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audit services for improving institutional performance

Internal audits play a crucial role in improving institutional performance by identifying weaknesses, advising on best practices, and ensuring compliance with regulations. Key areas covered include objectives, strategies, budgeting processes, human resources, and information systems. In the context of research institutions, focus areas include research administration, documentation standards, and risk management. By adopting a future-focused approach, internal auditors can prepare institutions for upcoming challenges while utilizing tools like the PERT method for efficient project management. Outsourcing can also offer cost-effective solutions for audits.

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audit services for improving institutional performance

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  1. audit services for improving institutional performance

  2. Role of ia • Identify weaknesses • Identify problems • Provide advice

  3. AREAS generally COVERED • Objectives • Strategy • Structure • Budgeting process • HR • Decision making • Development • Marketing • Information system • Equipment and operations

  4. PARTICULAR AREAS IN RESEARCH INSTITUTION • research administration • degree of documentation of practices and processes • information security, notably over private and sensitive data • formalization of practice and policy in areas: • institutional conflict of interest, • code of conduct • enterprise risk mitigation and management

  5. CHARACTERISTICS • Meaningful • Timely • Compliant with Auditing regulations • NO SUCH THING AS PERFECT ASSURANCE

  6. Expand roles • Advisor • Prognosticator • Aggregator • Efficiency specialist • Advocate • Subject matter specialist • Troubleshooter

  7. Cop, detective or counsel? • Cop – strengthen weak internal environment • Detective – identify problems, risks • Counsel – participative role, advise

  8. New trends in IA • Past focused – financial reporting, assessments • Present focused – cash flows • FUTURE FOCUSED: is the company ready for new burdens/challenges? • OUTSOURCING AUDITING • Cheaper • More objective • Flexibility

  9. COSts for externalization • 30 euro / hour • 180 hours / year • Around 5400 euro/year

  10. Management tools

  11. Three point estimation / PERT METHOD • Pessimistic estimation (P) 90 • Most probable (MP) 75 • Optimistic (O) 40 (P + 4 x MP + O)/6 = Medium (90+4 x 75 + 40)/6 = 71.66 Used by : Motorola, Honeywell, General Electric

  12. Three point estimation • Six Sigma System (6 Sigma) 68% chances of succes – value 1 95% chances of succes – value 2 99.7% chances of succes – value 3 99.9% chances of succes – value 6 Variation = Medium + (Standard deviation x Variation) Variation: (P-O)/6 = 8.33 For 95% chances – > 71.66 +(2x8.33) = 88.32

  13. Pert Diagram

  14. Pert Diagram

  15. 3 POINT ESTIMATIOn / PERT

  16. CRITICAL TIME METHOD

  17. The Fishbone diagram

  18. resources • http://www.federaltimes.com/article/20100808/ADOP06/8080304/ • http://www.corpgov.deloitte.com/binary/com.epicentric.contentmanagement.servlet.ContentDeliveryServlet/USEng/Documents/Audit%20Committee/Internal%20Audit/BrokenTriangle_042010.pdf • http://www.referenceforbusiness.com/encyclopedia/Kor-Man/Management-Audit.html • http://web.mit.edu/audiv/www/controls/internal_control_structure.html • http://www.ttaudit.ro/audit_ro.html • http://www.hydrop.pub.ro/Cursul4si5mpm.pdf • http://improhealth.tnuni.sk/fileadmin/Documents/Improvement_tools_RO/PERT_diagram_RO_.pdf • http://commons.wikimedia.org/wiki/File:Ishikawa_Fishbone_Diagram.svg?uselang=de • http://www.lucidchart.com/community/examples/view/4b071ecd-6d30-4f50-9b5a-1caa0af95e9f

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