...40 SU 1: Strategic and Operational Roles of Internal Audit QUESTIONS 1.1 Change Management 1. An organization's management perceives the need to make significant changes. Which of the following factors is management least likely to be able to change? A. The organization's members. B. The organization's structure. C. The organization's environment. D. The organization's technology. Answer (C) is correct. REQUIRED: The factor management is least likely to be able to change. DISCUSSION: The environment of an organization consists of external forces outside its direct control that may affect its performance. These forces include competitors, suppliers, customers, regulators, climate, culture, pol technological change, and many other factors. The members are a factor that managers are clearly Answe~(A) is incorrect. factor that managers are incorrect. The organiz I are clearly able to change. organization's technology' able to change. 2. Lack of skills, threats to job status or security, and fear of failure all have been identified as reasons that employees often A. Want to change the culture of their organization. B. Are dissatisfied with the structure of their organization. . C. Are unable to perform their jobs. D. Resist organizational change. Lack of skills, threats to job status or re inhibit changes in the culture of the (8) is incorrect. Lack of skills, threats to job status . rity, and fear of failure are not symptoms of dissatistacjion with the structure of the organization...
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...UNIVERSITY OF PRETORIA 10 CONFIGURATION MANAGEMENT Assignment Jikesh Jagbeer UNIVERSITY OF PRETORIA 10 CONFIGURATION MANAGEMENT Assignment Jikesh Jagbeer Contents Introduction 2 The Project Office: Configuration Management Plan 3 Section 1: Introduction 3 Purpose 3 Project Framework 3 Section 2: Configuration Identification 4 Configuration Items 4 Baseline Documents produced in a typical project 4 Naming Convention for Project Documentation 5 Document Format 5 Section 3: Configuration Organisation 6 Section 4 Configuration Management Phasing and Milestones 8 Section 5: Data Management 8 Section 6: Change Control 9 Change Control Process 9 Change Control Board 10 Change Manager 10 Duties of a CCB Member 11 Change categorization 11 CAB meetings 12 Section 7: Interface Management 13 Section 8: Configuration Status Accounting 13 Status Account Data 13 Configuration Management Database 13 Section 9: Verification 13 CM Process Audits 13 CM Baseline Audit 13 Section 10: Reference Documents 14 Introduction The South African Post Office (SAPO) is constantly under pressure to reduce cost whilst improving its profit margin through innovative products and effective service delivery. SAPO is a multifaceted organisation which operates in various industries e.g. Logistics, IT and Cash Collection etc. Hence SAPO, at any given moment in time, has a large number of projects that are in various stages of execution. ...
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...Status of Management Audit Status of Cost and Management Audit in Bangladesh It is obviously understood that considering the aforesaid multifarious and multidimensional benefits of cost accounting and management auditing the Government of Bangladesh has made keeping cost books and cost accounts compulsory in the Companies Act, 1994 through section 181. The relevant part may be seen from clause (d) of subsection (1) of section 181. Section 220: Audit of certain matters by Cost and Management Accountants: (1) Where in the opinion of the Government, it is necessary to do in relation to any company required under clause (d) of sub-section (1) of section 181 to include in its books of accounts the particular referred to therein the Government may, by order, direct that an audit of cost accounts of the company shall be conducted in such manner as may be specified in the order by an auditor who shall be a "cost and management accountant" within the meaning of the Cost and Management Accountants Ordinance, 1977 (LIII of 1977). (2) An audit conducted by an auditor under this section shall be in addition to an audit conducted by an auditor appointed under section 210. With the advancement of economic development of Bangladesh the Government found in the year of 2001 that it was the proper time to introduce cost audit in Bangladesh and therefore the Government made it compulsory through promulgation of an SRO dated July 8, 2002 the contents of which are produced below: ...
