Successful planning for audit necessitates the cooperation of the management. The engagements deemed to be high risk and high priority have been included in the two-year plan. It addresses why, when, how, where, and by whom questions associated with audit performance. To be nimble, the OCAE has adopted an approach whereby internal resources are supplemented with qualified contractors when specialized services are required and given the cross-government shortage of qualified auditors. Management is facing more complex issues that have to be resolved quickly and Internal Audit needs to be nimble to react to the changing environment. Asia Pacific TradePrg Official: OGM/D. In addition, the RBAP is designed to align engagements to reflect the Departments core responsibilities while addressing areas of high risk and significance. Objective: To examine whether appropriate controls are in place for the administration and management of Foreign Service Directive (FSD) Relocation. hbbd``b`$3@L Y&v HxD~&FpbF/ o , Campbell (DPD), 27. After plans are made, it is always good to review the whole plan to avoid errors. You may also have a look at the following articles to learn more . Present the plan 6. Lundy (AFD, CS Mission), 44. Advisory - Global Affairs Canada Data Strategy. Compliance, Risk Services, functional areas) Gather and assess input from external sources (e.g. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. The Department has property stewardship and project delivery responsibilities for more than 2,400 owned and leased facilities abroad, which includes 234 chanceries and 85 official residences. Schwartz (ARD), 46. Sirrs (CSD, IDD, CS Mission, SID), 48. In addition, strategy formulation depends on the features of audit engagement like its characteristics, reporting objectives, auditors professional judgment, the outcome of preliminary engagement activities, and the resources necessary to perform the audit engagement. Instead, the risk-based approach looks at auditing from a different perspective. Galadza (IDD, IGD, ECD), 17. International Security Policy and DiplomacyPrg Official: IFM/M. Utilizing experience and understanding of the bank's operations as well as industry knowledge, internal audit identified auditable areas . The guide describes a systematic approach to: Understand the organization. Between April and June 2020, the OCAE reassessed risks in several areas such as governance, decision-making processes, health and wellness, people management, protection of information, program delivery, security, and emergency preparedness. As a result of the pandemic, this engagement was identified as an opportunity to support the transition to a remote work environment. The auditors assessment of the risks influences the audit methods nature, timing, and scope. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. Based on an analysis of information gathered through the documentation review and consultations, risk areas of focus were identified. Copyright 2023 The Institute of Internal Auditors. nrcan.gc.ca. Thats what we think, but what is an audit plan? Internal Controls over Financial Reporting, 3. Risks based audit plan is important for auditors for two reasons. It should be noted that collaborative efforts will range from conducting joint interviews, the collection and sharing of information, to conducting hybrid audit and evaluation engagements. Lower Churchill Falls Loan Guarantees, 24. Generally, there's no better place to start when designing top-down, risk-based internal audit plans than looking at what the organization's risk management role has defined as key risks, particularly if the business has an enterprise risk management . The Office of the Auditor General repriortized its audit work at the request of Parliament. This planning will include all the necessary information like audit scope, objective, reporting line, audit schedules, and an audit report. %%EOF They constitute an integral part of the supply chain management for providing raw materials to manufacturers and finished goods to customers.read more invoices related to inventory. Gender Equality and the Empowerment of Women and GirlsPrg Official: MGD/N. Format: Online, In-Person. Generally, the audit design must encompass the nature, timing, and extent of risk assessment procedures, further audit procedures at the assertion level, and other planned audit procedures to complete the process while ensuring professional standards. Sub-Saharan Africa TradePrg Official: WGM/L. Preliminary Objective: To determine whether sound management practices and effective controls are in place to ensure good stewardship of resources at the mission in support of the achievement of Global Affairs Canada objectives. Guidance As we all know, audit risks are a combination of inherent, control, and detection risks. This mission has not been audited before and is a replacement for the Mission Audit Port-au-Prince that was planned for 2019-2020. Risk-based auditing ensures that the internal audit activity is focusing its efforts on providing assurance and advisory services related to the organization's top risks. First, it helps the auditor minimize its risks. Grants & Contributions Part II Feminist International Assistance Policy (FIAP). Accounting policies must be checked and areas that would be complex should be given high audit consideration. Helfand(CFM, CND, CPD, ECD, ELD, ESD, EUD, NLD, NND, OAD, OPD, OSD, SID, WED, WWD, CBMO, OBMO, NDD, CSD, MISSION, MID), 40. Audit Risk Assessment Form