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“Demonstrating the Value of Internal Auditing to the Audit Committee” June 25, 2014

“Demonstrating the Value of Internal Auditing to the Audit Committee” June 25, 2014. CA. Nagesh Pinge. “ WHAT GOT YOU HERE WON’T GET YOU THERE”! -Marshall Goldsmith. Change is Eternal. Changing Canvass. New Companies Act, 2013 Clause 49 amendments

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“Demonstrating the Value of Internal Auditing to the Audit Committee” June 25, 2014

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  1. “Demonstrating the Value of Internal Auditing to the Audit Committee”June 25, 2014 CA. Nagesh Pinge

  2. “WHAT GOT YOU HERE WON’T GET YOU THERE”! -Marshall Goldsmith Change is Eternal

  3. Changing Canvass • New Companies Act, 2013 • Clause 49 amendments • Enhanced responsibilities of Independent Directors • Anti Fraud Framework – Whistle Blowing Mechanism • Risk Management Committee • Related Party Transactions

  4. Challenges at the Cross Road Great Opportunity to Reconnect Review & Reassess !!!!!

  5. Laundry List of Things to Do • Engaging with stakeholders de-novo • Audit Committee • Top Management • Business Associates • Consolidating Subsidiaries • Statutory Auditors • Information Technology Service Providers • Your own Internal Audit Staff • Enhanced compliance requirements & regulatory norms Cont’d…

  6. Laundry List of Things to Do Cont’d… • Snap Shot review • Review of ‘existing Internal Audit Charter’ • Review of Audit Plan • Is it risk based? • Is it ongoing as a concern? • Are risks evaluated appropriately? • Assessment of Resources – In-house, Outsource or Co-source • Extent of IT Audit coverage • Audit Plan Budget • Assess the extent of “Brick & Mortar” Internal Auditing & “e-Internal” Auditing

  7. Necessity to realign with Stakeholder Priorities • Objectivity–IA should be objective in performing its work. • Assurance– providing comfort over whether the control environment is designed and operating effectively. • Third line of defence – providing comfort that management’s risk management and compliance functions are effectively monitoring the business. • Consulting – advising the business on how to improve processes and practices. • Risk management – offering insight into risk areas and the management of risk. • Governance – providing feedback on the effectiveness of governance processes. • Operational effectiveness and efficiency

  8. Need of the hour!!!!!!!!!

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