Leclerc (KFM, KED, KGD, KSD, PFM, SGD), 29. Develop internal audit plan 5. In addition, preliminary audit objectives are developed for each audit selected for the RBAP. The next stage is to prioritize the audit universe based on a risk-based assessment. 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. V14p^+X#e*]OvoFAa5%dX{4 c-ot%*=s`x cf+ W7k`X u"48b`gzXI6Hs00~ RLef X8 You will not receive a reply. 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. The guide describes a systematic approach to: Understand the organization. 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. ENGAGEMENT TYPE AND WORK SCHEDULE A. Global Affairs Canada represents the Government of Canada in 178 diplomatic and consular missions in 110 countries. This planning will include all the necessary information like audit scope, objective, reporting line, audit schedules, and an audit report. Hence, what is more important is the treatment of planning as a continuous process commencing from the end of the previous year audit and comes to an end with current audit engagement completion. 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. The final 2 steps are to rank the priority of the proposed audits and to recommend them for approval in the 3 year audit plan (as in the final 2 large blocks). Approximately 3,600 person days of direct audit and advisory service capacity for 25 professional positions are required for 2017-18 audit projects. Propose the plan and solicit feedback. In risk-based sampling, the design of the sampling plan is based upon sound principles and the experience of the Subject Matter Experts. Transfer Payments - The control framework over transfer payments may not support efficient and effective delivery and demonstration of benefit realization. The first step in risk-based auditing is to identify where the greatest risks to the organization lie. However, due to travel restrictions caused by the pandemic, the OCAE will pilot a remote mission audit. Sirrs (CSD, SID), 41. Government and departmental priorities are also validated with senior management and the DAC to ensure planned audits align with higher priority areas. The scope will also include a review of the accountability framework, decision-making framework and performance reporting structure for the Duty of Care initiative. It helps the auditor efficiently manage the audit by analyzing the prime focus areas, proactive problem management, and allocating responsibilities to team members. Drukier (MED), 16. Salewicz (MHD), 12. The audit plan was developed using a risk-based audit approach. Lawson (SPD, SCM), Audit of Peace and Stabilization Operations Program, Development Peace and Security Programming. 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. Audit Plan Development . An auditor issues a report about the accuracy and reliability of financial statements based on the country's local operating laws. The audit strategy must explain the scope, timing, and direction of the audit. 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. After plans are made, it is always good to review the whole plan to avoid errors. It enables them to form an opinion on financial statements and ensure whether they reflect the true and fair view or not. MacIntyre(DCD, DMA, DME, DMT, MINA, MINE, MINL, MINT, PRD, SRD, VBD, USS, ZID, DBMO, DMX, SCM), 50. MacLennan(MFM, MED, MGD, MID, MND, MSD, PFM), 30. Environment and Climate ActionPrg Official: MSD/S. It should be noted that collaborative efforts will range from conducting joint interviews, to collecting and sharing information, to conducting hybrid audit and evaluation engagements. Cookies help us provide, protect and improve our products and services. The 3 areas selected for continuous audit in 2017-18 are: NRCans annual report on continuous audit activities will be completed for the DACs fall 2017 meeting. Coordinate with other providers. Risks based approach principally perform by understanding client business, environments and internal control. The Audit Branch has the capacity to deliver the proposed RBAP within the resources allocated to it, as well as the capacity to engage in other Branch activities, such as the preparation of the RBAP, follow-up on the implementation of recommendations, performance reporting, professional practices, and external audit liaison. 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. %%EOF Human Development: Health & EducationPrg Official: MND/A. Since March 2020, due to cross-border travel restrictions around the world, over 55,000 Canadian residents were stranded and lacked access to essential medical and social services. endstream endobj 199 0 obj <>>>/Filter/Standard/Length 128/O(PXga.xH~\(. Due to the uncertainty of the duration of the pandemic, advice to senior management on the positive and negative aspects of remote work will inform decision-making related to its continuation. Present the plan 6. (Explanation With Example). 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). It covers the starting point of the selection process that determines potential NRCan auditable entities covering a 3 year period to its final recommendation. 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. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official: PFM/E. 