altec-usa.com Details File Format XLS Size: 15.5 KB Download 3. This audit evidence assists them in forming a judgment on the companys financial statementsCompany's Financial StatementsFinancial statements are written reports prepared by a company's management to present the company's financial affairsover a givenperiod (quarter, six monthly or yearly). Real Property Project Delivery, Professional and Technical ServicesPrg Official: AWD/E. Sub-Saharan Africa Policy & DiplomacyPrg Official: WGM/L. Four audits were started in 2019-2020 and carried over to 2020-2021: Audit of Peace and Stabilization Operations Program, Audit of Grants and Contributions Part I, Audit of Foreign Service Directives Relocation, and Port-au-Prince misssion audit was deferred in 2019-2020 and replaced by a mission audit in Bamako. endstream endobj 199 0 obj <>>>/Filter/Standard/Length 128/O(PXga.xH~\(. The auditor painstakingly considers the issue in the current year by addressing it in the risk assessment or designed audit proceduresAudit ProceduresAudit Procedures are steps performed by auditors to get evidence regarding the quality of the financial information provided by the management of a company. In addition, planned engagements were reprioritized as well as the number of mission audits were reduced from six to one pilot remote mission audit due to travel restrictions. Hence, what is more important is the treatment of planning as a continuous process commencing from the end of the previous year audit and comes to an end with current audit engagement completion. The technical storage or access that is used exclusively for statistical purposes. Scope: The audit will examine the missions common services, property, consular and readiness programs. An auditor issues a report about the accuracy and reliability of financial statements based on the country's local operating laws.read more can update the audit design according to the development during the audit. Senior management consultations were completed and documents reviewed to identify areas of significance and risk. Geographic Coordination and Mission SupportPrg Official: NMD/S. The development of the internal audit plan was based on the results of an Institution-wide risk assessment process. Bobiash (OAD, OPD, OSD, (including APEC), 25. The auditorAuditorAn auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. After making adjustments to the audit scope based on the results of the secondary risk assessment, the audit plan is finalized and audit fieldwork can begin. Smyth (MGD), 11. There could be chatter or rumors of something going on that should be looked at within the organization that could be perceived as risk areas. It keeps businesses prepared and resilient to any challenge. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. During one of their clients previous year audits, the auditor of a CPA firm reported the deficiency in internal controlInternal ControlInternal control in accounting refers to the process by which a company implements various rules, policies, or procedures to ensure the accuracy of accounting and finance information, safeguard the various assets of the business, promote accountability in the business, and prevent the occurrence of frauds in the company.read more when he found out the existence of fictitious vendorVendorA vendor refers to an individual or an entity that sells products and services to businesses or consumers. Audit Plan Example Having a punctiliously crafted audit design helps auditors achieve efficient engagement, risk mitigation, and compliance with standards set by authorized governing bodies. Peace and Security is one of six action areas under the Departments Feminist International Assistance Policy, which underpins Canadas international effort to achieve the Sustainable Development Goals. Michaud (A) (LCD, LCM, LDD, LBMO, LCC, LCA), 51. Provide independent advice after minimum viable product delivery related to implementation and change management. Assess whether initiatives drive spending and cost reduction, while maximizing business value. Indigenous and Northern Affairs Canada Risk-Based Audit Plan 2017-2018 to 2019-2020 Page 5 of 28 RISK-BASED AUDIT PLANNING APPROACH To meet the requirement of the Directive on Internal Audit for the establishment at least annually, and updated as required, a departmental risk-based audit plan, the Audit and Assurance Services Branch's assessment of INAC's areas of risk was reviewed Sub-Saharan Africa International AssistancePrg Official: WGM/L. Advisory Project on New Infrastructure Projects Management Control Framework, 22. Four audits were started in 2019-2020 and carried over to 2020-2021: Audit of Peace and Stabilization Operations Program, Audit of Grants and Contributions Part I, Audit of Foreign Service Directives - Relocation, and Port-au-Prince misssion audit was deferred in 2019-2020 and replaced by a mission audit in Bamako. integrated risk-based manner . Preliminary Scope: The scope will include the ongoing analysis of data in departmental systems related to finance, human resources, property etc. Advisory Project on HR Capacity for Science-based Programs, 35. