best practices in internal audit - iyad mourtada
TRANSCRIPT
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Online Conference
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Aligning the IA Function with Strategic Objectives
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Risks
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Fraud Risks
According to the ACFE’s 2010 “Report to the Nations,”
5% of global GDP, or nearly $3 trillion, was lost to fraud in 2009
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Information security remains a critical risk
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Understand New Risks
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Governance, risk management and compliance (GRC)
“A system of people, processes and technology that enables an organization to understand and prioritize stakeholder expectations; set business objectives that are congruent with values and risks; achieve objectives while optimizing risk profile and protecting value; operate within legal, contractual, internal, social and ethical boundaries; provide relevant, reliable and timely information to appropriate stakeholders; and enable the measurement of the performance and effectiveness of the system.”
Norman Marks
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Governance, risk management and compliance (GRC)
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Optimizing Internal Audit
• Update the Internal Audit Charter as needed
• Ensure that the Internal Audit function is
independent from the Top Management
• Conduct quality assurance assessment for the
internal audit function
• Risk assessment should be qualitative, participative,
real-time, and strategically focused
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Considerations when outsourcing IA
! Improve the quality of the internal audit function ! Reduce the cost of the internal audit function
Three options should be evaluated: • Is the in-house function fit for purpose? • Is outsourcing a value-adding solution? • Is a better option to cosource where skills can be
improved or cost saving made?
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Understanding the risks of outsourcing
" Does the provider have sufficient knowledge of the functions and departments of the organization?
" Will internal Audit staff be embedded within the organization?
" Will the internal audit provider be able to sustain an effective internal audit over the lifetime of the contract?
" Is there a conflict of interest?
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http://cebviews.com, Kate Guerra
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Looking Ahead
http://cebviews.com, Kate Guerra
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L O G O
Questions
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