Risk and Control: Ideas for a better tomorrow
A contrarian view on Risk and Control to make tinkle curiosity leading to creative and critical thinking.
One of the challenge facing internal auditor is to how to improve the control environment? Tone at the top matters. Without that any exercise become a paper, which get tossed around from here to there and people kept wondering why things are not moving! It is important to create tools and use techniques to enable […]
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Recently I participated in a Conference on Internal Audit. One of the recurrent theme across session was “Culture”. How culture of an organisation impacts Internal audit and how an internal auditor can make impacts on the organisation culture to have a right culture. This is my point of view on some of the questions raised. […]
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Approval Matrix is one component of overall governance framework of an organization. It is a very important component, which is defined tightly, will lead to all decisions in the hands of few individuals leading to power and overburden. Defined loosely will lead to lack of harmony in the directions where an organisation wants to go. […]
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An Internal Audit Plan is the work schedule for Internal audit. Lots of thoughts, brainstorming, time gets spent in preparing Internal Audit Plan. Its imperative for internal audit to get it right to ensure that major risk faced by organization are covered. Get Audit Universe Right Getting Audit universe right will be the first step […]
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Companies are required to create internal control framework to ensure that things are working. Company while creating internal control framework want to have number of control as less as possible to ensure that they don’t get red flagged in reviews. Auditors are required to certify that internal controls are working. Auditors while reviewing controls want to have […]
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Note: This is an extract from another article to focus on eCommerce Companies. Indian companies act 2013 has mandated that CEO and CFO to certify that “internal financial Controls are adequate and operating effectively”. This is also required to be confirmed by external auditors. In my opinion this is what companies / auditors should do: […]
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Background: I got the opportunity to attend a meeting organised by ISACA and ICAI. The meeting was for launching “Guidance note on Corporate Governance, ERM and Assurance for COBIT 5”. Indian companies act 2013 has mandated that CEO and CFO to certify that “internal financial Controls are adequate and operating effectively”. This is also required to be confirmed […]
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Revenue assurance as a function is dominant in telecommunication industries. However the lessons learnt can be applied in any industry. What is revenue assurance? Revenue assurance is The activity is the use of data quality and process improvement methods that improve profits, revenues and cash flows without influencing demand. – Wikipedia How Internal audit can help an organization […]
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Definition of internal audit , IIA standards, professional organizations preaches internal audit to add value. Internal auditors claim that they always add value. Still organization demand value from internal auditors. What is that internal auditors are not doing to show organisation value added by them? is it a simple case of not measuring and not communicating the value added […]
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Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. – Definition of internal audit. I believe Internal audit has […]
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