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Audit Team Objectives and Performance Management

5 days ago
2 min

Audit Team Objectives and Performance Management

Audit Function Management Template - AFM18 We have created a simple template which, on one page, shows what the company objectives are, how Internal Audit is going to help contribute to these, and any specific Internal Audit Objectives. As a starter, we have prepopulated the template with some Internal Audit objectives which may be applicable to you and your team. These objectives are centred around the themes: Processes Automation Continuous Improvement Timeliness Engagement

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Scoring Goals

5 days ago
2 min

Scoring Goals

Setting objectives and managing performance to ensure a successful year Setting your team up for success is one of the most important things any Head of Audit can do at the start of the year. Objective setting ensures the team knows what the strategic goals of the department are, and how they are going to be achieved. It can also help ensure that the team is aware of how the goals of Internal Audit are contributing to the broader strategic objectives of the business. We have

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Risk in Focus 2023 - Hot topics for internal auditors

Sep 27, 2022
2 min

Risk in Focus 2023 - Hot topics for internal auditors

Topics you should be considering in your 2023 annual plan The Chartered Institute of Internal Auditors this month dropped their 'Risk in Focus 2023' report. The report compiles the results of 9 in-depth interviews, 4 round table events with 39 participants, and responses from 834 Chief Audit Executives (CAE)'s from across 15 European countries. In a nutshell, the report has some solid contributors, meaning, the top 10 areas which are concerning other CAE's, might be worth you

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Planning for 2022

Dec 8, 2021
2 min

Planning for 2022

Why now is the time to perform your self assessments so you can set your internal audit function up for an amazing 2022 As audit teams and businesses alike begin the wind down for the Christmas / New Year break, now is the ideal time to start planning for a successful 2022. Many audit teams can agree, that once the new annual plan has been approved by the audit committee and the team is full swing into executing the annual plan, it is quite hard to find time to do all those o

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Risk in Focus 2022 - Hot topics for internal auditors

Oct 23, 2021
3 min

Risk in Focus 2022 - Hot topics for internal auditors

Topics you should be considering in your 2022 annual plan The Chartered Institute of Internal Auditors this month dropped their 'Risk in Focus 2020' report. The report compiles the results of interviews with 50 Chief Audit Executives (CAE)'s from across 13 European countries. Furthermore, it draws upon the responses from the 738 survey's which the institute received. In a nutshell, the report has some solid contributors, meaning, if its ranked in the top 10 areas which is con

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Recruitment and Onboarding Audit Work Program

Oct 3, 2021
1 min

Recruitment and Onboarding Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Maintaining appropriate controls over the recruitment and onboarding, such as ensuring contracting and background check processes are performed, is important to ensure there is no fraud, the business is meeting any local regulatory requirements and the business is making sure any new joiners are getting the best start to their new career with your company. We have developed a generic Internal Audit Work Progr

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What makes us proud to be an auditor

Sep 27, 2021
3 min

What makes us proud to be an auditor

Celebrating #AuditorProud 2021 As we jump in and start celebrating #AuditorProud 2021, we wanted to share some of the reasons why we’re proud to be auditors, and why those looking for a career in Finance, should not discount audit as a career. When completing university, many students would often associate audit with long hours, thankless, and repetitive work, and whilst some of this may be true (let’s admit it - busy season doesn’t strike the best work life balance), audit c

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Educating and auditing. Helping an organisation learn about risk and controls during an audit

Sep 21, 2021
3 min

Educating and auditing. Helping an organisation learn about risk and controls during an audit

How Internal Audit teams can strike the right balance when helping businesses develop control maturity Helping ‘immature’ businesses learn about the concept of risk and control is not easy, particularly when the audit team has been charged with the responsibility of providing independent assurance to the audit committee. The audit committee can benefit from an honest report detailing the control failures within the business, but the business does not benefit at all. Instead,

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Revenue and Billing Audit Work Program

Aug 30, 2021
1 min

Revenue and Billing Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Maintaining appropriate controls over the revenue and billing process, such as ensuring only valid invoices are raised, and checks against credit notes are performed, is important to ensure there is no fraud, the business is meeting any local regulatory requirements and the business is making best use of its available cash flow. We have developed a generic Internal Audit Work Program, or Risk and Control Matr

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Process Level Risk Assessment

Aug 23, 2021
2 min

Process Level Risk Assessment

How and why you should perform a risk assessment over the end to end process when planning an internal audit The International Standards for the Professional Practice of Internal Auditing (Standards) require auditors to assess the risks of each engagement. Specifically, the Standards state the following: 2210 – Engagement Objectives Objectives must be established for each engagement. 2210.A1 – Internal auditors must conduct a preliminary assessment of the risks relevant to th

