This audit evidence assists them in forming a judgment on the companys financial statementsCompany's Financial StatementsFinancial statements are written reports prepared by a company's management to present the company's financial affairsover a givenperiod (quarter, six monthly or yearly). This planning will include all the necessary information like audit scope, objective, reporting line, audit schedules, and an audit report. Transfer Payments - The control framework over transfer payments may not support efficient and effective delivery and demonstration of benefit realization. Preliminary Scope: The audit will examine select elements of a missions common services, property, consular and readiness programs that can be done remotely from headquarters. Europe, Arctic, Middle East and Maghreb TradePrg Official: EGM/(Vacant) (ECD, ELD, ESD, EUD, DWD), 23. All programs, management activities, processes, policies and control functions, along with departmental and government-wide initiatives are subjected to a risk assessment and risk ranking exercise to select audit projects in order of priority. Horizontal Audit of Costing Information for Decision Making, 6. Strong privacy practices (the proper use, disclosure, and protection of that information) is critical. Launched in 2017, FIAP puts Canada at the forefront of global efforts to eradicate poverty and to foster a more peaceful inclusive and prosperous world. International Professional Practices Framework (IPPF), Certification in Risk Management Assurance, DEVELOPING A RISK-BASED INTERNAL AUDIT PLAN. A good audit design identifies all the risks involved in the operations and employs specific audit procedures to minimize them. hb```b``Nb`e`` @QL- Descriptions of the planned engagements for the years are in Appendix B and C, respectively. The auditor painstakingly considers the issue in the current year by addressing it in the risk assessment or designed audit proceduresAudit ProceduresAudit Procedures are steps performed by auditors to get evidence regarding the quality of the financial information provided by the management of a company. In risk-based internal auditing, one assesses the risks, the way they are governed, managed, and controlled in order to develop the audit plan, for the purpose of evaluating the control systems, or as part of participation in the development and improvement of risk management projects. Financial plan is important as well but what is crucial for startup business is to have an audit plan that would help make sure that businesses are kept in a good working condition. Cookies help us provide, protect and improve our products and services. Auditors follow more or less the same procedure for auditing most of the companies by adhering to the standard auditing procedures. Liao-Moroz (IGD, IGA), 33. Approximately 3,600 person days of direct audit and advisory service capacity for 25 professional positions are required for 2017-18 audit projects. Audit techniques often employed by auditors include analytical procedures, investigation, examination of records and assets, observation, reconciliationReconciliationReconciliation is the process of comparing account balances to identify any financial inconsistencies, discrepancies, omissions, or even fraud. That is why this approach is mostly use by auditors. Internal Audit Strategic Plan Template Download this Internal Audit Strategic Plan Template Design in Google Docs, Word, Apple Pages. Europe, Arctic, Middle East and Maghreb International Assistance Prg Official: EGM/(Vacant)(ECD, ELD, ESD, EUD), 35. The variety of engagements covered in the RBAP addresses broad coverage of core responsibilities, departmental priorities, ministers mandate letters, and corporate risks as shown in Appendix D. The RBAP is updated annually with adjustments made during the year based on an environmental scan of departmental context and risks. Casey (CSD, SID, SCM, SET), 56. Real Property Planning and StewardshipPrg Official: ARD/D. There is always a risk that a conclusion made from a sample may not be correct since auditors do not examine 100% of the entire population. During the 2019 relocation season, the Department oversaw over 1,100 international and domestic relocations for a total disbursement of approximately $37M. Real Property (Domestic) Prg Official: SPD/B. %%EOF Risk analysis is the process of estimating the two essential properties of each risk scenario: 13 Frequency The number of times in a given period (usually in a year) that an event is likely to occur Impact The business consequences of the scenario Risk factors are those conditions that influence frequency and impact. or perhaps have a blended internal audit plan that includes both of these options depending on the nature and objectives of each specific engagement in the plan. The plan is aligned with key government-wide risks stemming from COVID-19. