Audit Procedures are steps performed by auditors to get evidence regarding the quality of the financial information provided by the management of a company. A risk-based approach audit begins with an audit plan that focuses on risks. Advisory Project on IT End State Migration. Preliminary Scope: The scope will include the ongoing analysis of data in departmental systems related to finance, human resources, property etc. Peace and Security PolicyPrg Official: IRD/L. Finalize and communicate the plan. endstream endobj startxref Identify, assess, and prioritize risks. These missions house representatives from 23 other federal organizations. Table 2 and 3 provide a listing of projects being carried forward from 2016-17 and the new highest priority projects for fiscal years 2017-18, 2018-19 and 2019-20, respectively. It keeps businesses prepared and resilient to any challenge. The guide describes a systematic approach to: Understand the organization. Preliminary Scope: The assessment will identify risks and complexities to inform prioritizations of areas requiring further examination by the OCAE. This Practice Guide is provided as a service to members of The IIA. The Audit Branch uses the departmental Program Activity Architecture (PAA) as well as NRCan's inventory of external legislated services to ensure the audit universe identified is complete. Practice Guide: Developing a Risk-based Internal Audit Plan. During the 2019 relocation season, the Department oversaw over 1,100 international and domestic relocations for a total disbursement of approximately $37M. Schwartz (ARD), 46. The RBAP identifies the engagements to be undertaken in 2020-2021 and 2021-2022. Four audits were started in 2019-2020 and carried over to 2020-2021: Audit of Peace and Stabilization Operations Program, Audit of Grants and Contributions Part I, Audit of Foreign Service Directives - Relocation, and Port-au-Prince misssion audit was deferred in 2019-2020 and replaced by a mission audit in Bamako. CommunicationsPrg Official: LDD/Y. Gwozdecky (IOD), 18. Let us look into the significance of a well-informed design with the help of an audit plan example. Programmed further audit procedures at the assertion level, Other programmed audit procedures that are required to accomplish so that the engagement complies with professional standards. Audit is a vital aspect in the simple business plan operation. Examine IT related subject post IT risk assessment identification of priority area. Lets look at the sample below to understand better the structure, layout, contents, and overall audit plan template. 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 Bobiash (OGM, OAD, OPD, OSD, OBMO), 8. An audit design contains a list of guidelines for auditors to follow while conducting an audit. 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. Mission Network Information Management / Information TechnologyPrg Official: SID/K. Examine the appointment, oversight and expenditures of operations related to Honorary Consuls. Implementation of NRCans IT Strategy, 32. The objectives are to examine the success rates of employment equity groups at key stages of the recruitment process; and to explore factors that may influence representation across the four designated groups during recruitment. Preliminary Objective: To determine whether there is an appropriate privacy management framework to support compliance with the Privacy Act. The guide describes a systematic approach to: Understand the organization. During one of their clients previous year audits, the auditor of a CPA firm reported the deficiency in internal controlInternal ControlInternal control in accounting refers to the process by which a company implements various rules, policies, or procedures to ensure the accuracy of accounting and finance information, safeguard the various assets of the business, promote accountability in the business, and prevent the occurrence of frauds in the company.read more when he found out the existence of fictitious vendorVendorA vendor refers to an individual or an entity that sells products and services to businesses or consumers. Audit Plan Example Having a punctiliously crafted audit design helps auditors achieve efficient engagement, risk mitigation, and compliance with standards set by authorized governing bodies. Preliminary Objective: To examine the governance structure as well as expenditures within the Duty of Care envelope. Trade Policy, Agreements, Negotiations, and Disputes Prg Official: TFM/S. Casey (DCD, SID, SET), 55. Risk Based Audit Plan Example. Helfand(CFM, CND, CPD, ECD, ELD, ESD, EUD, NLD, NND, OAD, OPD, OSD, SID, WED, WWD, CBMO, OBMO, NDD, CSD, MISSION, MID), 40. Growth that Works for EveryonePrg Official: MED/W. Golberg(IFM, JFM, KFM, PFM, DSMX, POD, PVD, IBMO, PBMO, DSMO, DSMP, DSMZ, PED), 2. Electric