The first and simplest way to use the self-assessment process is to use it in determining your own internal audit function strategy and priorities. This is an excellent starting point, for numerous reasons:
Topics: Internal Audit, Self-Assessment
Outsourcing has become a keystone of major business operations to the point that it’s almost a given that large companies will move certain expensive business processes and labor-intensive activities to a third-party. Is this always the best option?
Topics: Internal Audit, Supply Chain, Vendor Management, Performance Management/Measurement, Outsourcing/Co-sourcing/Shared Services, Accounts Payable & Purchasing
Good process documentation doesn’t just describe how things work—it tells a story of an organization’s modus operandi (MO). As with any storytelling, it’s possible you might sit down to document your process and encounter writer’s block. There it is, the dreaded blank page taunting you as you struggle to decide how to get started.
Topics: Internal Audit, Process-Level Control, Document Retention
Self-assessment is a process through which an organization utilizes its internal knowledge to identify and assess uncertainties and the extent to which current practices are sufficient and appropriate to manage and achieve strategic objectives. Self-assessment drives the "tone at the top" down to process owners.
Topics: Internal Audit, Internal Controls, Entity-Level Control, Self-Assessment
Corporations today are thinking about how to protect assets. A few of the white collar crime problems include hacking/intrusions (cyber vulnerability), insider/outsider trading (convergence of cyber and financial crimes), the Foreign Corrupt Practices Act (FCPA), spear fishing (email compromise) and economic espionage. They must consider the possibility of internal corruption or external corruption, and environmental factors such as culture and competition contributing to these crimes. As protection, organizations can use cyber security, pen testing and data loss prevention tactics.
Topics: Enterprise Risk Management, Internal Audit, Internal Controls, Risk Assessment, Cybersecurity, IT Controls
Internal audit has started the journey toward enabling analytics in audit processes, but there’s a long road ahead. This report explains why through the key findings of Protiviti’s 2017 Internal Audit Capabilities and Needs Survey. In a digital world, now is the time for internal audit functions to embrace analytics. The results of this 2017 survey are the most significant takeaway, which shows that chief audit executives (CAEs) and internal audit professionals increasingly are leveraging analytics in the audit process, as well as for a host of continuous auditing and monitoring activities.
Topics: Internal Audit, Continuous Auditing, Data Analytics
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