Achieving Our Potential Key challenges and trends Adapting the internal audit organization & plan. Final thoughts on Achieving Our Potential
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3 Achieving Our Potential Key challenges and trends Adapting the internal audit organization & plan Strategies for success Final thoughts on Achieving Our Potential 3
4 As individual practitioners Be all we can be As a global institute One voice As a global profession Pride and acknowledgement 4
5 Raise expectations within our orgs Audit Committees and executives Our teams Ourselves Increase our capability and confidence Drive certification, our symbol of professionalism Embrace the IPPF, our roadmap to excellence Increase proficiency training, technology, methodology, benchmarking, agility Strive for excellence 5
6 Internal Auditing is universally recognized as a profession The Global Institute for Internal Auditors Defines the principles of the profession and assures that the principles are available seamlessly worldwide Is the preferred provider in the research, development and dissemination of knowledge to advance the profession Assures adherence to professional requirements Is seen by its members and operates as one global organization 6 13
7 Raise expectations of society at large, and demonstrate that internal auditing is: A fundamental pillar of a strong economy A cornerstone of good governance A respected, rewarding, and sought after career choice 7
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9 Governance failures around the globe Risk management efforts ineffective Stakeholder confidence shaken Legislative / regulatory response anticipated Opportunity for internal audit profession to demonstrate leadership in risk management, control and governance Where were the internal auditors? 9
10 Business risk has changed Shifting focus from financial reporting controls to strategic and business risks Strategic, operation, and business risk underlie 80% of the rapid declines in shareholder value Source: PriceWaterhouseCoopers
11 Vulnerability vs. probability Move to continuous risk assessments, risk management competencies Evaluate risk across the extended enterprise, incorporating counterparty and partner risks Business continuity focus increasing De-emphasize likelihood and focus on vulnerability Capability to engage with leaders on strategic risk Risk mitigation strategies cross organizational and political boundaries Need for a flexible audit program that responds quickly to emerging risks 11
12 Enterprises increasingly global Virtual enterprises blurring organizational boundaries Growth of outsourcing and off-shoring driving decentralization Deep process and system integration Governance and control complexity increasing Compliance risks multiply with new jurisdictions Political and foreign corrupt practices (FCPA) risks Requires strong control system competencies Cultural awareness among audit staff 12
13 Companies continue to look to automation as a strategy during economic downturn by gaining productivity Technology risks will remain high, complexity increasing Data security is a competitive advantage Automated nature of fraud Increasing IT proficiency required among audit staff integrated auditors Pre-implementation consulting on design of controls Increased importance of continuous monitoring, data analysis, and frauddetection 13
14 Generational differences in work styles and motivations Comfort and proficiency with technology New competencies and skills required for auditors Global teams in multiple geographies, dispersed Rotational staffing models on the rise Flexible organization, management and development models Balance professional and rotational resources Virtual teams, with different work styles 24/7 work environment Cultural and geographical diversity Business acumen and IT skills are essential 14
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16 March 2009 survey shows: 47% have increased coverage of operational risks 48% have increased coverage of cost/expense reduction or containment 35% have increased coverage of the effectiveness of risk management 40% have increased coverage of their companies exposure to third parties in financial distress Source: Audit Director Roundtable Research & Institute of Internal Auditors 16
17 Diminished stature of internal audit in anticipating and addressing emerging risks Seen as inflexible and non responsive to emerging risk Significantly reduced credibility as a trusted governance partner and strategic asset Diminished perception of value of internal audit activities and talent No seat at the governance table No voice in the risk management debate 17
18 Increase coverage without increasing staff Focus on boulders not rocks Leverage technology Leverage management control functions for leveraged assurance Challenge existing audit approach for higher impact, lower cost execution Clear roles & responsibilities avoid duplication of effort or inefficiencies Continue to increase auditor competencies Internal Auditor Competency Framework Value quality International Professional Practices Framework External Quality Assessments Require CIA certifications 18
19 Maximize use of technology to enhance efficiency, effectiveness, and quality Knowledge management and sharing Automate workpapers, risk assessment Automate issue tracking and reporting Leverage data mining and analysis to detect errors and test data populations Technology enabled continuous assurance to embed sustained monitoring 19
20 Audit committee s heightened desire for assurance on financial reporting risks Evaluate management s judgments, estimates, and forecasts Basis for goodwill assets, reserves, guidance Financial fraud assurance Technology based population testing for key fraud indicators Significant JE s Etc. Anticipate changes in regulatory environment Proactive assurance to AC on changing regulatory landscape E.g. upcoming changes to disclosure rules for compensation policies & executive pay 20
21 Challenge management assumptions Participate in cross functional what if discussions to reconsider risks and identify action plans Advise on design of risk management and monitoring controls responsive to changing conditions and cost reductions Redirect audit resources to re assessed highest risk areas Complex decision models such as risk monitoring and valuation Physical and system security in the aftermath of layoffs Operational reviews in processes that MUST continue to work Investment diversification policy Consumer loan, credit policy Liquidity management, hedging policy Governance roles, responsibilities, practices Extended enterprise reviews 21
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23 Demonstrate value to the business Be a leader on issues of corporate governance and risk management Anticipate, don t wait to be asked Be a change agent and catalyst Be a trusted advisor Raise stakeholder expectations of internal audit Build skills, capabilities, and reputation to meet heightened expectations and more strategic role Hold ourselves accountable for our own future and the future of the profession Comply with the IPPF Require CIA certification Volunteer locally, nationally, globally Advocate for the profession 23
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