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. Corporate plans (departmental, investment, security, human resources), Corporate Risk Profile, Human Resource workforce dashboards, Ministers' Mandate Letters, departmental priorities, Departmental Results Framework, Departmental Results Reports, Management Accountability Framework Assessment results, Reports prepared by other internal and external assurance providers, Mission operations and functional management, Internal audit staff of other government departments, Coordinate with internal oversight providers (Inspection, Evaluation), Coordinate with external assurance providers, Synthesize document review and prepare branch profiles, Extract relevant data relating to missions and conduct analysis, Identify and assess risks based on results of analysis, Prioritize auditable entitities based on risk, Map auditable entities to Core Responsibilities, Corporate Risk Profile, Ministers' Mandate Letters, and departmental priorities to ensure adequate coverage, Consider work conducted by other assurance providers, Prioritize auditable entitites for each fiscal year, Ensure engagements are focused on areas that best provide insight into opportunities for improvement, Assess whether audit/advisory is the right tool, Document the plan and submit for approval, Development, Peace and Security Programming, Occupational Health & Safety and Well-being Management, COVID-19 Emergency Repatriations to Canada, Grants & Contributions Part II - Feminist International Assistance Policy, Real Property Investment & Portfolio Management, Mission Audit Bamako, Mali (joint site visit with Mission Inspection), Audit of Foreign Service Directives Relocation, Advisory: Covid - 19 Emergency Repatriations to Canada, Advisory: Grants & Contributions Part ll Feminist International Assistance Policy, Advisory: Duty of Care Governance & Spending, Advisory: Covid - 19 Remote Work Risk Assessment, Advisory: Innovative Programming Design Framework, Audit of IT Part II (post risk assessment), Audit of Trade Commissioner Services Regional Operations, New Direction in Staffing 5 Year Cyclical Assessment, Mission Audits (to be determined) - Mission 1. Risks based audit plan is important for auditors for two reasons. Once completed, a Follow-Up Report is produced, discussed with senior management, DAC and approved by the DM. International Professional Practices Framework (IPPF), Certification in Risk Management Assurance, DEVELOPING A RISK-BASED INTERNAL AUDIT PLAN. Table 4 provides a listing of Joint/Collaborative Audit and Evaluation Projects for FYs 2018-19 and 2019-20. It establishes the foundation on which the OCAE will add value to the Department. . Salewicz (MHD), 28. Asia Pacific TradePrg Official: OGM/D. Internal Service Delivery - Data and technology may be insufficient to support programs, service delivery and the implementation of the departmental data strategy. 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. Auditors follow more or less the same procedure for auditing most of the companies by adhering to the standard auditing procedures. Audit Procedures are steps performed by auditors to get evidence regarding the quality of the financial information provided by the management of a company. Define audit universe 3. The guide describes a systematic approach to: This is formembers only. Thus, auditing 10% or 20% of the data, without any statistical or risk-based consideration is still a common practice among GLP QA organizations. Casey (DCD, SID, SET), 55. The current risks associated with innovative initiatives are the size of the project, the number of dedicated resources, decision-making and internal coordination. 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. Liao-Moroz (IGD, IGA), 33. It should align with audit objectives and contribute to the act of curating an audit work plan. Inclusive GovernancePrg Official: MED/W. Generally, there's no better place to start when designing top-down, risk-based internal audit plans than looking at what the organization's risk management role has defined as key risks, particularly if the business has an enterprise risk management . Update the plan and communicate updates. 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. Successful planning for audit necessitates the cooperation of the management. Risk Assessment and Internal Audit Plan - 2017/2018 -1- Executive Summary This document provides the results of the annual risk assessment for Oregon Tech (the Institution) and fiscal year 2017/2018 internal audit plan. 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. It is important to have an audit plan because this would ensure the effectiveness of the audit procedure and its accordance to the auditing standards. Finalize and communicate the plan. Financial ManagementPrg Official: SCM/A. Due to the pandemic and the switch to a remote work environment, the risk of not complying with privacy regulations is heightened. Coordinate with other providers. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. 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. Objective: To identify and assess steps taken by the Department to improve the effectiveness of international assistance through the implementation of the Feminist International Assistance Program (FIAP). This audit universe document was developed by the Audit Branch and is updated annually to reflect the Departments most current priorities. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. Tips and Guidance, Review Engagement (Limited Assurance): Definition and Example, 5 Types of Due Diligence Services, Benefits, And Limitations, What is Internal Audit Department? Sufficient internal costing capacity and competencies are the foundation to the development of strong costing methodology. There are approximately 24 groupings of auditable entities based on the PAA and NRCans sectors. The following diagram highlights the four key phases used in the selection process for the development of a robust risk-based audit plan. In addition, the company being audited should be ready and offer coordination to assist in the efficient completion of the audit. Bobiash (OAD, OGMA- TRIGR, OPD, OSD), 37. Sub-Saharan Africa TradePrg Official: WGM/L. Maille (JLD), 4. 