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...RESULTS AND STATUS REPORT Name: Nazmul Alam Registration no: 2388861 2388861 Mr Nazmul Alam Saifurs University College 69/B Monowara Plaza 3rd Floor Green Road Panthapath Dhaka 1205 Bangladesh 8 February 2015 A Examination results Session: December 2014 Paper details P1 Governance, Risk and Ethics P3 Business Analysis Results Details Mark(%) 51 55 Result Pass Pass B Examination status at 8 February 2015 following the December 2014 session is: Paper details F1 F2 F3 F4 F5 F6 F7 F8 F9 Accountant in Business Management Accounting Financial Accounting Corporate and Business Law Performance Management Taxation Financial Reporting Audit and Assurance Financial Management Status Exemption Exemption Exemption Pass (66%) Pass (50%) Pass (60%) Pass (69%) Pass (64%) Pass (62%) Session Dec 12 Dec 12 Dec 12 Dec 13 Jun 13 Jun 13 Dec 13 Jun 14 Dec 13 Paper details P1 P2 INT P3 P4 P5 P6 P7 Governance, Risk and Ethics Corporate Reporting Business Analysis Advanced Financial Management Advanced Performance Management Advanced Taxation Advanced Audit and Assurance Status Pass (51%) Pass (51%) Pass (55%) To be attempted To be attempted To be attempted To be attempted Session Dec 14 Jun 14 Dec 14 * * * * GLO UK INT INT * Optional 2 from 4 Paper designations: GLO = Global. INT = International. UK = United Kingdom. C Ethics & Professionalism modules status at 8 February 2015 is Professional Ethics module is mandatory FIP Not Completed D Practical experience requirement status at 8 February...
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...APPENDIX D: Risk Management Procedure – Template Table of Contents Risk Management Procedure 1 Template 1 Table of Contents 2 Introduction 3 Definitions 3 Objectives of Risk Management 4 Benefits of Risk Management 4 Roles and responsibilities 5 Risk Management Governance Structure 5 Relationship with other processes 7 Key Process Steps 8 One: Communicate and Consult 9 Two: Establish the Context 10 Three: Identify Risks 11 Four: Analyse Risks 12 Five: Evaluate Risks 13 Six: Treat Risks 14 Seven: Monitor and Review 15 Risk Reporting 18 Risk Management Reporting Responsibilities 18 Risk Escalation 19 Risk Reports and Recipients 19 Review and Approval 20 Access to Risk Management Reporting Framework 20 References 20 Appendix: Risk Control Likelihood Consequence Rating 18 Control Effectiveness Rating Criteria 18 Likelihood Rating Criteria 18 Consequence Rating Scale 18 Appendix: Risk assessment templates and heat map 18 Risk Assessment Template 18 Risk Assessment Treatment Plan Template 18 Appendix: Risk Reporting – potential risk reports 1 Templates (Examples) 18 Risk Profile 18 Risk Treatment Actions Status – Detailed 18 Assurance Coverage of Key Risks 19 Risk Management Annual Activity Schedule and Improvement Initiatives 20 New and Emerging Threats and Opportunities 21 Detailed Risk Register 21 Introduction The role of this risk management procedure is to provide staff with guidance in how to apply consistent...
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... ACCT: 407-01 3/31/2010 The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity[->0] and reliability[->1] of information; also to provide an assessment of a system's internal control[->2]. The goal of an audit is to express an opinion on the person / organization/system (etc) in question, under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, statistical sampling is often adopted in audits. In the case of financial audits[->3], a set of financial statements are said to be true and fair when they are free of material misstatements - a concept influenced by both quantitative and qualitative factors. Audit is a vital part of accounting[->4]. Traditionally, audits were mainly associated with gaining information about financial systems and the financial records of a company or a business (see financial audit[->5]). However, recent auditing has begun to include other information about the system, such as information about security risks, information systems performance (beyond financial systems), and environmental performance. As a result, there are now professions conducting security audits, IS audits, and environmental audits[->6]. In financial accounting[->7], an audit is an independent assessment of the fairness by which a...
