#risk

Jan 30
1 min

Risk Assessment Questionnaire

Understanding risk and changes in the business It is important to understand the current risk status across a business. There are a number of ways in which this can be achieved, however gaining a number of different perspectives ensures we are determining the most accurate risk status. Performing an annual Risk Assessment Questionnaire provides a uniform way for the business to collect information from a variety of stakeholders across the business. This risk assessment questi

425 views0 comments

My Audit Spot

Jan 30
2 min

Risk Register Template

How to effectively manage risk within your business Your business is susceptible to many risks, and the type of risks which may be relevant to you are constantly evolving and changing. Some risks may be within your control, and others entirely outside of your influence. The impact of your risks will also change each year and the mitigations you can put in place to reduce the risk may also change depending on how significant the risk is and your company’s risk threshold. This

349 views0 comments

Risk in Focus 2022 - Hot topics for internal auditors

My Audit Spot

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

381 views0 comments

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

My Audit Spot

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,

61 views1 comment

My Audit Spot

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

454 views0 comments

My Audit Spot

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

77 views0 comments

My Audit Spot

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

3,548 views0 comments

Annual Planning - Stakeholder Discussions

My Audit Spot

Mar 10, 2020
5 min

Annual Planning - Stakeholder Discussions

Annual Planning can be a lengthy process, but it is critical that we don't short cuts or downplay the important of some of the key activities, and Stakeholder Discussions is no different. Discussions with key stakeholders both internally and externally to the organisation can be invaluable when developing the Strategic Plan and Annual Plan. In this post, we explain how our Stakeholder Discussions template can assist you in your annual planning process and what tips and tricks

224 views0 comments

My Audit Spot

Jan 23, 2020
3 min

Key areas for Internal Audit in 2020

Each year, many of the 'Big 4' and various other groups release what they consider to be the hot topics or key focus areas for Internal Audit. We have previously spoken about the Risk in Focus 2020 report, released by the Chartered Institute of Internal Auditors in September 2019 (you can read our article here), but in this post, we will compare what the CIIA consider to be the risk areas for 2020, with that of other reports. So who are we comparing? We have pulled together v

649 views0 comments

My Audit Spot

Nov 29, 2019
4 min

Annual Planning - Audit Universe

An Audit Universe can be extremely valuable to any Internal Audit function. Regardless of the maturity of an organisation, how robust and well developed the entities controls are, or the size of an internal audit function, an audit universe can provide many benefits, such as: Identification of each business unit (otherwise process or auditable entity); Mapping of risks, controls and regulations to each business unit; History of audits performed and time / cost associated with

5,927 views0 comments

Oh no! Someone forgot to turn the controls on at JetBlue

My Audit Spot

Oct 29, 2019
7 min

Oh no! Someone forgot to turn the controls on at JetBlue

It’s amazing that in today’s age, with the amount of technology, security and surveillance in place, that someone thinks they can get away with fraud, absolutely blows my mind. Nonetheless, its situations like this which keep us auditors in a job, and on our toes. For background, a JetBlue gate attendant was using her position to essentially upgrade flights for family and friends. You can read the full article here, but essentially, it cost the airline an estimated US$785,000

28 views0 comments

The Thomas Cook collapse. What is Internal Audit’s involvement?

My Audit Spot

Sep 23, 2019
4 min

The Thomas Cook collapse. What is Internal Audit’s involvement?

On Monday 23 September 2019, news spread that the 178 year old business had collapsed. This has been a long time coming for the company. As mentioned by Dominic O’Connell, BBC Business Correspondent, the business was buried in an approximate £2bn debt (including the pension). Capital raising occurred in 2013, however by 2017, the business was back in the red to the sum of £1.6bn. Despite the inability to repay debt, decreasing profit and goodwill making up almost 40% of total

294 views0 comments

Risk in Focus 2020 - Hot topics for internal auditors

My Audit Spot

Sep 19, 2019
4 min

Risk in Focus 2020 - Hot topics for internal auditors

The Chartered Institute of Internal Auditors last week dropped their 'Risk in Focus 2020' report. The report compiles the results of interviews with 46 Chief Audit Executives (CAE)'s from across eight European institute of internal auditors. Furthermore, it draws upon the responses from the 528 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 concerning other CAE's, chances are yo

113 views0 comments

Subscribe

Contact Us

Learn about us