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The Audit Committee and the Evolving role of the Internal Audit function

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kele
23 diapositives · 522 Views · Sep 30, 2014

The Audit Committee and the Evolving role of the Internal Audit function. Dr Claudelle von Eck. The IIA is the creator and custodian of the international Standards for the Professional Practice of Internal Auditing. The Standards. Provides Moral Compass through the Code of Ethics.

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  1. The Audit Committee and the Evolving role of the Internal Audit function Dr Claudelle von Eck

  2. The IIA is the creator and custodian of the international Standards for the Professional Practice of Internal Auditing. The Standards

  3. Provides Moral Compass through the Code of Ethics

  4. Navigating through a volatile environment

  5. Internal audit uniquely positioned to be a trusted advisor to the leadership in the organisation

  6. Lack of understanding of the role of internal audit

  7. VALUE PROPOSITION OF INTERNAL AUDITING FOR KEY STAKEHOLDERS Governing bodies and senior management rely on Internal Auditing for objective assurance and insight on the effectiveness and efficiency of governance, risk management and internal control processes.

  8. Key factors for Internal Audit to add value • Objectivity • Independence • Compliance with the IIA’s Code of Ethics • Providing independent objective assurance and consulting • Compliance with the International Standards for the Professional Practice of Internal Auditing

  9. Lack of support from leadership • Findings not taken seriously • Recommendations not implemented • Too many instances where Audit Committees are not displaying enough strength Death threats where internal auditors blow the whistle

  10. Public interest? Audit Committee Oversight Ask the right questions Ask the tough questions

  11. Value of oversight • Accountability – Complex systems vs primitive nature • What gets measured gets done

  12. What gets measured get done • If you don’t measure results, you can’t tell success from failure • If you can’t see success, you can’t reward it • If you can’t reward success, you are probably rewarding failure • If you can’t see success, you can’t learn from it • If you can’t recognise failure, you can’t correct it • If you can demonstrate results, you can win public support” • (Osborne L. Gaebler, 1992)

  13. Changing focus of internal audit Social and sustainability audits Investigations of fraud and irregularities Due diligence reviews for corporate acquisitions/mergers etc Audits of compliance with regulatory code requirements

  14. In camera meetings Tone at the top Management’s response to findings and recommendations Internal audit’s independence (70% of internal auditors report intimidation/coercion to sweep finding under the carpet – Where were the Audit Committees?) Interpret what is not said in the audit reports and ask why

  15. One-on-one between the Audit Committee Chair and the CAE Strategy to protect internal audit

  16. Combined Assurance Internal Audit coordinates

  17. Questions to ask the CAE • CAE’s capacity • IA Function’s capacity • Adherence to Standards and IIA SA Career path standards? • Budget adequate?

  18. Questions to ask CAE • Is the audit plan risk based? • Is the audit plan balanced with enough focus on strategic risks • Does the audit plan have adequate focus on matters such as ethics, governance, assessing the risks related to reputation, customer service and environmental factors • Seniority and reporting lines? • Follow-ups being done?

  19. Quality Assurance Reviews King III Chapter 3 : 3.7.3 The audit committee should ensure that the internal audit function is subject to an independent quality review as and when the committee determines it appropriate

  20. Why are Quality Reviews important? • For the evolution of the Internal Audit Activity • Review of the current activity – Assess current internal audit structure, methodologies and resources • Conformance with the IIA Standards • Benchmarking with Best Practice • Identify opportunities to improve internal audit capabilities and processes • Clarify and validate management and shareholder expectations of the department • Develop actionable strategic plans to align internal audit with corporate goals

  21. Governance is a Leadership issue Let history judge us kindly

  22. President Jacob Zuma ‘ It can’t be business as usual’ “We will not be able to blame apartheid if some villages still have no water, no electricity and no roads. We will not be able to blame anyone else if children still study under trees, if hospitals are falling apart, and if there are still thousands who live in abject poverty” (extract from Mail and Guardian –23 April 2010)

  23. Thank you! claudelle@iiasa.org.za