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.
I had an interesting debate recently with another CAE over recommendation. In his organization, they do not give recommendations in Internal Audit Report. I was insisting on giving recommendation as it is suggested by IPPF. He had challenged me to provide IPPF reference specifying that in an assurance assignment recommendation has to be given. I […]
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Loyalty programs are the in thing and almost every organised retailer and large number of service providers runs the program. The intention behind running this program is to provide reasons (being discount, future benefits, exclusivity, part of a fraternity, community, etc) to customer to shop again and again. Besides the usual operational uncertainty regarding .. […]
Continue ReadingResource Management and IPPF. IPPF requires that internal audit activity does a proper resource management. Standard Requirement Interpretation 1110 Board to approve internal audit budget and resource planBoard to inquire with management and CAE to determine the inadequacy of scope and resource limitation Internal audit cannot execute an internal audit plan without proper resources. With […]
Continue ReadingRevenue Assurance is becoming a favorite subject of all Internal Audit Professionals. Revenue Assurance is made popular by telecommunication industry due to ever-increasing plans offered to consumers. Revenue Assurance, is being practiced in a different forms by companies for a long time: Lost Sales analysis Opportunity lost Delay in project execution Shipments without order Provision […]
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