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Role of the Audit Director

Role of the Audit Director. Planning Supervision Department management Senior management interface External audit interface Conformity with standards: TQM Bottom Line: “It’s Your Program!”. Governance. Process towards objective achievement Strategic direction Oversight.

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Role of the Audit Director

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  1. Role of the Audit Director • Planning • Supervision • Department management • Senior management interface • External audit interface • Conformity with standards: TQM • Bottom Line: “It’s Your Program!” Operational Auditing--2009

  2. Governance • Process towards objective achievement • Strategic direction • Oversight Operational Auditing--2009

  3. Governance and I/A • Assurance that organization is “under control” • Assurance that risks are being addressed • Risk = barriers to objective achievement • Modern I/A incorporates ERM (enterprise risk management) into the planning process • Consistent with the organization’s risk appetite • See COSO 2 Operational Auditing--2009

  4. ERM and I/A • Auditors review effectiveness of ERM • Auditors do not generally conduct ERM Operational Auditing--2009

  5. Key Issues for the Future • Expanded services: Consulting engagements—simply remember, advise not implement—follow the same general process, consistent with any “agreed-upon” procedures • TQM reviews • ISO std. Reviews • Environmental reviews • Reorganizations • Mergers and Acquisitions • CSA • Outsourcing • Sarbanes-Oxley compliance • ERM-Enterprise Risk Management Operational Auditing--2009

  6. ERM-COSO 2 • Expansion of the 1992 COSO Cube • Nine segments Operational Auditing--2009

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