Performance measures for internal audit
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Presentation to the State Agency Internal Audit Forum May 18, 2012. Performance Measures for Internal Audit. IALDP Project Objectives Performance Measures Defined Four Categories of Performance Measures Results of Survey Best Practices. Agenda.

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Performance Measures for Internal Audit

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Performance measures for internal audit

Presentation to the

State Agency Internal Audit Forum

May 18, 2012

Performance Measures for Internal Audit


Agenda

  • IALDP

  • Project Objectives

  • Performance Measures Defined

  • Four Categories of Performance Measures

  • Results of Survey

  • Best Practices

Agenda


Project objective

Determine what performance measures are used by Internal Audit functions and identify best practices

Project Objective


Performance measure

A quantifiable indicator of entity achievement that includes the specific types:

  • Outcome

  • Output

  • Efficiency

  • Explanatory/Input

Performance Measure


Survey

  • Institute of Internal Auditors Austin Chapter Research Committee

    • December 2011

    • 76 Responses

    • Six Countries

Survey


Respondents by industry

Respondents by Industry


Four categories of performance measures

  • Performance

  • Cost / Efficiency

  • Customer Satisfaction

  • Employee Development

Four Categories of Performance Measures


Performance

Included in this category were:

  • Percentage of Audit Plan projects completed;

  • Results of external quality assurance review;

  • Annual performance appraisal of the Chief Audit Executive;

  • Number of recommendations implemented; and

  • Planned for the future.

Performance


Cost efficiency

Included in this category were:

  • Percentage of overall time spent on assurance and consulting services; and

  • Audit report released within required timeline .

Cost / Efficiency


Customer satisfaction

Included in this category were:

  • Results of client satisfaction surveys;

  • Responsiveness to Board and Audit Committee requests; and

  • Leadership in providing information on governance, risk, and controls.

Customer Satisfaction


Employee development

Included in this category were:

  • Percentage of audit staff with professional certifications; and

  • Percentage of audit staff meeting continuing professional education requirements

Employee Development


Respondents with metrics in multiple categories

Respondents With Metrics in Multiple Categories


Performance metrics

Performance Metrics


Cost efficiency metrics

Cost/Efficiency Metrics


Customer satisfaction metrics

Customer Satisfaction Metrics


Employee development metrics

Employee Development Metrics


Best practices

  • Measure performance

  • Measure different categories

  • Measure what matters

  • Monitor progress

Best Practices


Best practices cont

  • Engage the workforce

  • Maintain flexibility

  • Assess the measures periodically

  • Report the measures

  • Keep it simple

Best Practices (cont.)


Conclusion

  • Different shops use different measures

  • Only you can determine what performance measures are best for your audit shop

  • One size does not fit all

Conclusion


Questions

Questions?


Performance measures for internal audit

Betsy Schwing – [email protected] Mattingly – [email protected] Hardison - [email protected] Garcia – [email protected]


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