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  Global Management Challenges for Internal Auditors

  ECIIA Yearbook of Internal Audit 2010/11
  

  978-3-503-12977-5

  European Confederation of Institutes of Internal Auditing (ECIIA), Neil Baker, Philipp Friebe, Adrián Garrido, u.a.

  …Framework, Corporate Governance & Risk Management, Internal Audit Practices and the future of Internal Auditing. An excellent overview about recent…
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  Internal Audit Standards: Everything for Everybody

  Inta Ozolina

  …the management and owners? I do not think so. Does it make the compliance for smaller audit teams very hard if not impossible to obtain? Yes, it does… …... Even more so, in many companies the management and owners do not appreciate and simply cannot afford huge internal audit teams; the financial crisis has… …environment is split between internal and external auditors to ensure as much value added to the company management and owners as possible. Ozolina… …engagements and the management layers are very limited in small audit teams, thus making the compliance with the formal review requirements very hard to…

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  International Professional Practices Framework – Overview of the current guidance of the Institute of Internal Auditors

  T. Flemming Ruud, Philipp Friebe, Daniela Schmitz, Shqiponja Isufi

  …different legislative and regulatory initiatives aimed at improving the Governance, Risk Management and Internal Control of an organization. The PPF has… …systematic, disciplined approach to evaluate and improve the effectiveness of Risk Management, Control, and Governance processes. Figure 2: Definition of… …perform audit engagements. In order to effectively help the board and the management, it is necessary that the Internal Auditors behave in a professional… …example, the Position Paper "The Role of Internal Auditing in Enterprise-Wide Risk Management" describes the role of Internal Audit within the scope of… …scope of the Internal Audit includes the systematic evaluation of the adequacy and the effectiveness of the Governance, Risk Management and Internal… …(previously Risk Man- agement). Standard 2120 relates to Risk Management (previously Internal Control), while Standard 2130 describes the tasks of Internal… …Technology Controls Controls that support business management and governance as well as provide general and technical controls over information technology… …Code of Ethics and the Standards with the senior management and the board. Standard 1111 demands that the Chief Audit Executive communi- cates and… …the strate- gies and objectives of the organization. According to Standard 2120.A2, when evaluating the Risk Management processes the Internal Audit… …specifies that when as- sisting senior management or line management in establishing or improving Risk Management processes, Internal Auditors must refrain…

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  Efficient Risk Management in Leasing Companies

  Prof. Dr. Fikret Hadžiæ, Amir Softiæ

  …27 Efficient Risk Management in Leasing Companies By Prof. Dr. Fikret Hadžić and Amir Softić19 1 Introduction After a decrease of 9.1 % in… …(fikret.hadzic@efsa.unsa.ba); Amir Softić, dipl.oec is a member of ASA Finance d.d. man- agement, and is responsible for risk management (amir.softic@asa.ba). 20 See… …subject (asset-based Efficient Risk Management in Leasing Companies 29 financing) and primary credit worthiness generated from the future cash flow… …commercial banks. In this way they encounter the strong need to develop a comprehensive concept of identification, measurement, management and risk… …, registration of ownership and other rights over leasing subjects, and areas: risk management, fi- nancial reporting and monitoring of leasing companies… …philosophy and in particular, leasing companies’ risk management. Risk management is currently the most significant aspect of business that affects the… …four basic areas of risk management: – Management of process and decision tools, – Determination and evaluation of leasing subject value, –… …Management of collection process and monitoring of leasing portfolio, and – Management of reserves for leasing business losses. ___________________ 22… …outlined segments represents the framework of an efficient risk management system. 3 Management of Process and Decision Tools The objective of risk… …management and the forming of reserves is assurance of ade- quate control and quality assessment of receivables, using certain criteria and tools. In that way…

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  Company Culture is Worth the Cost

  Sergey Martynov

  …company management (owners) through example and individual behavior CC is created intentionally by the management, which promotes… …spontaneous ly by various groups of employees CC is developed unintentionally by the company management (owners) through example and… …individual behavior CC is created intentionally by the management, which promotes programmes and activities Difference between company values and… …beliefs, come from various different entities. In these situations it is extremely im- portant for the management to make an effort to rapidly develop a new… …management to understand the need to develop its own culture and to put in place a programme of activities involving the employees, for example by creating… …in order for this to happen it must know how to satisfy the individual needs of its employees. The management must also know how to value its workers… …must aim to assess the effectiveness of the activities carried out by the management with a view to creating a company culture and point out the… …compared with the past: the innovations integrated into the company culture by the management, the change in the relationship between company and employees…

