O15 CANADA S MOST POWERFUL WOMEN TOP 1OO LEADERSHIP SUMMIT RECAP EVENT HIGHLIGHTS WHAT Co-Presented by KPMG and Scotiabank, the 2015 Canada s Most Powerful Women: Top 100 Leadership Summit welcomed renowned
More informationInternal Audit Technician Training program Modules & Outcomes
Internal Audit Technician Training program Modules & Outcomes Training modules supplementary to the Workplace Structured Training Training Module 1: Introduction Building the foundations Content Day 1
More informationERM: Risk Maps and Registers. Performing an ISO Risk Assessment
ERM: Risk Maps and Registers Performing an ISO 31000 Risk Assessment Agenda Following a Standard? Framework First Performing a Risk Assessment Assigning Risk Ownership Data Management Questions? Following
More informationBeyond Compliance. Leveraging Internal Control to Build a Better Business: A Response to Sarbanes-Oxley Sections 302 and 404
Beyond Compliance Leveraging Internal Control to Build a Better Business: A Response to Sarbanes-Oxley Sections 302 and 404 Note to Readers Regarding This First Edition April 2003: This document was published
More informationReport on Inspection of K. R. Margetson Ltd. (Headquartered in Vancouver, Canada) Public Company Accounting Oversight Board
1666 K Street, N.W. Washington, DC 20006 Telephone: (202) 207-9100 Facsimile: (202) 862-8433 www.pcaobus.org Report on 2016 (Headquartered in Vancouver, Canada) Issued by the Public Company Accounting
More informationReport. Quality Assessment of Internal Audit at <Organisation> Draft Report / Final Report
Report Quality Assessment of Internal Audit at Draft Report / Final Report Quality Self-Assessment by Independent Validation by Table of Contents 1.
More informationEffective Preliminary Surveys. Presented by: UCSF Audit Services
Effective Preliminary Surveys Presented by: UCSF Audit Services Session Objectives IIA Professional Standards requirements for preliminary surveys Best practices followed by your colleagues at other UC
More informationFive Tips: How to measure the value of your internal audit department
Five Tips: How to measure the value of your internal audit department By Connie Valencia CIA, CCSA, principal with Elevate Consulting and Gaurav Kapoor COO with MetricStream Measuring the performance of
More informationGuidance Note: Corporate Governance - Audit Committee. March Ce document est aussi disponible en français.
Guidance Note: Corporate Governance - Audit Committee March 2015 Ce document est aussi disponible en français. Applicability The Guidance Note: Corporate Governance Audit Committee (the Guidance Note )
More information