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Online Conference
Aligning the IA Function with Strategic Objectives
Risks
Fraud Risks
According to the ACFE’s 2010 “Report to the Nations,”
5% of global GDP, or nearly $3 trillion, was lost to fraud in 2009
Information security remains a critical risk
Understand New Risks
Governance, risk management and compliance (GRC)
“A system of people, processes and technology that enables an organization to understand and prioritize stakeholder expectations; set business objectives that are congruent with values and risks; achieve objectives while optimizing risk profile and protecting value; operate within legal, contractual, internal, social and ethical boundaries; provide relevant, reliable and timely information to appropriate stakeholders; and enable the measurement of the performance and effectiveness of the system.”
Norman Marks
Governance, risk management and compliance (GRC)
Optimizing Internal Audit
• Update the Internal Audit Charter as needed
• Ensure that the Internal Audit function is
independent from the Top Management
• Conduct quality assurance assessment for the
internal audit function
• Risk assessment should be qualitative, participative,
real-time, and strategically focused
Considerations when outsourcing IA
! Improve the quality of the internal audit function ! Reduce the cost of the internal audit function
Three options should be evaluated: • Is the in-house function fit for purpose? • Is outsourcing a value-adding solution? • Is a better option to cosource where skills can be
improved or cost saving made?
Understanding the risks of outsourcing
" Does the provider have sufficient knowledge of the functions and departments of the organization?
" Will internal Audit staff be embedded within the organization?
" Will the internal audit provider be able to sustain an effective internal audit over the lifetime of the contract?
" Is there a conflict of interest?
http://cebviews.com, Kate Guerra
Looking Ahead
http://cebviews.com, Kate Guerra
L O G O
Questions
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