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BENCH MAKING

BENCH MAKING. Benchmarking. What A Great Start!. What is Benchmarking?. Benchmarking is the process of measuring one operation against a similar operation for the purpose of improving business processes. OR. Benchmarking is the thing that Audit Committees like you to participate in.

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BENCH MAKING

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  1. BENCH MAKING

  2. Benchmarking What A Great Start!

  3. What is Benchmarking? • Benchmarking is the process of measuring one operation against a similar operation for the purpose of improving business processes.

  4. OR • Benchmarking is the thing that Audit Committees like you to participate in.

  5. It’s benefits Insight -New perspective Projection of future Provides areas of focus and opportunities Breaks down “we do it best” syndrome Pat on the back from Audit Committee It’s failings Unclear objectives Lack of stakeholder involvement Poor up-front planning Organisation becomes defensive Misinterpretation of data Seen as solution-not the starting point No brownie points from Audit Committee Benchmarking

  6. Undertaking a Benchmarking Exercise • Who with? • Internal vs External • Approach chosen partners – get agreement • Consultation with chosen partners- What Key Performance Indicators (KPI’s) should be included?

  7. Our Recent Benchmarking Exercise • Who with - “The Group of Eight” • Questions? • Four general university questions • Three general Internal Audit questions • 23 audit process specific questions

  8. Outsourcing $ and Focus Types of Audits and Time % Audit Plan Completed Time Spent on Unplanned

  9. Audit Process • Service Agreements • Reporting Style • Client Survey • Follow-up • Reporting to Audit Committee

  10. Audit Planning • Use of Risk Management • Use of RM Package

  11. Five Highest Risks • Finance: • fraud, • investments/cash management, • Procurement management

  12. Commercial Activities Human Resources Research/IP System Implementations

  13. Ways for Identifying IA Effectiveness • Management Requests • Role in Policy Development • Reporting Structure • Budget

  14. Relationship with Audit Committee • % Plan Completed • Recommendations Accepted • Feedback: auditees, AC, Executive • % hours charged to total time • % qualified staff • Reliance on work by externals

  15. You are welcome to sit on our bench – • Our questionnaire has been placed on our website. It’s located at http://www.unimelb.edu.au/audit/process/overview.html. • You are welcome to fill it out and submit it back to us • We will forward the finished exercise back to all participants at the end of October

  16. Lets visit the questions http://www.unimelb.edu.au/audit/process/overview.html

  17. Thank-you for your time

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