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Integrating Enterprise Risk Management and Audit. Pentana background. Started in 1992 Our mission is to support auditors through innovative use of technology Development in UK but been in US for 6 years, with Australian subsidiary and resellers in other countries
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Integrating Enterprise Risk Management and Audit www.pentana.com
Pentana background • Started in 1992 • Our mission is to support auditors through innovative use of technology • Development in UK but been in US for 6 years, with Australian subsidiary and resellers in other countries • 25 people, owned by employees, no debt or external finance. www.pentana.com
Contract work - 2001 External Audit System For major Accounting Firm ERM Risk Framework For Construction Firm www.pentana.com
Developed 2002-2003 Pentana Integrated Risk Management And Internal Audit System External Audit System For major Accounting Firm ERM Risk Framework For Construction firm www.pentana.com
Entity structure • Risks and controls belong to “entities” • Equivalent to “auditable entities”, but risks and controls might be continually assessed whether or not you carry out a formal audit • Can use a library to assess similar risks and controls across entities www.pentana.com
Re-using information • Many departments look at risks and controls • Compliance, Risk, ERM H&S • When audit is carrying out its work it can take advantage of work done www.pentana.com
Multiple risk hierarchies • Risks are identified by entity and their organizational structure but you can add another dimension for analysis, either process structure, or by financial statement lines, linked through assertions • (Makes it good for SOX as well) www.pentana.com
Ongoing control assessment • For any control, you can add a new assessment and “Walkthrough test” at any time to confirm your understanding of the control and ensure its continued operation • Maintain a history of assessments, so you can produce a graph of overall risk and control levels over time www.pentana.com
Risk scoring flexibility • Derived from a risk system, there is: • Scoring flexibility • Central/Self assessment and comparisons • Overall group impact/local impact • Risk and control costing if required • Risk grouping to identify overall problem areas www.pentana.com
What about Auditing? • An audit is a formal review of some of the controls, with full testing and a formal report • An audit can be of all of an entity (typical), or some processes in an entity, or even one or more processes across entities www.pentana.com
Audit view • The Audit level (red) shows risks and controls selected for audit from the parent entities, together with any associated tests from the test library and actions identified • As well as a Control oriented view, audit steps would also be seen in a normal audit program view. www.pentana.com
Single or multiple databases? • With appropriate security, the risk and audit departments can use a single database • Where more security is needed, create separate databases, and the audit department import risks and controls as required www.pentana.com
For 2 years, our clients have shown you can integrate risk management, audit and even SOX in one package www.pentana.com
