Upload
christen-castillo
View
220
Download
0
Embed Size (px)
Citation preview
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
1/12
Shifting Paradigms in Global Internal Audit
Suggested Road MapICAI Western India Regional Council
CA S Bhaskar
Chief Internal Auditor, Tata Capital Limited
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
2/12
Purpose andPurpose andPurpose andPurpose andMandateMandateMandateMandate
CompetencyCompetencyCompetencyCompetencyDevelopmentDevelopmentDevelopmentDevelopment
Governance
Key Components
ResourcingResourcingResourcingResourcingSustainingSustainingSustainingSustaining
PeoplePeoplePeoplePeopleExcellenceExcellenceExcellenceExcellence
MethodologyMethodologyMethodologyMethodology
Tools andTools andTools andTools and
TechnologyTechnologyTechnologyTechnology
KnowledgeKnowledgeKnowledgeKnowledgeManagementManagementManagementManagement
OperationsOperationsOperationsOperations
QualityQualityQualityQuality
Infrastructure
and Operations
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
3/12
Governance : Purpose & mandate
Internal Audit Charter approved by the audit committee
Internal audit policy and processes are documented in form ofaudit manual
Board
Statement of charter compliance and amendments tabledannually in the audit committee
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
4/12
Governance : Relationship with audit
committee
One-on-one meetings with the audit committee
Dedicated audit committees to deliberate on the internal control issues
CAE Selection and Remuneration decided by the audit committee
Parent company audit committee reviews subsidiaries findings once in a
year
All key initiatives within internal audit to be shared with the audit
committee
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
5/12
Resourcing : Competency Development &
Optimizing Technology
All new trainees to get rotational stint in Internal audit
Internal audit gets people coming from business and seeded back into thebusiness
Core internal audit team with continuity plan exists
Leverage technology for managing the report communication and autoescalations
Leverage technology for Data Mining
Systematic Development Plan for key IA resources
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
6/12
Internal audit process
Internal audit policy and processes are documented in form of auditmanual
Adoption of the professional standards prescribed by the IIA and SIA of
the ICAI
IA Plan to be Risk Based and Flexible to changing risk environment
Internal on-going assessments for validation of IA Processes
Peer reviews & Internal assessments to validate acceptance ofprocesses
Five year road-map for compliance to professional standards
Compliance statement on professional standards tabled to the auditcommittee
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
7/12
QAIP Initiatives
.Perfection is a moving target
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
8/12
Internal audit value
Internal audit Balanced Score Card aligned to organisation Balanced ScoreCard
Internal audit scores factored in performance appraisals of key executives
Internal audit plan achievement reviewed each month by the MD&CEO andSr. Management
Internal audit action items implementation status reviewed each monthby the MD&CEO and Sr. Management
Include areas such as Risk management, Governance including IT
Governance, Customer Service in internal auditing
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
9/12
Balancing IA Focus
Robust
Foundation
Increased Efficiency
& Effectiveness
Best Practices
Quality
Sophistication
Create Optimize Leverage
Processes
Documents
Monitoring
Mechanism
Review
Mechanism
People
Network
Skills
Knowledge
Information
Costs
Systems
CAATs
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
10/12
Business Insight
Data Analysis
Business Insight
Data Analysis
Maturit
Value Advisor
Brand Protection
Customer
Cost Optimisation
Fraud Prevention
Data Governance
IT Leveraging
Value Advisor
Brand Protection
Customer
Cost Optimisation
Fraud Prevention
Data Governance
IT Leveraging
IA Deliverables
From Oversight to Insight to Foresight
Compliance &Control
Regulatory Reporting
Monitoring &Evaluation
Policy Checking
Fraud Detection
Compliance &Control
Regulatory Reporting
Monitoring &Evaluation
Policy Checking
Fraud Detection
Process improvements
External Benchmarking
KRI Monitoring
BCP & DRP
Process improvements
External Benchmarking
KRI Monitoring
BCP & DRP
BUSINESS CONSULTANTS
Oversight Insight Foresight
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
11/12
CONFORMING
LEADINGInnovates best practices
Strategic Partner
Leader in IA Profession
Obtain IIA Award, (EA)
Continuous Audit,
Sustain Excellence
LEVERAGING
Emphasizes best practices
SA- IV
Expanding Role
Implement ACL / CAAT and
Framework for IIA Certification
Level 3
Level 4
Level 5
Year 1
BEGINNING
New Internal Audit Activity
Departmental Setup, Arms, IA manuals
processes
enera y on orms
SA - IIVContinuous Improvement
Implement QAIP, TBEM, framework for
ACL / CAAT
EMERGING
Partially Conforms
Self Assessments & IIV
Action Plan
Develop QAIP, ProcessesLevel 1
Level 2
Year 2 Year 3 Year 4 Year 5 Year 6
8/2/2019 Shifting Paradigms in Global Internal Audi Suggested
12/12
Thank you
Disclaimer: The views expressed in this presentation are personalviews of the presenter and Tata Capital does not necessarily subscribeto all views. This presentation has been prepared from various
published sources and the presenter does not claim an IPR on thesame. The information used herein, to the best of my knowledge, isfor educational purposes and not in any way for commercial use