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Model of Risk Assessment in Bulgaria IA – Public sector

Stefan Belchev Internal Audit Director Bulgarian MoF. Model of Risk Assessment in Bulgaria IA – Public sector. Sofia 18 April 2012. Why? When? How? Who?. IA - Risk assessment . Law - art.32 Standards – 201 - Planning IA Manual MoF IA Charter and Internal rules. Why?.

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Model of Risk Assessment in Bulgaria IA – Public sector

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  1. Stefan Belchev Internal Audit Director Bulgarian MoF Model of RiskAssessmentinBulgaria IA – Public sector Sofia 18 April 2012

  2. Why? When? How? Who? IA - Risk assessment

  3. Law - art.32 • Standards – 201 - Planning • IA Manual • MoF IA Charter and Internal rules Why?

  4. Annual base - November/December every year • Single audit engagement - On planning stage When?

  5. Setting the risk factors; Defining of scale for risk assessing of each factor; Defining of weight of each factor; Assessing of every unit/process/activity of audit universe; Prioritize the most risky unit/process/activity How? (Annual base)

  6. Self - assessment

  7. Regular annual questionnaire

  8. Annual risk assessing

  9. Activity/Process understanding ; Defining of risks; Assessing and measuring of risks; Identifying and assessing controls ; Specific audit objectives and audit plan and program How? (Single audit engagement)

  10. MoF – CAE/9 internal auditors Whole PS – 247 IAU/479 internal auditors WHO?

  11. Ongoing monitoring

  12. QUESTIONS? STEFAN BELCHEV Tel. +359 2 9859 5251 s.belchev@minfin.bg THANK YOU!

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