Grant Thornton a winning choice when you know what to look for!
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- Ursula Richardson
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1 Grant Thornton a winning choice when you know what to look for!
2 Regardless of the sector of activity in which you operate, there are key markers for selecting the professionals with the winning practices to take you farther. At Grant Thornton, our internal audit professionals have honed their skills on a wide range of internal audit mandates, acquiring the experience and expertise to guide the performance of your in-house departments, based on where you stand, your pace of development, as well as your business and operating environments.
3 To help you identify what you should be looking for, Grant Thornton has developed a list of the top 50 winning internal audit practices.
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5 Canada Québec Intent on supporting your organization s mission, vision and goals, the internal audit professionals at Grant Thornton offer both the experience and expertise to help you create a world-class internal audit department. Call us now. We look forward to the opportunity of working with you on the implementation of the top 50 winning practices for creating winning departments.
6 Winning practices of value-added internal audit departments
7 Clearly defined internal audit mission, objectives and operating framework 1 An internal audit charter duly approved by the audit committee describing the internal audit department s mission and objectives, along with the scope of its responsibilities and authority. 2 An internal audit department under the acknowledged leadership of a chief audit executive reporting to the audit committee. 3 Documented internal audit policies and procedures well adapted to the organization s business environment, culture and values. 4 A flexible internal audit organizational structure promoting accountability, effective communications, team work, professionalism and the optimal use of resources. 5 Effective tools, methodologies, and risk and control frameworks. 6 Challenging performance indicators well adapted to the organization s business environment. A strong relationship and effective communications with senior management and the audit committee 7 A trusted advisor to senior management and the audit committee. 8 An internal audit department respected by senior management and the audit committee for its expertise, competencies, and professionalism, its objectivity and independence, as well as its ability to respond quickly to sudden or unexpected events. 9 A communication protocol clearly defining the expectations of senior management and the audit committee.
8 10 A program raising the audit committee s awareness of current key and emerging risks facing the organization. 11 Truly effective direct access to the audit committee. 12 Formal quarterly presentations to senior management and the audit committee. 13 Periodic in-camera meetings with the audit committee. 14 Ongoing support to the audit committee for meeting its responsibilities, designing its charter and assessing its own performance. 15 Formal and informal channels of communication with the organization s key players in the areas of governance, risk management and internal control. 16 A chief audit executive and audit professionals attuned to the needs and expectations of senior management. 17 A sustained and active contribution to key strategic committees and related initiatives. 18 Training, information and awareness sessions for senior and middle management on current thinking in areas such as governance, risk management, security and control. 19 Internal auditors up on the most recent internal and external changes impacting the organization s business environment.
9 Strong relationship between external and internal auditors 20 Dynamic interaction between each party and a proactive sharing of information, including audit plans, files and reports, as well as assessments of governance and risk management issues, to optimize the use of resources and provide the global assurance required by management and the audit committee. Methodology based on the highest standards of the internal audit profession 21 Multi-year and annual internal audit plans based not only on financial and compliance risks but on key strategic and operational risks consistent with the organization s plan. 22 An ongoing, flexible and responsive internal audit planning process for identifying internal audit priorities and related risks. 23 Well-documented internal audit files supporting conclusions included in internal audit reports. 24 Well-documented supervision measures promoting professionalism and accountability. 25 Shorter internal audit cycles promoting more focused internal audit objectives and more rapid and timely communication of audit results to management. 26 A quality assurance and ongoing improvement program based on both internal and external quality assessments in compliance with IIA standards. 27 A swat team ready to intervene quickly in the event of any sudden or unexpected event of a critical nature. 28 Electronic and paperless internal audit files.
10 Value-added internal audit reports 29 Concise internal audit reports devoid of superfluous information. 30 Practical internal audit recommendations focused on business risk in keeping with the related cost-benefit ratio. 31 Management action plans for responding quickly to urgent situations. 32 Internal audit professionals who express clear opinions on the adequacy and effectiveness of the internal control environment, including its capacity to hold key risks to levels acceptable to the organization. 33 Timely and focused follow-ups on the recommendations of internal auditors. 34 Internal audit work and related conclusions communicated in a timely manner to senior management and the audit committee, with a clear focus on key challenges and risks as well as corresponding turnaround plans.
11 Proactive and dynamic management of human resources 35 A competency framework clearly defining needs and objectives, and an effective and focused plan to rectify significant shortcomings. 36 An optimal mix of competencies allowing IA to address all key risks facing corporate and business units, with recourse to external experts permitted and encouraged by access to adequate and rigorously managed budgets. 37 Sufficient competent in-house and outside internal audit resources to cover key risks, including those relating to information technology, fraud and ethics, environmental challenges, and complex financial transactions. 38 Active pursuit of timely, dynamic and ongoing recruitment and retainment programs. 39 Dynamic management of human resources based on the professional development and career planning of the internal audit staff. 40 Performance evaluations based on challenging and realistic objectives allowing employees to develop their skills in areas requiring improvement opportunities. 41 Promoting high-potential internal auditors to management positions within the organization. 42 Motivating and rallying team meetings. 43 Certified internal auditors subscribing to the IIA s International Standards for the Professional Practices of Internal Auditing. 44 Internal auditors abreast of the applicable standards of other professional associations as well as the regulatory requirements of their organization s business sector.
12 45 Internal auditors actively involved in their professional association. 46 A guest auditor program offered to highly promising employees and managers of the organization s corporate and operations units. 47 Fulfillment of a certain number of internal audit positions based on a 2-3 year rotational program. Dynamic management of the internal audit department s performance 48 An effective and efficient process for monitoring the execution of all internal audit projects included in the annual audit plan, including their evolution over time. 49 Integrated software allowing the monitoring of the annual audit plan, as well as the management of time, and the tracking of projects and performance indicators. 50 Regular internal audit activity reports providing a transparent view of the internal audit department s performance.
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14 Grant Thornton LLP. A Canadian Member of Grant Thornton International Ltd Raymond Chabot Grant Thornton (LLP). A member firm within Grant Thornton International Ltd
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