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. The following engagements were deferred from 2019-2020: The OCAE has identified the following risk factors that could impede the successful implementation of the RBAP. Hamson(IRG, IRD, IGD, OAD, OPD, NND, OSD, NLD, ECD, WWD, MID), 31. Sirrs (CSD, IDD, CS Mission, SID), 48. Mission Readiness and SecurityPrg Official: CSD/R. Internal Audits - independent and objective assessments of governance, risk management and control processes against defined criteria, Ongoing Data Analytics - automated collection and analysis of data and indicators from IT systems on a continuous basis to determine effectiveness of controls, Consulting - objective assessments initiated at the request of management or OCAE, of limited and specific scope, less rigour than an audit, and without assuming management responsibility, Risk Assessments - assessments of inherent and residual risks to inform GAC management of risk exposure and OCAE of areas requiring further examination, A multi-year plan that considers areas of highest risk and significance, Quality Assurance and Improvement Program, Systematic process to ensure IIA Standards are met relating to quality of engagements and internal audit activity, Status updates to Departmental Audit Committee of management action plans to address recommendations, Single point of contact to coordinate activities with external assurance providers, Coordination of essential part of internal audit governance that provides objective advice and recommendations to Deputy Minister, Contribution to corporate reports, and review and advice regarding Treasury Board submissions and audit reports of multilateral organizations. Management & OversightPrg Official: DCD/J. Scope: The audit will examine the missions common services, property, consular and readiness programs. Collins (SGD), 39. Ensuring alignment between internal audit priorities and the organizations objectives is the essence of Standards 2010 Planning, 2010.A1, 2010.A2, and 2010.C1, which task the chief audit executive (CAE) with the responsibility of developing a plan of internal audit engagements based on a risk assessment. Peace and Stabilization OperationsPrg Official: IRC/A. Sampling risk is the risk that the conclusion based on a sample may be different from the conclusion that would be reached if the entire population was tested using the same audit procedure. Two significant Government of Canada initiatives associated with this Program are the Middle East Strategy and the Elsie Initiative for Women. Risks based approach principally perform by understanding client business, environments and internal control. The work carried out will address key risks associated with significant departmental expenses and have been identified in part, based on the results of the Departments Fraud Risk Assessments (FRAs) Management Action Plans (MAPs). The Office of the Chief Audit Executive (OCAE) provides independent assurance and objective advice to senior management on governance, risk management practices and internal controls. Tenasco-Banerjee(HCM, CFSI, HFD, HSD, HWD, Pools, SID, HBMO, Mission), 53. It establishes the foundation on which the OCAE will add value to the Department. Multilateral International AssistancePrg Official: MFM/C. The Audit Branch will continue to undertake assurance-based continuous auditing to proactively identify potential systemic control issues and report annually on various processes. V14p^+X#e*]OvoFAa5%dX{4 c-ot%*=s`x cf+ W7k`X u"48b`gzXI6Hs00~ RLef X8 By using our website, you agree to our use of cookies (. The key difference integrated risk-based auditing brings is that it allows auditors to immediately hone in on the key risks and controls over wider areas. Preliminary Objective: To identify and assess risks within the IT universe. Reconciliation is the process of comparing account balances to identify any financial inconsistencies, discrepancies, omissions, or even fraud. Each of the engagements are linked to the core responsibilities, the corporate risks and the audit risk areas (COVID-19 activities, program delivery, transfer payments, and internal services) as shown below. Internal Controls over Financial Reporting, 3. As we all know, audit risks are a combination of inherent, control, and detection risks. Due to the pandemic and the switch to a remote work environment, the risk of not complying with privacy regulations is heightened. In risk-based sampling, the design of the sampling plan is based upon sound principles and the experience of the Subject Matter Experts. Scope: The review will assess key aspects of a management control framework including governance, planning, monitoring and reporting activities. The follow-up process at NRCan is a two-phase process, which begins with a management self-assessment of the level of implementation for each recommendation and Management Action Plan (MAP). The two elements of planning are creating an overall audit strategy and the associated plan. The resulting documentation primarily contains the overall strategy and plan. On the other hand, an audit program is a set of procedure that is applied when making the audit to acquire evidence and information. 20 Spring 2021 N/A Monitor Fraud, What is the difference between an audit plan and an audit program then? Facilities using this method will have a baseline number for sample size based upon risk and performance, and that number can change based on prior inspection results - it may be reduced due to good results . Table 5 provides a listing of known external audit projects planned for fiscal years 2017-18 to 2019-20, with the expected tabling dates. Preliminary Objective: To examine the governance structure as well as expenditures within the Duty of Care envelope. 