Strategic Audit PlanEssay Preview: Strategic Audit PlanReport this essayINDEXRole of Internal AuditIntroduction and Purpose of this StrategyAcknowledgementsAudit ApproachAudit Working Procedures and PracticesThe Audit ToolboxAudit ReportingInternal Audit Assistance in UWCN Risk ManagementFee-Earning WorkLinks To Institute of Internal Auditors (IIA) and Other BodiesStaffingOperational Plan 2001/02Strategic Plan 2002/05Annex A Ð- Key RisksAnnex B – Audit UniverseAnnex C Ð- Analysis of Systems and RiskRole of Internal AuditInternal Audit (IAS) is an independent and objective appraisal service within the University College.Internal audits primary role is to provide an opinion to the Principal and Chief Executive, and to the Board of Governors via the Audit Committee, on risk management, control and governance, by measuring and evaluating the effectiveness of these controls and systems in achieving UWCNs agreed objectives.
The Audit Toolbox evaluates the audit quality of the Audit Universe and evaluates the financial performance of CTS as well as the management of audit teams with the Audit Staff. Internal management is accountable for the Audit Plan from the Audit Committee and is accountable for reviewing Audit Volume (A) and auditing Audit Volume (B) in a standardized manner, and to maintain complete performance control over Audit Volume (A and B) so that all internal processes are performed in an efficient manner, and that the Audit Software is able to provide a simple and effective assessment of the Audit Manager’s progress through the Audit Plan.
In this role, the Audit Manager is responsible for the evaluation of Audit Volume (A) and auditing Audit Volume (B) at the same time.
This role is particularly useful when, as an Internal Audit Analyst or a senior Audit Manager, the Audit Manager is attempting to manage an intercorrelated audit and provides internal control when necessary. Although the Audit Manager was an internal auditor in the Audit Plan and was in charge of all internal Audit Operations related to UWCNs for the past years, it cannot be inferred from the Audit Plan or the Audit Toolbox in this role that the Audit Manager represents the UWCN. An internal Audit Analyst who has been in this role will assist the Audit Plan and Audit Toolbox in this role as well. However, the Audit Manager will be responsible for coordinating a significant array of external audit activities.
Iso-Annex A: What UWCNs Are.The Audit Toolbox evaluates UWCN risk structure and identifies potential operational weaknesses and risks associated with specific risk metrics. In this role, the Audit Toolbox evaluates the performance of CTS internal to external control strategies over audit volume. This evaluation involves creating an overall policy and procedures for internal management of internal risk management.The Audit Toolbox also evaluates internal UWCNs on the value of independent reporting and audit personnel, including the ability of internal accounting staff to conduct audit audits outside the scope of the Audit Agenda or the Audit Plan.
This role focuses on monitoring and reporting external risk, internal CTC and internal UWCN performance. This Role focuses on the review process for external UWCN auditing, which encompasses review of internal CTC and internal UWCN performance metrics and reviewing Audit Plan and Audit Volume. If internal CTC performance is not reviewed by the Audit Plan, audit managers are free to use external audit reports to review external CTC performance. Also, audit managers are free to use audit log entries, which contain information related to external CTC performance.
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(1) « IAS » (IAS is a UWCN-level agency) is a system designed to assess and manage organizational risk to ensure UWCNs (administration) work and function in compliance with the standards and requirements of UNCTADF. It is a critical part of the UWCN, responsible for overseeing risk management and risk management at any level of organization and for coordinating and coordinating organizational support functions within the UWCN and its members. It is the agency for which the Board of Governors’ Office determines whether the risks to UWCNs are managed according to its standards, and also oversees how the UWCN operates and is funded. The UWCN requires the appropriate internal monitoring, assessment and assessment, both in an internal and external capacity, of management and staff. The audit report of an organization is not required to be approved by the Board of Governors to be considered as a UWCN-level agency when the internal audit is of a UWCN-level level.Internal audits are provided to establish a risk management and management model. If the audit report of an organization of an organization states that the organization has significant systemic risks, the audit will be reviewed in detail and is to be accepted for approval under the IAS. If an Audit of a UWCN Organization determines that an audit is not valid and that the audit is false, then the organization may be terminated. Internal auditing can provide a means for assessing the effectiveness and effectiveness of current UWCN-level systems in achieving a UWCN-level governance and oversight. An audit by an audit committee may examine any other aspect of the operating of a UWCN organization (for example, to determine the status of its management and other resources, its administrative processes, security and audit policies). The audit by an audit committee will evaluate the effectiveness of the current design and performance of a UWCN organization over time in the United States. Audit reports shall be prepared and sent to the appropriate committee of the Organization, including the President of the Board of Governors, as well as the Chairman and Chief Executive Officer.Internal auditing reports may be submitted to the Board of Governors from any individual, any independent entity, or any combination of the two, and the audit recommendations will be presented by the President, the President’s Chairperson, or another member of the Board prior to approval. If the Office of Management and Budget (OMB) determines that an audit is false or incomplete, the audit will be considered for approval under IAS. Audit Report of an Organization of UWCN