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Risk based auditing – national experience

Ministry of Finance of the Czech Republic. Risk based auditing – national experience. Lukáš Wagenknecht 1.st Deputy Minister at Ministry of Finance of the Czech Republic. Ministry of Finance of the Czech Republic. Agenda Introduction Lukáš Wagenknecht

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Risk based auditing – national experience

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  1. Ministry of Finance of the Czech Republic Risk based auditing – nationalexperience Lukáš Wagenknecht 1.st Deputy Ministerat Ministry of Finance of the Czech Republic

  2. Ministry of Finance of the Czech Republic Agenda Introduction • Lukáš Wagenknecht • Ministry of Finance of the Czech Republic Internal Audit • 3 lines of defense • Importance of Audit Committees roles Audit planning • Processmapping • Risk Heat Maps • Strategic plan

  3. Ministry of Finance of the Czech Republic Lukáš Wagenknecht Ministry of Interior 2003 – 2006 Foxconn 2006 – 2007 Regional council of cohesion region 2007 – 2009 Deloitte 2009 – 2013 Vice President of Institution of Internal Auditors 2009 -2013 The Prague Public Transport Company 2013 -2014 Ministry of Finance of the Czech Republic 2014 - ? Agenda on Ministry of Finance ICT Audit Authority Control Department Central Harmonization Unit State Treasury, public sector controlling and accounting

  4. Ministry of Finance of the Czech Republic The 3 line defense model

  5. Ministry of Finance of the Czech Republic Importance of Audit Committee Roles • Oversee Internal Audit • Ensure independence • Assess quality • Direct reporting line • Assess quality external Auditor • Review risks • Oversee financial reporting • Coordinate assurance functions • Review internal control framework

  6. Ministry of Finance of the Czech Republic Auditplanning • Audit Universe • Process mapping • Risk analysis • Interviews • Questionnaire • Assessing and scoring

  7. Processmapping Ministry of Finance of the Czech Republic

  8. Ministry of Finance of the Czech Republic Strategic plan • Based on Audit Universe and Risk Heat Map • On 3 years basis • Gaps for Ad – Hoc audits and consulting • Keep up to date

  9. Ministry of Finance of the Czech Republic Questions?

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