Internal Audit – Page 2 – Risk and Control: Ideas for a better tomorrow

Internal Auditor’s Identity Crisis

January 6, 2019December 25, 2019Manoj

In 2018 , one topic has often resonated within professional community Independence of Internal audit. Largely internal audit professionals felt that: There is a lack of support from regulations for internal audit. This lack of support manifests in terms of no specific scope, lack of specific reporting structure, lack of safeguards in case management want […]

Audit clients categories

January 4, 2019Manoj

There are three categories of audit clients: Clients who accepts all recommendations Clients who do not accept any recommendations Clients who are balanced who evaluates each recommendations, debate the necessity and offer their own solutions. 1. Clients who accepts all recommendations: An Internal Auditor need to be very careful when he is working with clients who accepts […]

Recommendations in internal audit report: Are they required?

November 12, 2018November 5, 2019Manoj

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 […]

Fraud in Loyalty program

October 22, 2018October 14, 2018Manoj

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 .. […]

Have you included vendor audit as part of your audit plan?

October 15, 2018October 14, 2018Manoj

Have you included vendor audit/ contract compliance as part of your audit plan? Vendor Risk is becoming a greater concern as organization is outsourcing increasing amount of work. Earlier there used to be a handful of vendors and type of goods and services used to be limited to what an organisation can not do its own. […]

Robotic Process Automation/Audit.

September 17, 2018Manoj1

RPA is an advancement which will make everything automated.

IPPF and Recommendation

March 9, 2013Manoj2

This is a work of fiction. If you find any similarities with a real life situation or a person then you should ignore real life situation/ person. As author of this work has limited the scope of this work to fiction. A fictional dialogue between Management and Internal Audit. Management: I need you to look […]

Resource Management and IPPF

February 13, 2013Manoj

Resource 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 […]

Revenue Assurance

January 4, 2012Manoj

Revenue 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 […]

Tag: Internal Audit