Vehicle and Alternative Fuel Infrastructure Development and Deployment Initiative, Horizontal Audit of Human Resources Planning, Horizontal Audit of Information Technology, Horizontal Audit of Costing Information for, Audit of the Management of Scientific Facilities, Audit of the Transformation of Pay Administration, Annual Audit of Public Accounts, including NRCans Offshore Revenue, Audit on Funding of Clean Energy Technology, Audit of Adapting to Climate Change Effects. Government and departmental priorities are also validated with senior management and the DAC to ensure planned audits align with higher priority areas. The audit team utilizes audit techniques to collect audit evidenceAudit EvidenceAudit evidence is information gathered by auditors during the course of an audit, whether internal, statutory, or otherwise. Lawson (SPD), 58. 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. Given the size and complexity of the Department, reliable costing information is important to ensure investments are aligned with the departmental mandate. The first step includes management consultations, review, and consideration of the following available documentation: departmental risk information, including NRCans CRP; the latest Management Accountability Framework (MAF) assessment; recent departmental-wide assessments of IT and fraud risks, respectively, which lead to the identification of audits as part of the Audit Branchs continuous audit framework; business planning documentation; NRCans Report on Plans and Priorities (RPP); Government priorities; and previous audit results (both internal and external), along with the most recent financial information and statements. NRCans Experimentation and Innovation Strategy, 2. Horizontal Audit of Costing Information for Decision Making, 6. 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. The plan should be in line with the audit strategy so that the plan entails the successful completion of the audit objectives. Hearing both of those terms, we can say that they are basically the same. The input from NRCans Departmental Audit Committee (DAC), along with NRCans senior management, is sought and taken under advisement in setting internal audit activity priorities. Mission Readiness and SecurityPrg Official: CSD/R. Humanitarian ActionPrg Official: MHD/S. Global Affairs Canada represents the Government of Canada in 178 diplomatic and consular missions in 110 countries. Implementation of Extractive Sector Transparency Measures Act, 18. 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). The missions are selected based on a risk analysis and in consideration of the work planned or completed by the Mission Inspection division. Multilateral PolicyPrg Official: MFM/C. It includes six action areas and is set to invest $2 billion over five years from 2018. There are several ways to develop these targets. Multilateral International AssistancePrg Official: MFM/C. This figure highlights the four key phases used in the selection process for the development of a robust Risk-based audit plan. The missions are selected based on a risk analysis and in consideration of the work completed or planned by Inspection. To better plan and organize the internal audit function, the OCAE has developed a multi-year Risk-Based Audit Plan (RBAP). 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. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official: PFM/E. The role of IT is being transformed from a back office function that provides services to a strategic business partnership that brings IT innovations to the table to address an organization's business needs. Audit of Internal Controls Over Financial Reporting. The auditors assessment of the risks influences the audit methods nature, timing, and scope. 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. Grant (NGM, NDD, NGD, NLD, NND), 7. Geographic Coordination and Mission SupportPrg Official: NMD/S. The OCAE received management support to continue with a series of mission audits to support the department in managing risks abroad. An estimate of total resource capacity available was developed and allocated to Audit Branch activities using metrics based on past experience. Sirrs (CSD, IDD, CS Mission, SID), 48. Engagement Type The two types of engagements in an Internal Audit Plan are: 1. The FSD Relocation accounts for over a quarter of the FSD expenditures. Design and Development of NRCans IT Architecture Framework, 14. Drukier (MED, MSD), 14. 5 Year Cyclical Assessment - New Direction in Staffing. Casey (SID, IDD, CS Mission), 49. The audit plan was developed using a risk-based audit approach. The audit planning process began with a review and update of the audit universe, based on the Departmental Results Framework, which is comprised of 58 programs under six core responsibilities (See Appendix A). Norton (WGM, WED, WFD, WWD), 9. Preliminary Objective: To identify areas of risks in key data sets to support the assessment of the effectiveness of controls. 