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...Corporate governance Corporate governance: basic stance Honda considers corporate governance one of the most important management issues. We’re strengthening it on the basis of our fundamental corporate philosophy, aiming to have the global community—including our customers, shareholders and investors—place even greater trust in us as we strive to be a company society wants to exist. To ensure objective oversight of management, Honda appoints outside directors to its Board of Directors and outside auditors to its Board of Auditors. To strengthen its business execution system in each region and workplace, as well as enhance the supervisory function of the Board of Directors, Honda has introduced an Operating Officer System. To help its Board of Directors respond quickly to changing business environments, as well as to improve the flexibility of its decisionmaking process, Honda limits directors’ assignments to one year and Corporate Governance: Organization Board of Auditors: 5 Auditors (Outside Auditors: 3 Auditors) Business Ethics Committee: 6 Officers Compliance Officer Regional Sales Operations (Japan) Regional Operating Board Risk Management Officer Regional Operations (North/ Central America) Regional Operating Board determines their compensation in accordance with business results. Based on its fundamental corporate philosophy, Honda has refined its organizational structure. A general manager from the Board of Directors or an Operating Officer is now assigned to...
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...Extensively used defect Management tools like Digite and Quality Centre ✓ Basic knowledge in Testing Methods. ✓ Knowledge in Oracle SQL* Plus Queries ✓ Involved in preparation of MIS reports in Daily, Weekly and Monthly basis ✓ Extensive knowledge in MS-Access ✓ Strong domain knowledge in Retail Banking and Lending ✓ A Self Initiator, Deterministic, Goal-Oriented, Proactive, Adaptive and Possess good Communication Skills TECHNICAL SKILLS Operating System: Windows NT/XP/2003/2007/Macintosh Languages: C, C++, SQL RDBMS: MS-Access Reporting Tools: Business Object Report, Crystal Report EDUCATION / CERTIFICATION ✓ Bachelor of Science from Madurai Kamaraj university college, Madurai, India during 2001-2004. ✓ Master of Business Administration from Tamilnadu college of Engineering, Coimbatore, India during 2004-2006 PROFESSIONAL EXPERIENCE ✓ Maveric Systems Ltd., India, Associate Test Lead March ’10 – Till date ✓ ICICI Bank Ltd, India, Programmer August ‘06 to March ‘10 ICICI BANK LIMITED TamilNadu Duration: 4 Years Designation: Assistant Manager (Branch Operations) Software application used: FINACLE (core banking solution from Infosys) Job Profile • In charge of all branch operations for both assets and liabilities Key Responsibilities • Responsible for handling Savings, Current account, Overdraft accounts, Term Loan accounts, Time deposits, Cash Management, Remittances...
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...AMERICAN EXPRESS COMPANY AUDIT AND RISK COMMITTEE CHARTER (as amended and restated as of January 23, 2011) Purpose The Committee is responsible for assisting the Board of Directors in its oversight responsibilities relating to (i) the integrity of the Company’s financial statements and financial reporting process; (ii) internal and external auditing, including the qualifications and independence of the independent registered public accounting firm and the performance of the Company’s internal audit services function; (iii) the integrity of the Company’s systems of internal accounting and financial controls; (iv) legal and regulatory compliance; (v) the assessment and management of the Company’s risk and capital; and (vi) the performance of the other Committee functions set forth in this charter. In discharging its responsibilities, the Committee is not itself responsible for planning or conducting audits or for any determination that the Company’s financial statements and disclosures are complete and accurate or are in accordance with generally accepted accounting principles and applicable rules and regulations. This is the responsibility of the Company’s management and the independent registered public accounting firm. In addition, the Company’s management is responsible for managing its risk function and for reporting on its processes and assessments with respect to the Company’s management of risk. Organization and Certain Responsibilities The Committee shall be comprised...
