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Internal Audit in Today’s Changing Environment

Internal Audit in Today’s Changing Environment. Presentation by Mr. Ajay Minocha Date: January 14, 2012. Today’s Environment. Key Challenges : Globalization – increase in business size IT integrated with Business Processes Increased emphasis on Corporate Governance

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Internal Audit in Today’s Changing Environment

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  1. Internal Audit in Today’s Changing Environment Presentation by Mr. Ajay Minocha Date: January 14, 2012

  2. Today’s Environment • Key Challenges : • Globalization – increase in business size • IT integrated with Business Processes • Increased emphasis on Corporate Governance • Competitive market – better efficiency • New regulations and laws

  3. Shift from Traditional Approach to Risk Based Approach • Traditional Approach • Focus on identifying errors. • Smaller number of transactions. 100% testing. • Transaction based audits. • Emphasis on financial controls only. • Voluminous manual records. • Audit viewed as external function. • Single Discipline • Risk Based Approach • Focus on identifying risks. • Voluminous transactions. Sample testing. • Process based audits. • Emphasis on controls in all business processes. • Soft data from systems. • Audit viewed as collaborative function. • Multi-disciplinary, Subject matter experts

  4. More Professional Opportunities • Higher Expectations: • Value - savings • Best practices - efficiency • Legal compliances Higher Risk Right Audit Approach

  5. Core competencies of Internal Auditor • Communication skills • Problem identification and solution skills – “What can go wrong” - questioning • Updated knowledge – industry, regulatory changes and professional standards • Knowledge of Software / ERP packages • Ability to use Data analytical tools • High Ethics

  6. How deliver Value? • Understand business and client thoroughly • Identify business/client risk and Areas of concern • Co-develop the expectations or key value drivers • Plan your efforts, time and deploy appropriate resources, based on risk • Develop your execution plan • Use Data analytics techniques • Computer expert for computer dominant environment • Multi – disciplinary team with Functional experts • Involvement of specialist/subject matter experts • Documentation

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