GENERAL TYRE PAKISTAN.pptx

7/30/2019 GENERAL TYRE PAKISTAN.pptx

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GENERAL TYRE PAKISTAN

Internal Auditing And EDP Accounting


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Mission Statement

The mission of Internal Audit department at

General Tyre is to assist management, Audit

Committee and the Board of Directors in thedischarge of their responsibilities through

independent audits and consultations designed

to evaluate and promote the system of internal

controls, including effective and efficientoperations.


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What do they do?

Identify Risks

Find Better Ways and Best Practices

Partner With The Management to Find

Solutions

Prevent Problems


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Department Structure

Head of

Internal Audit

AuditExecutive

AuditExecutive

AuditSupervisor

ManagementTrainee

General Tyre has a

staff of 5 auditors who

are certified publicaccountants, internal

auditors, fraud

examiners or

information system

auditors.


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Reporting to the Audit Committee

and Board Of Directors

The Auditors meet and report to the Board and

Committee quarterly. Which helps them:

Ensure Independence

Elevate issues to a level where they can be

corrected

Keep the relevant authorities informed


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What Audit Plans Do They

Follow?

At General Tyre they follow a Risk based audit plan developed with

input from across the Organization.

They make a list of audits for fiscal year based on;

Risk assessment and available man hours

Includes estimated budget hours and completion date

They focus on areas with high risk and high probability that controls

are not in place or are weak

The types of risk they usually face are fraud, improper reporting,

ineffective or inefficient use of resources, credibility loss, etc.


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Auditable Entities

WHAT IS AUDITED

Operations andcompliance

Departments Management

Contracts

InformationTechnology Systems

WHAT IS NOT

AUDITED

Specific individuals

Human Resource

issues


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AUDIT PROGRAMS &

CHECKLISTS

These include work programs and checklist of

the functions being audited/reviewed by the

Internal Audit department.

These work programs and checklist arereviewed on an annual basis to incorporate

changes, if any, in the organizational policies

and procedures and applicable laws and

regulations.


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Samples


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TRAINING & PROFESSIONAL

DEVELOPMENT

Areas requiring continuous knowledge up gradation are: International Accounting & Financial Reporting Standards (IAS & IFRS) International Auditing Standards IIA Standards for Internal Auditors

Corporate Laws & Code of Corporate Governance Direct & Indirect Taxes Other Industry Specific Guidelines ISO Requirements

The Head of Internal Audit ensures that relevanttraining courses are attended by each audit staffevery year to enhance their professional skills


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What happens after the audit?

Follow-up

Review corrective action

Report to Audit Committee

A peer review at least once every five years


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Thank You!!

How many Internal Auditors does it take to

help you change a light bulb? Three. One tomake sure that the bulb is not overpriced and

two to write the standards and tell you whatyou did wrong.

Documents

GENERAL TYRE PAKISTAN.pptx