1 / 4

Experience of Leading Edge Organizations with CA/CM: Understanding the Challenges around People, Process and Technology

Experience of Leading Edge Organizations with CA/CM: Understanding the Challenges around People, Process and Technology. The Audit Maturity Model (1). Stage 1. Stage 2. Stage 3. Stage 4. Traditional Audit. Emerging. Maturing. Continuous Audit. Objectives.

mireille
Download Presentation

Experience of Leading Edge Organizations with CA/CM: Understanding the Challenges around People, Process and Technology

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Experience of Leading Edge Organizations with CA/CM:Understanding the Challenges around People, Process and Technology

  2. The Audit Maturity Model (1) Stage 1 Stage 2 Stage 3 Stage 4 Traditional Audit Emerging Maturing Continuous Audit Objectives • Assurance on the financial reports presented by management • Effective control monitoring • Verification of the quality of controls and operational results • Audit by exception • Improvements in the quality of data • Creation of a critical meta-control structure Tooling • Manual processes & separate IT audit • Spots of IT and financial / OA audit integration • Auditing links financial to operational processes • Most of audit automated Approach • Traditional interim and year-end audit • Traditional plus some key monitoring processes • Usage of alarms as evidence • Continuous control monitoring • Audit by exception IT/Data access • Case by case basis • Data is captured during the audit process • Repeating key extractions on cycles • Systematic monitoring of processes with data capture • Complete data access • Audit data warehouse, production, finance, benchmarking and error history Audit Automation • none • Audit management software • Work paper preparation software • Automated monitoring module • Alarm and follow-up process • Continous monitoring and immediate response

  3. The Audit Maturity Model (2) Stage 1 Stage 2 Stage 3 Stage 4 Traditional Audit Emerging Maturing Continuous Audit Audit and management sharing • Independent and adversarial • Independent with some core monitoring shared • Shared systems and resources where natural process synergies allow • Purposeful Paralel systems and common infrastructures Management of audit functions • Financial organization supervises audit and matrix to BOD • Some degree of coordination between the areas of risk, auditing and compliance • IT audit works independently • IA and IT audit coordinate risk management • IA shares with IT audit automatic audit processes • Centralized and integrates with risk management, compliance and SOX/ layerd with external audit. High level of reliance. Analytic methods • Financial ratios • Financial ratios at sector level • KPI level monitoring • Structural continuity equations • Monitoring at transaction, account and fiancnial report account level • Corporate models of the main sectors of the business • Early warning system

  4. The Audit Maturity Model (4)

More Related