Officials with Respect to Audit (IATA) and UWCN Staffing (TUR) Organizations are the agency for which the Board of Governors determines the integrity, performance and financial stability of a UWCN organization. It determines what criteria should be used to determine who can be held accountable for a violation in UWCN settings. IATA and TUR organizations are designated as “Auditors” for an audit report. TUR organizations are identified by the title that they are affiliated with and the affiliation is a common cause for the organization to report violations. The report shall be prepared in accordance with IATA, TUR or other IATA-approved standards; thereafter the auditors (e.g., auditor and team representatives) shall be appointed as an independent auditor. A TUR organization is also referred to as the “UWCN.”Auditor Audit. The audit will consist of the following:1) A complete audit of the organization’s personnel;2) Accreditation of the auditors (including their staff and management);3) Assessment of performance of the auditors;4) The audit report of each member
(1) « IAS » (IAS is a UWCN-level agency) is a system designed to assess and manage organizational risk to ensure UWCNs (administration) work and function in compliance with the standards and requirements of UNCTADF. It is a critical part of the UWCN, responsible for overseeing risk management and risk management at any level of organization and for coordinating and coordinating organizational support functions within the UWCN and its members. It is the agency for which the Board of Governors’ Office determines whether the risks to UWCNs are managed according to its standards, and also oversees how the UWCN operates and is funded. The UWCN requires the appropriate internal monitoring, assessment and assessment, both in an internal and external capacity, of management and staff. The audit report of an organization is not required to be approved by the Board of Governors to be considered as a UWCN-level agency when the internal audit is of a UWCN-level level.Internal audits are provided to establish a risk management and management model. If the audit report of an organization of an organization states that the organization has significant systemic risks, the audit will be reviewed in detail and is to be accepted for approval under the IAS. If an Audit of a UWCN Organization determines that an audit is not valid and that the audit is false, then the organization may be terminated. Internal auditing can provide a means for assessing the effectiveness and effectiveness of current UWCN-level systems in achieving a UWCN-level governance and oversight. An audit by an audit committee may examine any other aspect of the operating of a UWCN organization (for example, to determine the status of its management and other resources, its administrative processes, security and audit policies). The audit by an audit committee will evaluate the effectiveness of the current design and performance of a UWCN organization over time in the United States. Audit reports shall be prepared and sent to the appropriate committee of the Organization, including the President of the Board of Governors, as well as the Chairman and Chief Executive Officer.Internal auditing reports may be submitted to the Board of Governors from any individual, any independent entity, or any combination of the two, and the audit recommendations will be presented by the President, the President’s Chairperson, or another member of the Board prior to approval. If the Office of Management and Budget (OMB) determines that an audit is false or incomplete, the audit will be considered for approval under IAS. Audit Report of an Organization of UWCN Officials with Respect to Audit (IATA) and UWCN Staffing (TUR) Organizations are the agency for which the Board of Governors determines the integrity, performance and financial stability of a UWCN organization. It determines what criteria should be used to determine who can be held accountable for a violation in UWCN settings. IATA and TUR organizations are designated as “Auditors” for an audit report. TUR organizations are identified by the title that they are affiliated with and the affiliation is a common cause for the organization to report violations. The report shall be prepared in accordance with IATA, TUR or other IATA-approved standards; thereafter the auditors (e.g., auditor and team representatives) shall be appointed as an independent auditor. A TUR organization is also referred to as the “UWCN.”Auditor Audit. The audit will consist of the following:1) A complete audit of the organization’s personnel;2) Accreditation of the auditors (including their staff and management);3) Assessment of performance of the auditors;4) The audit report of each member
(1) « IAS » (IAS is a UWCN-level agency) is a system designed to assess and manage organizational risk to ensure UWCNs (administration) work and function in compliance with the standards and requirements of UNCTADF. It is a critical part of the UWCN, responsible for overseeing risk management and risk management at any level of organization and for coordinating and coordinating organizational support functions within the UWCN and its members. It is the agency for which the Board of Governors’ Office determines whether the risks to UWCNs are managed according to its standards, and also oversees how the UWCN operates and is funded. The UWCN requires the appropriate internal monitoring, assessment and assessment, both in an internal and external capacity, of management and staff. The audit report of an organization is not required to be approved by the Board of Governors to be considered as a UWCN-level agency when the internal audit is of a UWCN-level level.Internal audits are provided to establish a risk management and management model. If the audit report of an organization of an organization states that the organization has significant systemic risks, the audit will be reviewed in detail and is to be accepted for approval under the IAS. If an Audit of a UWCN Organization determines that an audit is not valid and that the audit is false, then the organization may be terminated. Internal auditing can provide a means for assessing the effectiveness and effectiveness of current UWCN-level systems in achieving a UWCN-level governance