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Travel and Expenses Audit Work Program

Jun 27, 2021
1 min

Travel and Expenses Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Maintaining appropriate controls over travel and expenses, such as ensuring travel is purchased in compliance with the Policy and appropriately approved, is important to ensure there is no fraud, the business is achieving value for money with all necessary business travel. We have developed a generic Internal Audit Work Program, or Risk and Control Matrix (RCM) aimed at helping audit teams ensure controls ove

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Preparing for UK SOX

Jun 22, 2021
4 min

Preparing for UK SOX

What you can do now to help with a possible UK SOX requirement Throughout 2018 and 2019, a number of reviews were held regarding the quality and effectiveness of audit. These reviews; Sir John Kingman’s Independent Review of the Financial Reporting Council (FRC), the Competition and Market Authority (CMA)’s Statutory Audit Market Study and Sir Donald Brydon’s Independent Review of the Quality and Effectiveness of Audit, each produced a number of recommendations aimed at impro

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Is it ok to benchmark your internal audit team?

Jun 21, 2021
3 min

Is it ok to benchmark your internal audit team?

Why assessing your team against the Internal Audit Competency Framework is a good idea The success of an Internal Audit team is dependant on its people. Where the audit team fails to meet minimum standards, its unlikely that audit is adding any value to the organisation, nor is it providing the Audit Committee, Board and Management the assurance which they require. To help ensure an audit team is continuously meeting its minimum standards, but also striving to improve, the In

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Audit and corporate governance review

Jun 1, 2021
2 min

Audit and corporate governance review

Last chance to provide your input following the Kingman, CMA and Brydon audit reform reviews Following a string of high profile corporate collapses within the UK over the past few years, there has been an increased focus on corporate governance and audit quality. This has been seen through three Government commissioned independent reviews in 2018: Sir John Kingman’s Independent Review of the Financial Reporting Council (FRC), the Competition and Market Authority (CMA)’s Statu

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Social Media Audit Work Program

May 31, 2021
1 min

Social Media Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Social Media is becoming an increasingly important area within every business. Its one way in which companies can present their image to a huge number of consumers. It can also be a point of contact with the business for many customers. As such, ensuring there are appropriate controls in place over the use of social media, there is good governance, and a strategy which is aligned to the company's objectives i

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Accounts Payable Audit Work Program

May 31, 2021
1 min

Accounts Payable Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Maintaining appropriate controls over an accounts payable process, such as ensuring invoices are only paid when a valid three way match is completed and appropriate approval is received, is important to ensure there is no fraud, the business is meeting any local regulatory requirements and the business is making best use of its available cash flow. We have developed a generic Internal Audit Work Program, or R

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Procurement Audit Work Program

May 26, 2021
1 min

Procurement Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Maintaining appropriate controls over procurement, such as ensuring we have obtained value for money and only verified suppliers are used, is important to ensure there is no fraud, the business is meeting any local regulatory requirements in terms of paying small businesses and vendors are being paid within the specified timeframes. We have developed a generic Internal Audit Work Program, or Risk and Control

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LIVE WEBINAR: Risks and Annual Planning

May 23, 2021
2 min

LIVE WEBINAR: Risks and Annual Planning

Earn CPE credits and learn about the top risk areas for 2021 and how these can be considered during annual planning My Audit Spot and TAPA Institute have teamed up again to bring you our second webinar for the year; 'Risk and Annual Planning'. About this webinar This webinar has been designed to refresh audit teams about key focus / risk areas for 2021, and how we can consider risk more effectively in our annual planning approach. Unlike previous webinars, this webinar will b

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Vendor Management Audit Work Program

May 2, 2021
1 min

Vendor Management Audit Work Program

Example Internal Audit Work Program / Risk and Control Matrix (RCM) Maintaining appropriate controls over vendors, such as vendor creates and amends, is important to ensure there is no fraud, the business is meeting any local regulatory requirements in terms of paying small businesses and vendors are being paid within the specified timeframes. We have developed a generic Internal Audit Work Program, or Risk and Control Matrix (RCM) aimed at helping audit teams ensure controls

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Internal Audit Walkthroughs

Apr 29, 2021
5 min

Internal Audit Walkthroughs

Why you should perform walkthroughs during planning and develop process maps at the same time Internal Audit planning is one of the most critical stages in an audit. As the quote goes, "proper planning prevents poor performance", and this couldn't be further from the truth with internal audit. Should we have poor planning, our audit fieldwork and subsequent reporting is likely going to chaotic and lack any substantial value to the business. During the planning stage of the au

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