885 0 obj <> endobj Scope: The audit will examine key elements of the Programs management framework including program planning and funding, project delivery and monitoring, and performance measurement and reporting activities. Detection risk is the risk that control by auditors. If these risks or changes emerge and suggest higher priority audit activity, the RBAP will be adjusted so that the OCAE can take appropriate responses. Here we discuss its process and sample along with their examples. In contrast, an audit program is the description of detailed steps to complete the audit procedure. 3.3 Consideration of Other Assurance Provider Activities, 4.4 Challenges to Implementing the Two-Year Plan, Appendix A - 2019-2020 Departmental Results Framework & Program Inventory, Appendix B Description of 2020-2021 Engagements, Appendix C Focus of 2021-2022 Engagements, Appendix D 2020-2021 Engagements Mapped to Priorities, Audit of Real Property Strategic Investment & Portfolio Management, International Advocacy and Diplomacy Development Peace and Security Programming, Follow-up on Implementation of COVID-19 After Action Review & Lessons Learned. Internal. Peace and Security is one of six action areas under the Departments Feminist International Assistance Policy, which underpins Canadas international effort to achieve the Sustainable Development Goals. Galadza (IDD, IGD, ECD), 17. International Security Policy and DiplomacyPrg Official: IFM/M. Geographic Coordination and Mission SupportPrg Official: NMD/S. In this approach, auditors aim to address a company's highest priority risks first. This audit follows a 2017 Audit of the Harmonization of Grant and Contribution Program Administration conducted by the OCAE, which concluded that GAC required improvements to attain a more streamlined, standardized, and harmonized delivery and administration of grants and contributions. Audit of Management of NRCans Satellite Station Facilities, 4. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. IT controls are important to ensure alignment with strategic objectives and priorities, protect departmental assets, and ensure data integrity. Audit of Internal Controls Over Financial Reporting. All rights reserved. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official: PFM/E. To add value and improve an organizations effectiveness, internal audit priorities should align with the organizations objectives and should address the risks with the greatest potential to affect the organizations ability to achieve its goals. Instead, the risk-based approach looks at auditing from a different perspective. As part of this years update to the RBAP six advisory projects have been identified in Table 3, with the possibility of others, where feasible. The Office of the Auditor General repriortized its audit work at the request of Parliament. Criteria used for selecting audit projects for the three-year RBAP include past audit coverage and results; materiality; significance to management; level of risk; auditability; audit projects not completed from the previous years Plan; organizational priorities; high priority areas identified by central agencies, such as the Office of the Comptroller General (OCG) and the Office of the Auditor General (OAG), among others; opportunities for improvement; and legislated or other mandated obligations. Prioritization of the audit universe is a two-step process. The internal audit function will engage early in this initiative to support the Program as they bridge between ongoing operations and innovative changes (uncertain operations). Sub-Saharan Africa TradePrg Official: WGM/L. %%EOF After plans are made, it is always good to review the whole plan to avoid errors. Once approved, it is sent to the OCG.The follow-up process at NRCan is a two-phase process which begins with a management self-assessment of the level of implementation for each Management Action Plan (MAP). Risk-based auditing ensures that the internal audit activity is focusing its efforts on providing assurance and advisory services related to the organization's top risks. Results of prior internal audits are also . Ongoing analytics is a cost-efficient approach to complement traditional audits. Norton (WED, WFD, WWD), 26. International Assistance OperationsPrg Official: DPD/C. It focuses on analyzing and managing risks. Let us look into the significance of a well-informed design with the help of an audit plan example. When there is an audit plan, there is also what we call an audit program. Management practices and controls related to financial management, procurement, asset management, and LES human resource processes. The Department has property stewardship and project delivery responsibilities for more than 2,400 owned and leased facilities abroad, which includes 234 chanceries and 85 official residences. You will Learn Basics of Accounting in Just 1 Hour, Guaranteed! It includes six action areas and is set to invest $2 billion over five years from 2018. This kind of planning requires the auditor to understand the clients nature of the business, control the environment, and then put their audit resource and schedule by favorite to the areas with high risks. Provide independent advice after minimum viable product delivery related to implementation and change management. Assess whether initiatives drive spending and cost reduction, while maximizing business value. Tentative Audit Plan for Fiscal Year 2021/2022: Audit Unit Audit Focus** Budget* Timeframe Risk Ranking: Heat Map Risk Assessment and Audit Plan Update Review risk assessment and update annual audit plan with targeted interviews with the Board and management as required by internal audit professional standards. hUmO0OG0w ML78 !a :i;qb;~""QN#S!uD2D-#:NN[ GZsR]%eitu_]Z-4+LY]udN*R{!L IG$"GD~(oN`2q8dSHv.ddhnx. Drukier (MED, MSD), 14. You will not receive a reply. It covers the starting point of the selection process that determines potential NRCan auditable entities covering a 3 year period to its final recommendation. This work will be performed in accordance with the IIA Standards (i.e. The results of this pilot will be used to inform the methodology for other mission audits. NRCans Experimentation and Innovation Strategy, 2. Just like in a marketing plan, it is important to think about the process to have full knowledge on what to do when something comes up. The FSD Relocation accounts for over a quarter of the FSD expenditures. Auditable entities commonly include programs, processes, policies, management activities and control systems, along with departmental and government-wide initiatives, which collectively contribute to the achievement of NRCans strategic objectives. Internal Audit Risk Assessment Questionnaire Template wssu.edu Details File Format PDF Size: 201.9 KB Download 2. Preliminary Scope: The audit will examine processes to identify and value real properties. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. The implementation of the "risk based audit plan" covers annual engagement at IAA level and individual level.CAE must manage internal audit activities IAA) to ensure that IAA will provide . Prepared in the context of the ongoing COVID-19 pandemic, it presents audit engagements planned for fiscal year (FY) 2021 to 2022 to FY 2022 to 2023. The Annual Audit Plan was primarily based on the vision of the APIAO and the vision of the Province of Aklan in relation to the five key reform areas. Assessment of the ecoEnergy for Biofuels Program, 3. Gwozdecky (IOD), 18. Campbell (DPD), 27. Joint Mission Audit/Inspection Bamako, Mali. Preliminary Scope: This review will assess risk areas related to remote work such as organizational resilience, health and safety, work productivity and performance, and values and ethics. Canada Fund for Local Initiatives Prg Official: NMS/S. The establishment of the Professional Audit Support Services Supply Arrangement (PASS) by the OCAE in 2018-2019 has contributed to more efficient contracting and has helped to overcome this challenge. The RBAP identifies the engagements to be undertaken in 2020-2021 and 2021-2022. !;m.57WogB/sfW!{cF"UQK4#|nf45}Y`algo$@CoER.%V% a_tJ[S{o}SDSp< It helps the auditor efficiently manage the audit by analyzing the prime focus areas, proactive problem management, and allocating responsibilities to team members. Advisory Project on Workplace Wellness-Disability Management, 11. 5 Year Cyclical Assessment - New Direction in Staffing. Six Mission Audits locations to be determined. Generally, the audit design must encompass the nature, timing, and extent of risk assessment procedures, further audit procedures at the assertion level, and other planned audit procedures to complete the process while ensuring professional standards. Anti-Crime and Counter-Terrorism Capacity BuildingPrg Official: IDC/M. Gender Equality and the Empowerment of Women and GirlsPrg Official: MGD/N. Preliminary Scope: The review will focus on key aspects of the design framework of innovative programming initiatives including governance, risk management and stakeholder engagement. Morrison (NDD, NLD), 36. To comprehend each business element relevant to the audit, the auditors collect and evaluate information about the company, such as financial, legal, and investment facts. The IT function is a critical enabler in all transformation and large projects taking place in the Department. Internal Audit Plan Risk-based Audit Approach: The main concept of risks based approach are: reduce audit risks, do less works, and meet the objectives. Hearing both of those terms, we can say that they are basically the same. Audit of Trade Commissioner Service Regional Operations. It receives payments in exchange for making items available to end-users. Advisory Project on Evidence for Policy Decision Making, 34. A risk-based audit plan is the audit plan in which audit resources and work are deployed and focused based on a high risks areas or accounts as the result of the risks assessment performed by the auditor. Risk-based auditing developed more than a decade ago to support corporate governance. The figure below depicts the OCAEs suite of services. Partnerships and