1 / 6

Internal Audit in Today’s Changing Environment

Internal Audit in Today’s Changing Environment. Presentation by Mr. Ajay Minocha Date: January 14, 2012. Today’s Environment. Key Challenges : Globalization – increase in business size IT integrated with Business Processes Increased emphasis on Corporate Governance

yates
Download Presentation

Internal Audit in Today’s Changing Environment

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Internal Audit in Today’s Changing Environment Presentation by Mr. Ajay Minocha Date: January 14, 2012

  2. Today’s Environment • Key Challenges : • Globalization – increase in business size • IT integrated with Business Processes • Increased emphasis on Corporate Governance • Competitive market – better efficiency • New regulations and laws

  3. Shift from Traditional Approach to Risk Based Approach • Traditional Approach • Focus on identifying errors. • Smaller number of transactions. 100% testing. • Transaction based audits. • Emphasis on financial controls only. • Voluminous manual records. • Audit viewed as external function. • Single Discipline • Risk Based Approach • Focus on identifying risks. • Voluminous transactions. Sample testing. • Process based audits. • Emphasis on controls in all business processes. • Soft data from systems. • Audit viewed as collaborative function. • Multi-disciplinary, Subject matter experts

  4. More Professional Opportunities • Higher Expectations: • Value - savings • Best practices - efficiency • Legal compliances Higher Risk Right Audit Approach

  5. Core competencies of Internal Auditor • Communication skills • Problem identification and solution skills – “What can go wrong” - questioning • Updated knowledge – industry, regulatory changes and professional standards • Knowledge of Software / ERP packages • Ability to use Data analytical tools • High Ethics

  6. How deliver Value? • Understand business and client thoroughly • Identify business/client risk and Areas of concern • Co-develop the expectations or key value drivers • Plan your efforts, time and deploy appropriate resources, based on risk • Develop your execution plan • Use Data analytics techniques • Computer expert for computer dominant environment • Multi – disciplinary team with Functional experts • Involvement of specialist/subject matter experts • Documentation

More Related