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. The audit planning process ensures that all internal audit activities are relevant, timely, and strategically aligned with NRCans Corporate Risk Profile (CRP) to support the achievement of the Departments strategic objectives. Liao-Moroz (IGD, IGA), 33. Cookies help us provide, protect and improve our products and services. A strategic plan is important to an internal audit department to ensure that its plans are aligned with the company's objectives. No joint audit and evaluation projects planned for this year. Requirement to develop risk based plan bagi internal auditor dipersayaratkan dalam Standar Internal Audit, issued by Institute of Internal Auditors (IIA). We are continually searching for innovative products and services to enhance our members' ability to meet their rising stakeholder demands. 0 Advisory Project on Evidence for Policy Decision Making, 34. Morrison (NDD, NGD, NLD, NND), 24. Khatchadourian (TID, SED, SID, SWD), 20. International Business DevelopmentPrg Official: BPD/C. The variety of engagements covered in the RBAP addresses broad coverage of core responsibilities, departmental priorities, ministers mandate letters, and corporate risks as shown in Appendix D. The RBAP is updated annually with adjustments made during the year based on an environmental scan of departmental context and risks. Audit plan must include internal control as well as thorough test to check the effectiveness of management control plan procedures. The risk-based audit plan includes internal audit projects for a 3 year period from 2012-13 to 2014-15. Trade Policy, Agreements, Negotiations, and Disputes Prg Official: TFM/S. Given this context, the RBAP remains flexible to respond to emerging risks and policy or program changes. The OCAE coordinates the risk-based audit planning activities with external assurance providers to ensure audit coverage of high-risk areas, and to minimize overlap and duplication, thus reducing the engagement burden on clients. Through this it would be easy to develop audit program and help in reducing the risk of not being able to carry out the objectives of the audit. Corporate plans (departmental, investment, security, human resources), Corporate Risk Profile, Human Resource workforce dashboards, Ministers' Mandate Letters, departmental priorities, Departmental Results Framework, Departmental Results Reports, Management Accountability Framework Assessment results, Reports prepared by other internal and external assurance providers, Mission operations and functional management, Internal audit staff of other government departments, Coordinate with internal oversight providers (Inspection, Evaluation), Coordinate with external assurance providers, Synthesize document review and prepare branch profiles, Extract relevant data relating to missions and conduct analysis, Identify and assess risks based on results of analysis, Prioritize auditable entitities based on risk, Map auditable entities to Core Responsibilities, Corporate Risk Profile, Ministers' Mandate Letters, and departmental priorities to ensure adequate coverage, Consider work conducted by other assurance providers, Prioritize auditable entitites for each fiscal year, Ensure engagements are focused on areas that best provide insight into opportunities for improvement, Assess whether audit/advisory is the right tool, Document the plan and submit for approval, Development, Peace and Security Programming, Occupational Health & Safety and Well-being Management, COVID-19 Emergency Repatriations to Canada, Grants & Contributions Part II - Feminist International Assistance Policy, Real Property Investment & Portfolio Management, Mission Audit Bamako, Mali (joint site visit with Mission Inspection), Audit of Foreign Service Directives Relocation, Advisory: Covid - 19 Emergency Repatriations to Canada, Advisory: Grants & Contributions Part ll Feminist International Assistance Policy, Advisory: Duty of Care Governance & Spending, Advisory: Covid - 19 Remote Work Risk Assessment, Advisory: Innovative Programming Design Framework, Audit of IT Part II (post risk assessment), Audit of Trade Commissioner Services Regional Operations, New Direction in Staffing 5 Year Cyclical Assessment, Mission Audits (to be determined) - Mission 1. This work will be performed in accordance with the IIA Standards (i.e. Grant (NGM, NDD, NGD, NLD, NND), 7. Approximately 3,600 person days of direct audit and advisory service capacity for 25 professional positions are required for 2017-18 audit projects. 198 0 obj <> endobj Develop internal audit plan 5. A risk-based audit plan is the audit plan in which audit resources and work are deployed and focused based on a high risks areas or accounts as the result of the risks assessment performed by the auditor. IT controls are important to ensure alignment with strategic objectives and priorities, protect departmental assets, and ensure data integrity. COVID 19 Emergency Repatriations to Canada. The OCAEs budget for 2020-2021 is shown in Table 2 below. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. As a result of the pandemic, this engagement was identified as an opportunity to support ongoing repatriation efforts, and to identify considerations for managing future crises. This review will support Global Affairs Canada to be positioned to invest in innovation, deliver better reporting on results and be able to develop more effective partnerships and able to focus on those regions of the world where the needs are greatest. Materiel Management Prg Official: SPD/B. At the end of any accounting period, reconciliation involves matching balances and ensuring that debits (credits) from one account for one transaction is same as thecredit (debits) to another account for the same transaction. The Risk-Based Audit Plan (RBAP), also referred to as the "Plan", is prepared by the Audit Branch of Natural Resources Canada (NRCan). COVID-19 Activities - Due to a high degree of ambiguity, limited information and time pressures, the extent to which critical functions and regular operations could continue was unknown. Audit techniques often employed by auditors include analytical procedures, investigation, examination of records and assets, observation, reconciliationReconciliationReconciliation is the process of comparing account balances to identify any financial inconsistencies, discrepancies, omissions, or even fraud. It receives payments in exchange for making items available to end-users. Mission Readiness and SecurityPrg Official: CSD/R. Ongoing analytics is a cost-efficient approach to complement traditional audits. The key difference integrated risk-based auditing brings is that it allows auditors to immediately hone in on the key risks and controls over wider areas. Chowdhury (NMD), 34. The guide describes a systematic approach to: Understand the organization. Estimate resources. Information Technology Prg Official: SID/K. The following engagements were deferred from 2019-2020: The OCAE has identified the following risk factors that could impede the successful implementation of the RBAP. Audit Branch will be conducting this work in the first half of FY2017-18, with expected tabling in the second half. Grants and Contributions Policy and OperationsPrg Official: SGD/M. File Format. The scope will also include strategic investment decision-making, accountability and risk management. Horizontal Audit of Human Resources (HR) Planning, 16. Casey (DCD, SID, SET), 55. The OCAE received management support to continue with a series of mission audits to support the department in managing risks abroad. Each of the engagements are linked to the core responsibilities, the corporate risks and the audit risk areas (COVID-19 activities, program delivery, transfer payments, and internal services) as shown below. Through risk-based auditing, the internal audit activity helps executive management and the board understand whether the organization's risk . This audit follows a 2017 Audit of the Harmonization of Grant and Contribution Program Administration conducted by the OCAE, which concluded that GAC required improvements to attain a more streamlined, standardized, and harmonized delivery and administration of grants and contributions. A good audit design identifies all the risks involved in the operations and employs specific audit procedures to minimize them. It contains the details on the role of internal audit (IA), the Audit Branch's planning methodology, and the planned audits for the next three year cycle: 2017-20. OCAEs agility can be demonstrated by providing real time feedback and advice to program management regarding activities still underway. The following tables summarize the number of new internal audit projects selected for each year along with the number of special advisory projects and OCG horizontal audits. Multilateral PolicyPrg Official: MFM/C. Table 4 provides a listing of Joint/Collaborative Audit and Evaluation Projects for FYs 2018-19 and 2019-20. Lawson (CSD, SPD, SCM), 57. Table 2 and 3 provide a listing of projects being carried forward from 2016-17 and the new highest priority projects for fiscal years 2017-18, 2018-19 and 2019-20, respectively. May 10, 2020. GAC is involved in the reporting phase of the Audit of Employment Equity in Recruitment conducted by the Public Service Commission. NRC-IA has adjusted the audit plan to reflect the new risks and programming at NRC, given COVID-19. A standard audit program guides the audit process, and determines which audit procedures should be performed based on the secondary risk assessment rating. The missions are selected based on a risk analysis and in consideration of the work planned or completed by the Mission Inspection division. Peace and Stabilization OperationsPrg Official: IRC/A. It focuses on analyzing and managing risks. Europe, Arctic, Middle East and Maghreb International Assistance Prg Official: EGM/(Vacant)(ECD, ELD, ESD, EUD), 35. This work resulted in a list of engagements assessed to be high-risk. The objectives are to examine the success rates of employment equity groups at key stages of the recruitment process; and to explore factors that may influence representation across the four designated groups during recruitment. Audit of Internal Controls Over Financial Reporting. Preliminary Objective: To identify areas of risks in key data sets to support the assessment of the effectiveness of controls. Blanger (A) (ACM, AAD), 42. Preliminary Scope: The assessment will identify risks and complexities to inform prioritizations of areas requiring further examination by the OCAE. According to ISA, in addition to client information, audit planning steps should contain the description for nature, timing, and extent of: You are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Audit Plan (wallstreetmojo.com). You may hear a lot from people about the word audit. Sampling risk is the risk that the conclusion based on a sample may be different from the conclusion that would be reached if the entire population was tested using the same audit procedure. Auditable entities commonly include programs, processes, policies, management activities and control systems, along with departmental and government-wide initiatives, which collectively contribute to the achievement of NRCans strategic objectives. 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