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. Internal Audit Plan Sample. Report Ongoing Monitoring Internal Control Over Financial reporting: Foreign Service Directives concluded that the system for FSD is not operating effectively as several tested controls failed. According to the international standard of auditing (ISA), an audit plan should be based on an overall audit strategy. Estimate resources. Canadas official residences have become increasingly important to the way in which Canada conducts diplomacy through the advancement of foreign policy and trade interests. Innovative Programming Design Framework. It helps in the successful completion of the audit process. A good audit design identifies all the risks involved in the operations and employs specific audit procedures to minimize them. In addition, preliminary audit objectives are developed for each audit selected for the RBAP. International Professional Practices Framework (IPPF), Certification in Risk Management Assurance, DEVELOPING A RISK-BASED INTERNAL AUDIT PLAN. Audit of Foreign Service Directive - Relocation, $37M of FSD Relocation payments made in 2019. Reconciliation is the process of comparing account balances to identify any financial inconsistencies, discrepancies, omissions, or even fraud. Materiel Management Prg Official: SPD/B. All rights reserved. Propose the plan and solicit feedback. Approximately 3,600 person days of direct audit and advisory service capacity for 25 professional positions are required for 2017-18 audit projects. It establishes the foundation on which the OCAE will add value to the Department. Through this it would be easy to develop audit program and help in reducing the risk of not being able to carry out the objectives of the audit. Horizontal Audit of Human Resources (HR) Planning, 16. With the availability of greater reliable data, the OCAE is expected to make better use of quantitative information. After making adjustments to the audit scope based on the results of the secondary risk assessment, the audit plan is finalized and audit fieldwork can begin. They constitute an integral part of the supply chain management for providing raw materials to manufacturers and finished goods to customers.read more invoices related to inventory. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. V14p^+X#e*]OvoFAa5%dX{4 c-ot%*=s`x cf+ W7k`X u"48b`gzXI6Hs00~ RLef X8 Prioritization of the audit universe is a two-step process. This knowledge transfer method guides audit engagement teams throughout different processes such as information evaluation and risk identification. It is considered to deliver greater value than a traditional audit or general controls review and requires a sound understanding of the business, its objectives and risk, and, therefore, the adequacy of its controls. As a result of the pandemic, this engagement was identified as an opportunity to support the transition to a remote work environment. Coordinate with other providers. Assessment of the ecoEnergy for Biofuels Program, 3. First, it helps the auditor minimize its risks. Potential Future Joint/Collaborative Audit and Evaluation Reports, Central Agencies Audit Projects for 2017-18 2018-20, Follow-up on Previous Audit Recommendations, 1. Salewicz (MHD), 28. Management of Federal-Provincial Offshore Agreements, 4. In addition, it may consist of the changes applied to the overall strategy and audit plan processes during its implementation and the reason for changes. 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. Real Property Planning and StewardshipPrg Official: ARD/D. This review will support Global Affairs Canada to be positioned to invest in innovation, deliver better reporting on results and be able to develop more effective partnerships and able to focus on those regions of the world where the needs are greatest. 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. Casey (CSD, SID, SCM, SET), 56. NRCans audit universe is made up of 24 groupings of auditable entities. Financial ManagementPrg Official: SCM/A. Table 4 provides a listing of Joint/Collaborative Audit and Evaluation Projects for FYs 2018-19 and 2019-20. Background: Preliminary Objective: To determine whether there are effective processes and structures in place to manage the Departments real property portfolio. (Explanation With Example). National Certification Program for Critical Inspections of Metals and Materials, 17. provide reasonable assurance). Duty of Care funds (approximately $1B in funding was approved in 2017 to be spent over 10 years) were secured to protect staff at Canadian missions abroad through infrastructure, mission readiness and information security. How did we develop the plan - Risk Based Internal Audit Planning (RBIAP) . 