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Aligning Internal Audit & Risk Management Under the Governance Umbrella

Aligning Internal Audit & Risk Management Under the Governance Umbrella. An Audit Committee Chair’s perspective Jon Isaacs NSW Public Sector Audit & Risk Practitioners Network. Key principles. Governance Role of Audit and Risk Committee is understood

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Aligning Internal Audit & Risk Management Under the Governance Umbrella

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  1. Aligning Internal Audit & Risk ManagementUnder the Governance Umbrella An Audit Committee Chair’s perspective Jon Isaacs NSW Public Sector Audit & Risk Practitioners Network

  2. Key principles • Governance Role of Audit and Risk Committee is understood • Risk is a leadership and management issue • Key Relationships are underpinned by trust • Continuous learning is a core value Jon Isaacs 26 November 2008

  3. 1. Governance Role of Committee is understood • Charter approved by governing authority • Value of independents • Committee members have diverse backgrounds • Audit Committee accounts for its activities and signals emerging issues Jon Isaacs 26 November 2008

  4. 2. Risk is a leadership and management issue • Strategic risks are understood and discussed – threats and opportunities • Risk profile and appetite are reviewed • Internal Audit Plan is based on risk profile • Internal Audit is resourced to adhere to Plan • Internal Audits are implemented and followed up • Financial statements endorsement process adds value Jon Isaacs 26 November 2008

  5. 3. Key Relationships are underpinned by trust • Committee Chair, Members, Auditors (internal and external), Board Chair (or Department Head), CEO and CAE • Open culture of Committee meetings • Role of auditors at meetings • Members model appropriate behaviours • Meeting processes are productive Jon Isaacs 26 November 2008

  6. 4. Continuous learning is a core value • Executives are assessed for honesty, forthrightness, communication and innovation • Members offer support and feedback to executives • Committee members keep up to date • Committee is regularly assessed Jon Isaacs 26 November 2008

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