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Strategic plan of the Internal Audit Department

The Ministry of Finance of the Republic of Moldova. Strategic plan of the Internal Audit Department. Livia Jand îc , Budva , Montenegro, March 3-5, 2014. Content. The aim and the necessity of activity planning The elaboration stages of the Strategic plan:

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Strategic plan of the Internal Audit Department

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  1. The Ministry of Finance of the Republic of Moldova Strategic plan of the Internal Audit Department LiviaJandîc, Budva, Montenegro, March 3-5, 2014

  2. Content • The aim and the necessity of activity planning • The elaboration stages of the Strategic plan: ● SWOT analysis ● priorities and objectives ● distribution of the time resource • The methodology of risk assessment • Annual plan

  3. The goal of the Strategic Plan Resources Requirements

  4. The planning requirements Insurance

  5. Strategic plan content • Context • Mission • Vision • Values • The profile of the department • SWOT Analysis • Mid-term priorities • Strategic objectives • The audit requirements • The methodology of risk assessment • The necessary and available resources • Annual activity plan • Conclusions

  6. Stages of developing the Strategic Plan • Defining the mission, vision and values of the DIA and the SWOT analysis of the curent situation; • Determining the activity’s priorities for the medium term; • Identification of the operational systems and processes for the Ministry of Finance; • Risk assessment based on the manager’s expectations; • Determining the period of the Strategic Plan and frequency of the missions; • Assessment of the needed and available resources; • Defining the Strategic Plan and the Annual Plan of the DIA.

  7. SWOT Analysis

  8. Analiza SWOT

  9. Mid-term priorities Correlated with the Public Internal Financial Control Development Program and Strategic Development Program of the Ministry of Finance for 2012-2014: • Increase the quality of the internal audit activity; • Development of the FMC system; • Promoting and disseminating the internal audit function.

  10. Strategic goals

  11. Distribution of the time resource

  12. Risk assessment methodology Materiality with a share of - 15 % Control environment - 10 % Sensitivity -10 % MF’ Management concerns-15 % Complexity of the process-10 % Changes of people and of system-10 % The integrity of the data processing environment-5 % The last audit mission-15 % The results of the last audit mission-10 % Each criteria is marked with a point from 1 to 5 (1-lowest level of risk, 5-highest risk level)

  13. Risk Matrix

  14. Calculation of the risk score Materiality * 15% Control environment * 10% Sensibility* 10% MF’s management concerns * 15% Complexity of the process * 10% Changes of people or system* 10% Integrity of the data processing environment* 5% The period of the last a.m* 15% The results from the last a.m. * 10% Risk score 5

  15. Risk categories

  16. Sample

  17. Annual action plan 2014

  18. Sample

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