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Quality assessment of the Audit activity Ljubljana, 12-13 October 2009

Quality assessment of the Audit activity Ljubljana, 12-13 October 2009. Iveta Turčanová DG Section of Audit and Control Ministry of Finance of the Slovak Republic. Ljubljana, 12-13 October 2009. Outline. Establishment of AA and coordinated audit units in Slovakia

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Quality assessment of the Audit activity Ljubljana, 12-13 October 2009

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  1. Quality assessment of the Audit activityLjubljana, 12-13 October 2009 Iveta Turčanová DG Section of Audit and Control Ministry of Finance of the Slovak Republic Ljubljana, 12-13 October 2009

  2. Outline • Establishment of AA and coordinated audit units in Slovakia • Reasons for quality assessment • Timing for quality assessment • Possible ways for quality assessment • Recommendations • Questions for discussion Ljubljana, 12-13 October 2009

  3. Establishment of AA in Slovakia Ministry of Finance = Audit Authority (acc. to national act on financial control and internal audit) Line ministries (7) + „Financial Control Authorities (3) = coordinated audit units (CAU) Reliance on CAU is based on: • Contracts on cooperation (MoF ↔ line ministry) ; MoF ↔ FCA [based on minister order] • Rights of relevant parties • Responsibilities of relevant parties • Reporting obligations • Conditions on supervision • Declarations on independence • MoF - responsible for Audit Strategy and Audit Plans (coordination meetings) • Execution of audits (need for coordination meetings) • Audits under the responsibility of MoF official • CAU own audits • Line ministries + FCA • Supervision = during audits or during reporting Ljubljana, 12-13 October 2009

  4. Reasons for quality assessment 1 / 2 WHY to do quality assessment? • Assess the reliance on the other audit units: Desired result: - better and more efficient use of audit resources - avoiding duplicity at level of the auditee • Are the standards understood and implemented in common way? • continuous monitoring of quality for later external audits – a need to document it • Preventive actions to assess existing risks and implement corrective actions asap Ljubljana, 12-13 October 2009

  5. Reasons for quality assessment 2 / 2 • Need to check compliance with stated guidelines, rules and audit procedures • Establishment of adequate communication with other audit units – based on it = improvements for the future may be needed • Enough time for preparation corrective actions in case if non- compliance or breach of stated rules Ljubljana, 12-13 October 2009

  6. Timing for quality assessment WHEN to do it? • According to the previous „levelling“ of the audit units What influences the levels? • results of previous assessments • results of external audits • quality of documentation • quality and effectiveness of communication with AA • How often? – according to Audit strategy (minimum once in 2 y.) Ljubljana, 12-13 October 2009

  7. Possible ways for quality assessment HOW to do it? • Direct supervision during audit execution • Quality assessment of the audit documentation • Coordination of audit steps (incl. assessment of audit programmes) • Quality and effectiveness of communication with AA • Assessment of feedbacks from auditees according to methodological guidelines of AA • External assessment possible – contract with external audit company Ljubljana, 12-13 October 2009

  8. Reccommendations • Assess functional independency of CAU in practice • Assess personnel adequacy – are the approved numbers sustained? In case of any change – Was AA informed at the time when the change occurred? • Assess adequate information flows (e.g. on results of external audits, modification of laws or strategy...) • Does AA have feedbacks from CAU? (need for cross-checking with individuals within AA) – Was AA informed on any difficulties while executing the audits so AA could „help“ anyhow? Ljubljana, 12-13 October 2009

  9. Questions for discussion = floor is open for YOU • Is there any motivation for CAU to increase the quality of their work? • Is it possible to introduce any quality indicators for the reasons of benchmarking of CAU? • How to retain the independence during quality assessment of CAU while strong centralised system is established? • Who should execute the follow - ups (audits or documentary checks)? AA? CAU? Ljubljana, 12-13 October 2009

  10. Thank you for your attention Iveta Turčanová tel. 00421 2 5958 2146 fax 00421 2 5258 3146 email iveta.turcanova@mfsr.sk Ljubljana, 12-13 October 2009

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