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BENCH MAKING. Benchmarking. What A Great Start!. What is Benchmarking?. Benchmarking is the process of measuring one operation against a similar operation for the purpose of improving business processes. OR. Benchmarking is the thing that Audit Committees like you to participate in.

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benchmarking

Benchmarking

What A Great Start!

what is benchmarking
What is Benchmarking?
  • Benchmarking is the process of measuring one operation against a similar operation for the purpose of improving business processes.
slide4
OR
  • Benchmarking is the thing that Audit Committees like you to participate in.
benchmarking5
It’s benefits

Insight -New perspective

Projection of future

Provides areas of focus and opportunities

Breaks down “we do it best” syndrome

Pat on the back from Audit Committee

It’s failings

Unclear objectives

Lack of stakeholder involvement

Poor up-front planning

Organisation becomes defensive

Misinterpretation of data

Seen as solution-not the starting point

No brownie points from Audit Committee

Benchmarking
undertaking a benchmarking exercise
Undertaking a Benchmarking Exercise
  • Who with?
    • Internal vs External
  • Approach chosen partners – get agreement
  • Consultation with chosen partners- What Key Performance Indicators (KPI’s) should be included?
our recent benchmarking exercise
Our Recent Benchmarking Exercise
  • Who with - “The Group of Eight”
  • Questions?
    • Four general university questions
    • Three general Internal Audit questions
    • 23 audit process specific questions
slide9

Outsourcing $ and Focus

Types of Audits and Time

% Audit Plan Completed

Time Spent on Unplanned

slide10
Audit Process
  • Service Agreements
  • Reporting Style
  • Client Survey
  • Follow-up
  • Reporting to Audit Committee
slide11

Audit Planning

  • Use of Risk Management
  • Use of RM Package
slide12

Five Highest Risks

  • Finance:
  • fraud,
  • investments/cash management,
  • Procurement management
slide13

Commercial Activities

Human Resources

Research/IP

System Implementations

slide14

Ways for Identifying IA Effectiveness

  • Management Requests
  • Role in Policy Development
  • Reporting Structure
  • Budget
slide15

Relationship with Audit Committee

  • % Plan Completed
  • Recommendations Accepted
  • Feedback: auditees, AC, Executive
  • % hours charged to total time
  • % qualified staff
  • Reliance on work by externals
you are welcome to sit on our bench
You are welcome to sit on our bench –
  • Our questionnaire has been placed on our website. It’s located at http://www.unimelb.edu.au/audit/process/overview.html.
  • You are welcome to fill it out and submit it back to us
  • We will forward the finished exercise back to all participants at the end of October
lets visit the questions

Lets visit the questions

http://www.unimelb.edu.au/audit/process/overview.html