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“Demonstrating the Value of Internal Auditing to the Audit Committee” June 25, 2014. CA. Nagesh Pinge. “ WHAT GOT YOU HERE WON’T GET YOU THERE”! -Marshall Goldsmith. Change is Eternal. Changing Canvass. New Companies Act, 2013 Clause 49 amendments

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demonstrating the value of internal auditing to the audit committee june 25 2014

“Demonstrating the Value of Internal Auditing to the Audit Committee”June 25, 2014

CA. Nagesh Pinge

changing canvass
Changing Canvass
  • New Companies Act, 2013
  • Clause 49 amendments
  • Enhanced responsibilities of Independent Directors
  • Anti Fraud Framework – Whistle Blowing Mechanism
  • Risk Management Committee
  • Related Party Transactions
challenges at the cross road
Challenges at the Cross Road

Great Opportunity to Reconnect

Review & Reassess !!!!!

laundry list of things to do
Laundry List of Things to Do
  • Engaging with stakeholders de-novo
  • Audit Committee
  • Top Management
  • Business Associates
  • Consolidating Subsidiaries
  • Statutory Auditors
  • Information Technology Service Providers
  • Your own Internal Audit Staff
  • Enhanced compliance requirements & regulatory norms

Cont’d…

laundry list of things to do1
Laundry List of Things to Do

Cont’d…

  • Snap Shot review
  • Review of ‘existing Internal Audit Charter’
  • Review of Audit Plan
  • Is it risk based?
  • Is it ongoing as a concern?
  • Are risks evaluated appropriately?
  • Assessment of Resources – In-house, Outsource or Co-source
  • Extent of IT Audit coverage
  • Audit Plan Budget
  • Assess the extent of “Brick & Mortar” Internal Auditing & “e-Internal” Auditing
necessity to realign with stakeholder priorities
Necessity to realign with Stakeholder Priorities
  • Objectivity–IA should be objective in performing its work.
  • Assurance– providing comfort over whether the control environment is designed and operating effectively.
  • Third line of defence – providing comfort that management’s risk management and compliance functions are effectively monitoring the business.
  • Consulting – advising the business on how to improve processes and practices.
  • Risk management – offering insight into risk areas and the management of risk.
  • Governance – providing feedback on the effectiveness of governance processes.
  • Operational effectiveness and efficiency