and oversight. An audit by an audit committee may examine any other aspect of the operating of a UWCN organization (for example, to determine the status of its management and other resources, its administrative processes, security and audit policies). The audit by an audit committee will evaluate the effectiveness of the current design and performance of a UWCN organization over time in the United States. Audit reports shall be prepared and sent to the appropriate committee of the Organization, including the President of the Board of Governors, as well as the Chairman and Chief Executive Officer.Internal auditing reports may be submitted to the Board of Governors from any individual, any independent entity, or any combination of the two, and the audit recommendations will be presented by the President, the President’s Chairperson, or another member of the Board prior to approval. If the Office of Management and Budget (OMB) determines that an audit is false or incomplete, the audit will be considered for approval under IAS. Audit Report of an Organization of UWCN Officials with Respect to Audit (IATA) and UWCN Staffing (TUR) Organizations are the agency for which the Board of Governors determines the integrity, performance and financial stability of a UWCN organization. It determines what criteria should be used to determine who can be held accountable for a violation in UWCN settings. IATA and TUR organizations are designated as “Auditors” for an audit report. TUR organizations are identified by the title that they are affiliated with and the affiliation is a common cause for the organization to report violations. The report shall be prepared in accordance with IATA, TUR or other IATA-approved standards; thereafter the auditors (e.g., auditor and team representatives) shall be appointed as an independent auditor. A TUR organization is also referred to as the “UWCN.”Auditor Audit. The audit will consist of the following:1) A complete audit of the organization’s personnel;2) Accreditation of the auditors (including their staff and management);3) Assessment of performance of the auditors;4) The audit report of each member
In addition, internal audit provides assurance to management on systems that they are responsible for and assist management in making improvements to these systems.
Risk management, control and governance comprise the policies, procedures and operations established to ensure:the achievement of objectives;the appropriate assessment of risk;the reliability of internal and external reporting and accountability processes;compliance with applicable laws and regulations; andcompliance with the behavioural and ethical standards set for the organisation.Internal audit also provides an independent and objective consultancy service specifically to help line management improve the organisations risk management, control and governance. Such consultancy work contributes to the opinion which internal audit provides on risk management, control and governance.
Establishment and maintenance of the system of internal control remains the responsibility of management under the oversight of the Board of Governors.
Introduction and Purpose of this StrategyInternal Audit are required to provide a service that complies with the Standards set out in the Government Internal Audit Manual (GIAM), the Higher Education Funding Council for Wales (HEFCW) Audit Code of Practice and the Standards, Guidelines and Code of Ethics of the Institute of Internal Auditors (IIA).
This document sets out Internal Audits proposed strategy for the delivery of assurance to the Principal and Audit Committee on the framework of control operating in UWCN for the period 2002 to 2005.
AcknowledgementsWe would like to express our thanks to the staff in UWCN for their help and co-operation in the preparation of this document.Audit ApproachRisk AnalysisRisk identification and assessment belongs to management. They, not internal audit, are accountable for the economy, efficiency and effectiveness of risk management, control and governance. It is therefore essential that the audit strategy is based on managements risk priorities. During 2001-02 UWCN, with the assistance of Internal Audit, has revised its approach to risk management. This approach provides UWCN with a structured methodology to identify, assess and manage risks to the achievement of their objectives.
Internal Audit will seek to rely on managements resulting risk analysis and evaluation to form the basis for this and future plans. In this way IAS will be able to provide assurance to management on the key risks facing UWCN as well as assist in reducing those risks through its recommendations.
As well as using UWCNs risk assessment as the basis for its planning, IAS will undertake additional work to inform its approach. We will take account of previous assessments of systems and processes in UWCN, the length of time since specific systems have been reviewed, our knowledge of the strengths, weaknesses, opportunities and threats (both internal and external) and other sources of assurance such as external audit.
IAS will have to conduct an annual review of UWCNs risk management process to ensure that it can continue to place reliance on managements risk assessment as the basis for audit planning.
IAS will review its plans annually to take account of revisions in UWCNs risk assessment, enable new developments to be taken into account and allow for the plan to be rolled forward appropriately.
Audit CoverageIASs overall audit objective is to provide UWCNs Principal and Board of Governors with an opinion which is positive and reasonable. Positive means that our opinion will be based on seeing evidence of adequate action. Reasonable means that there will be sufficient evidence underpinning our opinion to make it reliable, but it is not guaranteed that systems will be error free.
When determining the coverage necessary to provide our assurance, IAS will apply the following considerations:UWCNs risk management arrangements will have to be reviewed every year to confirm the validity of the analysis as the basis for planning;Some high risk areas require more frequent review;The need for audit coverage to encompass the whole range of risks which UWCN has identified as “key” to the achievement of its objectives;
