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GFOA Municipal Accounting and Auditing Best Practices Workshop

GFOA Municipal Accounting and Auditing Best Practices Workshop. Internal Audit in Local Government Gail Stephens, CEO BC Pension Corporation. 1. Leave every place a little better than you found it. 2. You can’t stomp your feet when you are on your knees. 3. Know the objectives.

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GFOA Municipal Accounting and Auditing Best Practices Workshop

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  1. GFOA Municipal Accounting and AuditingBest Practices Workshop Internal Audit in Local Government Gail Stephens, CEO BC Pension Corporation

  2. 1. Leave every place a little better than you found it.

  3. 2. You can’t stomp your feet when you are on your knees.

  4. 3. Know the objectives.

  5. 4. Nothing ever happens until somebody sells something.

  6. 5. Every deficiency is rooted in the violation of some principle of good management.

  7. 6. Never believe what the first person tells you.

  8. 7. The best question is: “As manager, how do you satisfy yourself that…..”

  9. 8. Politics and culture will usually win over rules and regulations.

  10. 9. When you point your finger, make sure your fingernail is clean.

  11. 10. Murphy was an optimist.

  12. Independence • Internal Auditor Reporting to Council • Internal Auditor Reporting to Management

  13. Role of the Audit Committee is a Critical One • Oversight of financial reporting and disclosure • Review of internal and external audit findings • Evaluation of the adequacy and effectiveness of internal controls • Assessment of the organizational risk and risk mitigation strategies

  14. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit • The Audit Committee plays a key role in monitoring and oversight of management.

  15. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit • Independent communication and information flow between the audit committee and the internal auditor is important.

  16. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit • Independent communication and information flow between the audit committee and the external auditor is important.

  17. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit • Candid discussions with management, the internal auditor, and the external auditor regarding issues implicating judgment and impacting quality is required.

  18. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit • Finally, and equally important to the first four principles, is that committee members be diligent and knowledgeable.

  19. Reporting to Council • Keep it simple • Do not over dramatize • Be prepared • Gain perspective • Win management over

  20. Media and the Public • Have a communication strategy • Work with management • Practice, practice, practice

  21. As Katherine Graham once said: “To love what you do and feel that it matters, how could anything be more fun.”

  22. Questions

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