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San Jo se State University

San Jo se State University. O ctober 12 , 2006. Internal Audit: A 2006 Perspective. Lynn Falbo lfalbo@wrcas.com. Agenda. “Audit” Evolution Working for Multi-national companies Career Opportunities Questions. “Audit” Evolution”. “Audit Generations” Control-Based Auditing

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San Jo se State University

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  1. San Jose State University October 12, 2006 Internal Audit: A 2006 Perspective Lynn Falbo lfalbo@wrcas.com

  2. Agenda • “Audit” Evolution • Working for Multi-national companies • Career Opportunities • Questions

  3. “Audit” Evolution” • “Audit Generations” • Control-Based Auditing • Process-Based Auditing • Risk-Based Auditing • Risk-Management Based Auditing • Merging / integration of Financial, Operational, IT focus

  4. Audit Generations

  5. Introduction Audit Process Methodology Understanding the actual status Knowledge about ideal situations are the keys for improvements Comparison Analysis of Documents Interviews Questionnaires Actual Key Data Structure Processes Interfaces etc. Ideal (Better) Strategy Business Policy Law, guidelines State of the Art Customer Surveys etc. Recommendations constructive future-oriented feasible improving processes and profits

  6. Introduction “Audit” Evolution” – Questions • What Generation is represented by previous slide “Audit Process Methodology” model? • What Generation best represents the focus of SOX (COSO Internal Control Framework)? • What Generation best describes the methodology you were taught? • What Generation is predominant in industry today?

  7. COSO Internal Control Framework

  8. COSO / Cobit Internal Control Framework

  9. COSO ERM (Enterprise Risk Management) Framework

  10. Agenda • “Audit” Evolution • Working for Multi-national companies • Career Opportunities • Questions

  11. Working for Multi-national companies • Unique challenges • Culture • Management style • Philosophy • “Global” business model • Diversity • Organization

  12. Agenda • “Audit” Evolution • Working for Multi-national companies • Career Opportunities • Questions

  13. Career Opportunities • Audit • Accounting / Finance • SOX Compliance • Other…..

  14. Career Opportunities • Auditor for a Day • Exposure to the audit profession • Site visit at local companies • Attendance at the IIA meeting

  15. Agenda • “Audit” Evolution • Working for Multi-national companies • Career Opportunities • Questions

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