Internal Audit Process - PowerPoint PPT Presentation

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Internal Audit Process

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Internal Audit Process Credit Union Internal Auditing from the Ground Up John Gallagher, Director Internal Audit SEFCU (New York) Barry Lucas, Internal Auditor – PowerPoint PPT presentation

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Title: Internal Audit Process


1
Internal Audit Process
  • Credit Union Internal Auditing
  • from the Ground Up
  • John Gallagher, Director Internal Audit
  • SEFCU (New York)
  • Barry Lucas, Internal Auditor
  • Desco FCU (Ohio)
  • Pat Richey, Director Internal Audit
  • Finance Center FCU (Indiana)

2
Serving Many Masters
  • Internal Audit Definition
  • Internal auditing is an independent, objective
    assurance and consulting activity designed to add
    value and improve an organization's operations.
    It helps an organization accomplish its
    objectives by bringing a systematic,
  • disciplined approach to evaluate and improve
    the effectiveness of risk management, control,
    and governance processes.

3
Serving Many Masters
  • Role
  • Independence and Objectivity
  • Assurance and Consulting
  • Add Value and Improve Services
  • Systematic and Disciplined
  • Reporting Structure

4
SEFCU Organizational Chart
Members
5
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6
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7
Serving Many Masters
  • Responsibilities
  • Internal Audit Charter
  • Supervisory/Audit Committee Charter
  • Job Descriptions
  • Audit Staff Structure

8
Serving Many Masters
  • Relationships and Politics
  • Management
  • Employees

9
Serving Many Masters
  • Relationships
  • Supervisory Audit Committees
  • Board of Directors

10
Serving Many Masters
  • Relationships
  • External Auditors
  • Regulators

11
Serving Many Masters
  • QUESTIONS ?

12
Performing Audit Work
  • Where Do I Start?

Risk Assessment
Audit Universe
Models
Risk Priority
13
Performing Audit Work
  • Where Do I Start?
  • Business/Audit Plan

14
Performing Audit Work
  • Where Do I Start?
  • Audit Scheduling
  • Distractions
  • Fraud Investigation
  • New Products / Services
  • Training / Vacations
  • Turn over

15
Performing Audit Work
  • Objectives
  • - broad statements
  • - risks
  • Scope
  • - who
  • - what
  • - when
  • - where

16
Performing Audit Work
  • Audit Program
  • - written procedures
  • - interview questions
  • - collecting information
  • - testing, sampling
  • - analyzing
  • - evaluation


17
Performing Audit Work
  • Workpapers
  • - support findings
  • - restricted access
  • - retention
  • - testing, sampling
  • - analyzing
  • - evaluation


18
Performing Audit Work
  • QUESTIONS ?

19
Communications and Follow Up
  • Audit Reports
  • Management Internal Audit need to agree up
    front
  • Findings
  • Recommendations
  • Report Structure
  • Who gets them?

20
Communications and Follow-Up
  • Follow-Up
  • Follow-up Audits
  • Monitoring results
  • Implementation of recommendations
  • If you do not do this Nothing happens!

21
Communications and Follow-Up
  • Supervisory / Audit Committee Meetings
  • Frequency
  • Structure
  • Agenda

22
Communications and Follow-Up
  • QUESTIONS ?

23
Tools and Resources
  • Technology
  • Paperless auditing
  • Internet tools
  • Analytical review using audit software

24
Tools and Resources
Basic Internal Controls - COSO
  • Credit Union Objectives
  • - Operations
  • - Financial Reporting
  • - Compliance
  • Internal Control Components
  • - Control Environment
  • - Risk Assessment
  • - Control Activities
  • - Information and Communication
  • - Monitoring

25
Tools and Resources
Enterprise Risk Mgmt - COSO
  • Credit Union Objectives
  • - Operations
  • - Financial Reporting
  • - Compliance
  • - Strategic
  • ERM Components
  • - Internal Environment
  • - Objective Setting
  • - Event Identification
  • - Risk Assessment
  • - Risk Response
  • - Control Activities
  • - Information and Communication
  • - Monitoring

26
Tools and Resources
International Standards for the Professional
Practice of Internal Auditing - Attribute
Standards - Performance Standards - Quality
Assurance Review
27
Tools and Resources
  • Control Self-Assessment
  • Management Buy In
  • Business Objectives
  • Identify Risks
  • Gather Best Practices
  • Provide Documents

28
Tools and Resources
  • Resources
  • Professional Journals
  • - IIA, ACFE, ISACA
  • Professional Standards
  • - COBIT
  • - GTAGs
  • Current Issues of Internal Auditing Governance
  • Websites
  • - Credit union industry, regulatory,
    professional

29
Audit Professionalism
  • Certification
  • - CIA Common Body of Knowledge
  • - CFE
  • - CUCE, NCCO
  • - CISA
  • - CPA
  • - CFSA

30
Audit Professionalism
  • Training
  • - Conferences / Seminars
  • - Local Chapters
  • - Webinars / Teleseminars
  • - Compliance Schools

31
Audit Professionalism
  • ACUIA
  • Website
  • Message Forum
  • Membership Directory
  • Audit Guide
  • The Audit Report magazine
  • Lending Library
  • Conferences, seminars

32
Tools and Resources
  • QUESTIONS ?
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