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 . Norton (WED, WFD, WWD), 26. International Assistance OperationsPrg Official: DPD/C. File Format. 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. Objective: To determine whether sound management practices and effective controls are in place to ensure good stewardship of resources at the mission in support of the achievement of Global Affairs Canada objectives. (Responsibilities and More), Five Best Soft Skills for a Bookkeeper (Explained), How To Move Your Accounting Processes To The Cloud, 3 Types of Corporate Strategies (Explanation, Advantages, and Limitations), Why is Working Capital Negative? It enables them to form an opinion on financial statements and ensure whether they reflect the true and fair view or not. Objective: To determine whether the Program has implemented an effective management control framework to ensure that the Program is meeting strategic and operational objectives. Hamson(IRG, IRD, IGD, OAD, OPD, NND, OSD, NLD, ECD, WWD, MID), 31. The scope will include the management of real property, vehicles, machinery and equipment, material inventory, consular revenue and cash, and LES overtime. 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. Identify, assess, and prioritize risks. Thus, auditing 10% or 20% of the data, without any statistical or risk-based consideration is still a common practice among GLP QA organizations. Copyright 2023 The Institute of Internal Auditors. Present the plan 6. Bobiash (OAD, OGMA- TRIGR, OPD, OSD), 37. Estimate resources. You may hear a lot from people about the word audit. Wheeler (XDD), 5. 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. Horizontal Audit of Information Technology Security Phase II, 28. Asia Pacific International AssistancePrg Official: OGM/D. Develop internal audit plan 5. 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. You may also have a look at the following articles to learn more . Internal services may not be aligned and integrated with policy development or operations. 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. MacLennan(MFM, MED, MGD, MHD, MID, MND, MSD, SID), 3. International LawPrg Official: JLD/B. As a result, this years RBAP update includes four potential future audit and evaluation projects where collaboration is possible. The scope will also include a review of the accountability framework, decision-making framework and performance reporting structure for the Duty of Care initiative. Auditor has the authority to question the concerned personnel in case of any discrepancies. Objective: To examine whether appropriate controls are in place for the administration and management of Foreign Service Directive (FSD) Relocation. Other factors are also considered, such as collaboration with NRCans Evaluation Division to identify opportunities to collaborate on audit and evaluation projects in order to improve efficiency and minimize duplication of efforts. In addition, the company being audited should be ready and offer coordination to assist in the efficient completion of the audit. These facts serve as the foundation for the opinion in theaudit report. The Department is also subject to audits by other assurance providers. Human ResourcesPrg Official: HSD/S. An auditor issues a report about the accuracy and reliability of financial statements based on the country's local operating laws.read more can update the audit design according to the development during the audit. Requirement to develop risk based plan bagi internal auditor dipersayaratkan dalam Standar Internal Audit, issued by Institute of Internal Auditors (IIA). This work resulted in a list of engagements assessed to be high-risk. 927 0 obj <>stream 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. May 10, 2020. hb```b``Nb`e`` @QL- Optimization and integration of regional activities within the overall Trade Commissioner Service transformation initiative. COVID-19 Activities - Due to a high degree of ambiguity, limited information and time pressures, the extent to which critical functions and regular operations could continue was unknown. Four audits were started in 2019-2020 and carried over to 2020-2021: Audit of Peace and Stabilization Operations Program, Audit of Grants and Contributions Part I, Audit of Foreign Service Directives Relocation, and Port-au-Prince misssion audit was deferred in 2019-2020 and replaced by a mission audit in Bamako. 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. MacIntyre(DCD, DMA, DME, DMT, MINA, MINE, MINL, MINT, PRD, SRD, VBD, USS, ZID, DBMO, DMX, SCM), 50. 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. Perform risk planning 4. 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