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Accountability:

Creating National Values with Global Accumulations 11 th Turkey Internal Audit 9 th November, 2007 Istanbul. Accountability: Value that only Internal Auditing can bring to the Audit Committee and Executive Management J Graham Joscelyne. Key Message. Look Out Stay Focused Stand Firm.

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Accountability:

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  1. Creating National Values with Global Accumulations11th Turkey Internal Audit 9th November, 2007Istanbul Accountability: Value that only Internal Auditing can bring to the Audit Committee and Executive Management J Graham Joscelyne

  2. Key Message • Look Out • Stay Focused • Stand Firm

  3. Overview • Changing Landscape for Audit Committees and Executive Management: • Strategic Directives • National vs. Globalization • Changing Priorities • Economic crises • Issues and Risks • Reputation ahead of everything else • Competing Opinions • Options to Consider • Everyone has an ‘Agenda’

  4. Changing Landscape Activism on the Increase • Governments - From accounts to accountability • Shareholders – From pay to board presence • Regulators – Going where no one dared • Donors - Corruption gets in the way • Employees – Pushing for more say And so…

  5. And so for Audit Committees and Executive Management It’s a call to: • Stay awake • Be watchful • Be alert • Be ready to respond • Obtain assurance But who adds greatest value?

  6. The Obvious Choice Internal Auditing: • Independent • Strategic • Credible • Professional • Mandated

  7. Independent Aligned to business objectives but Independent • Mindset • Focused on risk • Thinking ahead of Management and the Audit Committee • Finding the right balance • Practical And strategic...

  8. Strategic Know your professional requirements • Engage Management and your Audit Committee • Interact with your colleagues • Train yourself and your staff Focus on the higher risk issues • Educate your Management and your Audit Committee • Assure and advise Stand firm on principle Sustain the effort And credible…

  9. Credible Steady and Dependable – Understand your role in corporate governance • Willing to see • Willing to hear • Willing to act • Willing to share • Accountable And professional…

  10. Professional Being, not just saying • Leaders in the organization • Visionaries • Willing to stand up • Willing to stand out • Sustaining the effort • Active in the IIA • Professionalism assessed And authorized…

  11. Mandated Authorized to Assure • Know the business objectives • Understand the risks • Assess the key processes and controls • Combine the audit results • Provide assurance So, what should be done?

  12. What adds greatest value? Establish your credentials • Promise what you must - ASSURANCE • Deliver what you promise - TRUST • Work to international Standards - PROFESSIONALISM • Develop your talents - STEWARDSHIP Sustain your efforts • Think beyond today - STRATEGY In summary

  13. Summary • Look Out • Stay Focused • Stand Firm

  14. Questions J Graham Joscelyne Managing Director Joscelyne + Associates, Inc. grahamjoscelyne@hotmail.com

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