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IIA Annual Survey - Governance and Risk Report 2013

IIA Annual Survey - Governance and Risk Report 2013. Tuesday 5 th November 2013. WELCOME TO THE WEBINAR. The audio for this webcast will be broadcast via your PC speakers – you do not need to dial in.

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IIA Annual Survey - Governance and Risk Report 2013

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  1. IIA Annual Survey -Governance and Risk Report 2013 • Tuesday 5th November 2013

  2. WELCOME TO THE WEBINAR • The audio for this webcast will be broadcast via your PC speakers – you do not need to dial in. • If you are unable to use your PC speakers please click on the Requesticon on the WebEx tool bar to receive teleconference information. • Please submit your questions in the Q&A window. If viewing in full screen mode, please click the icon in the floating participant panel tray. We will address as many questions as time permits at the end of the presentation.

  3. THOMSON REUTERS GRC

  4. Papiya Chatterjee, Senior Policy Officer Papiya has over 10 years’ experience in research and policy analysis and has worked in a wide range of policy areas in Parliament, the National Audit Office and more recently regulation. She also has a background in both value for money and external audit. David Lyscom, Policy Director David has been the IIA Policy Director since August 2012. He had a long career in the Diplomatic Service where he specialised in economic and financial policy issues. He was UK Ambassador to the OECD from 2004 to 2008. Susannah Hammond, Senior Regulatory Intelligence Expert Susannah joined the regulatory affairs team at Thomson Reuters from the GE Capital Bank where she was head of compliance. Susannah has more than 20 years’ wide-ranging experience in international and UK financial services. A qualified chartered accountant, more recently Susannah was head of international regulatory risk for the Halifax Group and became head of retail regulatory risk for HBOS plc upon Halifax’s merger with Bank of Scotland. WEBINAR PRESENTERS

  5. IIA Annual Survey -Governance and Risk Report 2013 • First ever annual policy survey of IIA heads of internal audit (HIA) conducted in July / August 2013. • The purpose - to collect factual data on the profession, including its position in organisations, and the services it provides; and to find out HIAs’ views on risk management issues and the skills and competencies internal audit needs to function effectively. • Of the 642 HIAs sent the survey 307 responded - 48 per cent- broadly representative in terms of sector, location of work and gender.  

  6. IIA Annual Survey Results 1 Risk Management • In your view, what is the level of your organisation's risk maturity?

  7. Resource priorities Areas where respondents spend most of their time according to their audit plans IIA Annual Survey 2

  8. Whistleblowing and Fraud IIA Annual Survey 3

  9. IIA Annual Survey Results 4 • Risk Focus of Audit Resources • Areas of risk where internal audit spends most of its time

  10. IIA Annual Survey Results 5 • Reporting lines. • Functional reporting line (to whom are you ultimately accountable?)

  11. Overseeing internal audit. IIA Annual Survey Results 6 • Who has ultimate responsibility for approving your

  12. IIA Annual Survey Results 7

  13. Quality assurance IIA Annual Survey Results 8 • How frequently is your internal audit function externally assessed to judge compliance with IIA Standards?

  14. IIA Annual Survey Results 8 • Auditing culture • Top areas of expected internal audit budget and staff increases over the next year

  15. Internal audit competencies IIA Annual Survey Results 9 • Top competencies internal audit needs now and in five years’ time

  16. Thomson Reuters GRC State of Internal Audit 2013

  17. 2013 survey • Surveyed more than 1100 internal audit practitioners in February & March 2013 • 76 countries • IA departments of all sizes from less than 5 to more than 100

  18. Current Focus – top 3 areas 18 18

  19. Future Focus – top 3 areas 19 19

  20. In your opinion how mature is your organisations risk management function? 20 20

  21. How much reliance do external auditors place on the work of internal audit? 21 21

  22. Key challenges for internal audit in year ahead

  23. IA view of challenges for their boards

  24. Risk maturity • Thomson Reuters: 50% reported that their organisation’s risk management function was non-existent, in development or immature. • The IIA: 45% of organisations reported that they felt the level of risk maturity within their organisation was at the early stages of implementation, in development or non-existent. • Skills and competencies • Both surveys show the wide range of skills that internal auditors need which span both technical and business skills. Thomson Reuters commented that internal auditors may need additional training particularly in qualitative areas such as culture and corporate governance. Comparisons

  25. Further materials IIA Governance and Risk Report 2013http://www.iia.org.uk/policy/governance-and-risk-report-2013/ State of Internal Audit 2013 http://accelus.thomsonreuters.com/sites/default/files/GRC00311.pd Effective Internal Audit in the Financial Services Sectorhttp://www.iia.org.uk/policy/financial-services-initiative/ Culture, Corporate Governance and the Internal Auditor http://accelus.thomsonreuters.com/sites/default/files/GRC00075.pdf

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