Development InnovationPrg Official: KFM/C. Weapons Threat Reduction Prg Official: IGA/A. OCAEs agility can be demonstrated by providing real time feedback and advice to program management regarding activities still underway. B The RBAP is developed in accordance with the requirements of the Treasury Board of Canada (TB) Policy on Internal Audit, along with related directives, guidelines, and the Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. Szabo (MSD), 15. An audit plan represents a blueprint for conducting an audit. Sirrs (CSD, SID), 41. It contains the details on the role of internal audit (IA), the Audit Branch's planning methodology, and the planned audits for the next three year cycle: 2017-20. By continuing to apply RBIAP principles; this level of input, with the ability to In addition, strategy formulation depends on the features of audit engagement like its characteristics, reporting objectives, auditors professional judgment, the outcome of preliminary engagement activities, and the resources necessary to perform the audit engagement. To build an audit plan, the first thing to do is to assess risks that may be a threat to achieving smart goals. The auditor plans to assess the risk of inventory fraud with the help of observation of physical inventory and analytical procedures and describes its nature, time, and extent. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. We are continually searching for innovative products and services to enhance our members' ability to meet their rising stakeholder demands. Preliminary Scope: The audit will examine financial and human resource components of costing projects/programs that are used to support attestation by the Chief Financial Officer. Risk Assessment Process for 2017-18 . If auditors effectively assess their clients risks related to financial statements, the auditor will then could tailor the risks audit procedure to detect those risks. Norton (WGM, WED, WFD, WWD), 9. Audit of Grants & Contributions Part I Oversight & Monitoring, $4.6B in grant & contribution payments in 2018-2019, Objective: To assess whether appropriate grants and contributions oversight and program monitoring are in place and operating effectively to support the achievement of departmental objectives. Financial statements are written reports prepared by a company's management to present the company's financial affairsover a givenperiod (quarter, six monthly or yearly). Salewicz (MHD), 12. The validation approach includes the following procedures: conducting interviews; reviewing supporting evidence; and performing analysis and testing based on risk. This planning is very important and most audit firms, as well as internal audits, adopt this approach. As an adjunct to the assurance role, the Audit Branch provides consulting/advisory services to the organization. Indigenous and Northern Affairs Canada Risk-Based Audit Plan 2017-2018 to 2019-2020 Page 5 of 28 RISK-BASED AUDIT PLANNING APPROACH To meet the requirement of the Directive on Internal Audit for the establishment at least annually, and updated as required, a departmental risk-based audit plan, the Audit and Assurance Services Branch's assessment of INAC's areas of risk was reviewed Between April and June 2020, the OCAE reassessed risks in several areas such as governance, decision-making processes, health and wellness, people management, protection of information, program delivery, security, and emergency preparedness. Importance of Audit For Big Corporate Houses (Beginner Guide), How to Prepare An Internal Audit Program? 209 0 obj <>/Encrypt 199 0 R/Filter/FlateDecode/ID[]/Index[198 38]/Info 197 0 R/Length 75/Prev 330432/Root 200 0 R/Size 236/Type/XRef/W[1 2 1]>>stream These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more. Salewicz (MHD), 28. The next stage is to prioritize the audit universe based on a risk-based assessment. Lawson (SPD), 58. Definition: A risk-based audit plan is the audit plan in which audit resources and work are deployed and focused based on a high risks areas or accounts as the result of the risks assessment performed by the auditor. This section presents an overview of the 2020-2021 to 2021-2022 Risk-Based Audit Plan. The first large block represents the potential range of auditable components which include departmental programs, activities, processes, structures and initiatives which collectively contribute to the achievement of the Departments strategic objectives. We use cookies to optimize our website and our service. Management of International Activities, 5. A strategic plan is important to an internal audit department to ensure that its plans are aligned with the company's objectives. Lawson (CSD, SPD, SCM), 57. Multilateral PolicyPrg Official: MFM/C. Blanger (A) (ACM, AAD), 42. This schedule results from the risks assessment that the auditor performs at the planning stage. In a business, planning means everything. Grant (NGM, NDD, NGD, NLD, NND), 7. Implementation of Extractive Sector Transparency Measures Act, 18. There is more than 7,000 Government of Canada staff (and approximately 2,350 dependents) who support Canadas engagement in the world. 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