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  Governance Works, in Principle

  Neil Baker

  …corporate governance in the financial sector. There was much talk about the need for banks to improve their modelling and their risk management practices… …financial controls and systems of risk management are robust and defensible.” Some bank boards have arguably failed to meet either of those principles. But… …mindless box-ticking. 3 What About Management? And what of senior executive and management performance? A recent report from an all-party parliamentary… …recently about the risk of companies fracturing into “organisational silos” based on highly techni- cal management functions. Poorly run companies often… …prepare to ask ourselves some serious questions,” says Institute President Philip Ratcliffe. “The most basic objective of risk management is not… …departments, and boards which gave serious contemplation to the demands of good governance and risk management, have almost overnight gone to the wall.”…

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  Contribution by Internal Audit to IT Compliance

  Thomas Lohre

  …Corporate governance, risk management, compliance. All of these are concepts that can no longer be imagined away from the current business vocabulary and… …a concept originating from Anglo-American vocabulary32 and has, since then, been used for the debate regarding proper business management… …national principles for good and responsible business management, which applies to the employees, as well as the management of companies. Corporate… …setting-up of management and control structures. Characteristics of good corporate governance are: – Functioning business management – Preserving the… …interests of various parties (e.g. the stakeholders) – Targeted cooperation between business management and business monitoring – Transparency in the… …corporate communication – Appropriate handling of risks – Management decisions are aimed at long-term value enhancement The German code does not create… …pursuant to Article 161 AktG (German Companies Act), the management board and supervisory board establish, on an annual basis, whether the recommendations… …of the Corporate Governance Code have been com- plied with or if deviations have occurred. IT compliance is represented by risk management, data… …the management of a GmbH (limited liability company), Article 43 Par. 1 GmbHG (Limited Liability Companies Act), obligates the management to apply the… …management of a GmbH. Since January 1st 2009, the Law on the Modernisation of Company Annual Accounts (BilMoG) has expanded the group to include companies…

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  Continuous Auditing: Myth and Reality

  Adrian Garrido

  …conceptual models not being just appearance but having real results in management improvements. Continuous Auditing has traditionally been defined as the… …, two more can be added: – First, at some point in the future the management could consider that the monitor responsibility is theirs and not that… …selecting what is truly relevant. And what is, to a great extent, the most relevant information for a business? The minutes of the Management Committees… …, Regulatory reports, Management Infor- mation, presentations of new projects, new in the press, the minutes of our meetings with the various business areas…… …retrieve relevant information for each of these units. Once again, we are not speaking of complex applications; but rather of a documen- tary management… …and level of importance, for example: – Periodic analysis of management information – Periodic or specific meetings with Management – Focused… …great detail the business, maintaining a fluid line of communication with Management and using technology in an intelli- gent manner.…

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  The Financial Sector: Risks, Controls and Assurance after the Financial Crisis

  Daniel Nelson

  …management failures. 1 The Roots of the Crisis The macroeconomic aspects tell us the financial crisis was preceded by the culmi- nation of a long-lasting… …management. Nelson 94 For what concerns the underlying policies causes, three examples can be made. Ba- sically, the regulatory and supervisory… …situation. Lastly, risk management. One aspect is that risk management or risk mitigation has been viewed as more of a nuisance, more a need to adhere… …area in an entity. Nelson 96 It has also been reported that enterprise risk management (ERM) and the finance complex did not have adequate… …lesson-learned here is obvious: internal audit should review the risk management governance and op- erational arrangements, to ensure that there are no such gaps… …requirement compared to the 2006 charter. The second change in the 2009 charter is the new wording added to the risk management section which indicates that… …the audit committee is not the only body responsible for oversight of AIG’s risk assessment and management. The 2009 charter also goes on to state… …management. 5 Four more steps In closing, I want to suggest the following four specific areas to be considered for audit work by internal audit. As… …mentioned, risk management will certainly be an area to focus internal audit’s attention on; admittedly, the current crisis involved both external risks and… …the fact of receiving public funds. We discussed earlier that the misalignment between risk management and compen- sation policies was also seen as one…

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  Doing More with Less

  Neil Baker

  …against the budget cuts. He told senior management at the mining company where he is the head of internal audit that pruning audit resources in a downturn… …wouldn’t wait for senior management to come to me and say, ‘We are all contribut- ing toward cost cuts: It’s your turn,’” LaTorre says. Fucilli agrees. “Be… …audi- tors from other departments. 4. Do not go it alone. Remain in direct, constant communication with the audit committee and management so that you…

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