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AdditionalGRMS Teaming with External Audit/Auditors. PwC. Additional GRMS Teaming with External Audit/Auditors. Advantages: One team for company to manage One external team instead of two CAKE sharing Eliminates redundancies in internal control documentation/flowcharting
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Additional GRMS Teaming with External Audit/Auditors • Advantages: • One team for company to manage • One external team instead of two • CAKE sharing • Eliminates redundancies in internal control documentation/flowcharting • Dirty laundry stays within one Firm • Timing is critical – we are already on the ground • Leverages GRMS internal control/business process competency into the external audit process • Incremental costs can be measured against competition (in process) • Further leverages GRMS competencies (IT, FRM) • Enhances auditor’s understanding and therefore, ability to attest on company internal controls as contemplated by Sarbanes-Oxley • PwC wrote “COSO” and is currently writing “COSO II” • GRMS Business Risk Management Framework (ORCA) consistent with external audit methodology • Deliverables: • Short-term • Baseline Process Maps (As-Is) • Control Gaps with Recommendations Addressing Root Cause and Necessary Monitoring Controls • Key Control Matrix to be used for Attestation • Long-term • Short-term deliverables provide input into automated certification process