10+ Audit Risk Assessment Templates in PDF | XLS | DOC 1. Locally Engaged Staff ServicesPrg Official: HLD/M. As a result of the COVID-19 pandemic that affected Canada in March 2020, risks were reassessed in light of impacts to departmental operations. Internal Audit Risk Assessment Questionnaire Template wssu.edu Details File Format PDF Size: 201.9 KB Download 2. The Program has a funding envelope of $150 million annually, which includes $118 million disbursed through grants and contributions. 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 OCAE will begin this audit in 2020-2021. Compliance, Risk Services, functional areas) Gather and assess input from external sources (e.g. The Department is also subject to audits by other assurance providers. Objective: To examine whether appropriate controls are in place for the administration and management of Foreign Service Directive (FSD) Relocation. Real Property (Domestic) Prg Official: SPD/B. Risk-based auditing developed more than a decade ago to support corporate governance. 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. In contrast, an audit program is the description of detailed steps to complete the audit procedure. Asia Pacific Policy & DiplomacyPrg Official: OGM/D. 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. Preliminary 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. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. 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 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. To be nimble, the OCAE has adopted an approach whereby internal resources are supplemented with qualified contractors when specialized services are required and given the cross-government shortage of qualified auditors. What does an audit plan mean? Blanger (A) (ACM, AAD), 42. Audit is the highest assurance that companies are running a business that are illegal. 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. National Certification Program for Critical Inspections of Metals and Materials, 17. Peace and Security PolicyPrg Official: IRD/L. Assess whether initiatives drive spending and cost reduction, while maximizing business value. That is why this approach is mostly use by auditors. endstream endobj startxref It receives payments in exchange for making items available to end-users. Estimate resources. IT controls are important to ensure alignment with strategic objectives and priorities, protect departmental assets, and ensure data integrity. Scope: This review will focus on activities related to flight reconciliation and emergency loan recovery activities. 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. %PDF-1.5 % When he hear it, we then think about a companys performance being investigated. Audit Branch will be conducting this work in the first half of FY2017-18, with expected tabling in the second half. The missions are selected based on a risk analysis and in consideration of the work planned or completed by the Mission Inspection division. This has been a guide to Audit Plan and its Meaning. The OCAE coordinates the risk-based audit planning activities with external assurance providers to ensure audit coverage of high-risk areas, and to minimize overlap and duplication, thus reducing the engagement burden on clients. Planning for auditing is the initial step in an audit. Internal Controls over Financial Reporting, 3. It should be noted that collaborative efforts will range from conducting joint interviews, the collection and sharing of information, to conducting hybrid audit and evaluation engagements. This knowledge transfer method guides audit engagement teams throughout different processes such as information evaluation and risk identification. Mission Network Information Management / Information TechnologyPrg Official: SID/K. Given this context, the RBAP remains flexible to respond to emerging risks and policy or program changes. 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. egenda.dumgal.gov.uk. The Audit Branchs forecasted budget for FY 2017-18 is $3.2 million. 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. Management practices and controls related to financial management, procurement, asset management, and LES human resource processes. Weapons Threat Reduction Prg Official: IGA/A. 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. Perform risk planning 4. The missions are selected based on a risk analysis and in consideration of the work completed or planned by Inspection. The risk-based audit plan includes internal audit projects for a 3 year period from 2012-13 to 2014-15. 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). Examine the framework to manage, monitor, and report on key controls of selected business processes for operating effectiveness. While risk assessment approaches are now widely used for the definition of the QA Audit program, such risk-based approaches are rarely used to define the extent of data audits. 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. 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. Audit of Internal Controls Over Financial Reporting. An audit plan is an outline of the process of how an audit procedure is to be carried out to be able to ensure its effectiveness and accordance to standards. 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. 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. 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. 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. 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