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.
Recently I had the honor of moderating a session on “Internal Audit: The first line of defense”. The panel consisted of: A head of internal audit/ CRO A CRO A risk professional and A Risk advisory partner from a big 4. Some of the insights from the session are: Internal Audit is the Third line […]
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A successful business man was growing old and knew it was time to choose a successor to take over the business. Instead of choosing one of his Directors or his children, he decided to do something different. He called all the young executives in his company together. He said, “It is time for me to […]
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IIA has revised standards on internal auditing. The revised standards become effective from January 2017. One of the new year resolution of Internal auditor should be to update their internal audit practices and procedures, including internal audit charter to reflect the changes done in in the IPPF. See here 1130.A3 – The internal audit activity may […]
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IIA Inc has revised standards on internal auditing. The revised standards become effective from January 2017. One of the new year resolution of Internal auditor should be to update their internal audit practices and procedures, including internal audit charter to reflect the changes done in in the IPPF. Revised IPPF can be downloaded from IIA. One […]
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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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