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Session 4: Internal Audit engagement protocols

Session 4: Internal Audit engagement protocols. Presented by: Lee Ward Monash University. Internal Audit Engagement Protocols. Presenter: Lee Ward Director – Audit and Risk Management. Internal Audit process. Scope: Effective systems Compliance Probity in procurement

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Session 4: Internal Audit engagement protocols

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  1. Session 4: Internal Audit engagement protocols Presented by: • Lee Ward Monash University

  2. Internal Audit Engagement Protocols Presenter: Lee Ward Director – Audit and Risk Management

  3. Internal Audit process Scope: Effective systems Compliance Probity in procurement Grant acquittals Investigations Approach: • Collaborative • Agreed actions • Risk based • Constructive Reporting: • Heads of Dept • Audit committee Outcomes: • Identify and resolve weaknesses • Awareness and accountability • Holistic overview

  4. Innovation in Internal Audit Compliance audits Systems Departmental Scoping & fieldwork Recommendations & Agreed Actions Reporting Follow-up

  5. Discuss scope with Dean Review financial position of Depts cf budget Reliance on controls in systems Risk assessment - Conclusions and documentation Sample sizes Electronic work papers Sign-off Scoping & fieldwork

  6. Validation of findings Strategies to address risk Agreeing actions Recommendations & Agreed Actions

  7. Preliminary report - recommendations Final report – agreed actions Risk ratings Negative or positive assurance Scoring Benchmarking Better practice comparison Audit Committee Reporting

  8. Register of outstanding actions Evidence of actions completed Reporting of overdue actions Audit committee response Follow-up

  9. Status Key Overdue Not DueComplete Status Key Overdue Not DueComplete

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