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...Rohith Gutta Assignment for class 12/13/2011 Topic: Answers for Odd Questions in Chapter 12: The Project Audit Question 1: Give some examples of auxiliary project objectives? Answer: Below are some examples of auxiliary project objectives 1- Objectivity regarding scope budget deadlines and solution: Lack of objective in these areas is one of the basic causes of project failure. Decisions concerning the business case for initiating the project and establishing all of its parameters needed to the scrutinized for bias and inadequate diligence. 2- Experienced people at all levels in the project: Having experienced people on both the client side and the contractor side helps in a number of areas. Maintaining a cooperative, problem solving attitude, enforcing milestones and deliverables using professional project management techniques and maintaining continuous user involvement. 3- Authority matched with responsibility: Since a project is usually established with a certain scope but limited budget and schedule the project manager needs to have the authority to make tradeoffs between these objectives. This level of authority needs to be present on both the client and the contractor side. 4- Accountability sufficient to ensure that all parties perform as promised: Accountability needs to be thoroughly detailed in the original contracts and purchase orders. It should include details concerning the project champion the original estimator, suppliers, client team and...
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...Risk Assessment Methodology Introduction The Internal Audit and Oversight Division (IAOD) has developed a Risk Assessment Methodology which is based on the Institute of Internal Auditor (IIA) advisory and guidance as well as generally accepted good practice adopted for such exercises. The main purpose of the Risk Assessment Methodology is to enhance the objectivity and transparency and provide for a sound basis for the preparation of the Audit Needs Assessment (ANA) and Annual Audit Work Plan. The main definitions of risk and risk assessment to enable a better understanding of the Risk Assessment process undertaken by IAOD: Risk Assessment Definitions Risk It is an uncertain future event which could adversely affect the achievement of an organization’s objectives. Risk Likelihood It is the probability that a risk can occur. The factors that should be taken into account in the determination of likelihood are: the source of the threat, capability of the source, nature of the vulnerability and existence and effectiveness of current controls. Likelihood can be described as high, medium and low. · High: An event is expected to occur in most circumstances · Medium: An event will probably occur in many circumstances · Low: An event may occur at some time Risk Impact It is the potential effect that a risk could have on the organization if it arises. It is worth mentioning that not all threats will have the same impact as each system in the organization is worth...
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...Information Standards. The information contained in this document may be used as additional reference material by Queensland Government agencies when managing software. Agencies should consider the information provided as reference material and interpret it in the context of their own agency methodologies. ISO/IEC 19770-1 Audit Checklist This checklist has been developed to be used in conjunction with ISO/IEC19770-1 Information technology – Software asset management – Part1: Processes (the ISO Standard), and should not be used in isolation from this Standard. The checklist has been developed to assist agencies to perform self-audits to monitor their progress towards best practice in software license management. The checklist outlines elements that should be met in order to be fully compliant with the ISO Standard. It may be used by Agencies to guide where improvements can be made in managing software licensing. Each element may be audited separately to check on progress towards maturity in specifically targeted areas, however, compliance with all element will ensure that the agency is aligned with industry best practice in software license management. The ‘Evidence’ section of the checklist outlines possible evidence that auditors may consider when evaluating level of compliance. This list can be modified to reflect individual agency requirements and is not intended as an exhaustive list. This checklist includes elements that may not be relevant to every agency, and fall...
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...external Auditing When it comes to the subject of the audit, one will often find the concepts of internal audit and external audit. If these two audits are necessary for the good functioning of company, and if the collected sources agree that the skills required for these two notions are relatively identical, it remains not only tasks and the environment of the internal auditor and the external auditor differ. In order to best support our report, we gave a point of honour to diversify sources and points of view. Our researches were principally based on key words such as: internal auditing, external auditing, differences between auditors, cooperation between auditors, similarities between external and internal auditing. The diversification of our sources has in fact been paramount and allowed us to have a global vision of the subject and the issues it implies. So we will be based on data of the IFACI and the CNCC, the point of view of a University Professor, that of an NLC internal auditor, reflections and axes of various analysis collected from the blog Be audit you can Be (http://amais5.tumblr.com/). In the light of the evidence and their convergence on some specific aspects concerning the general question “How internal and external auditors can benefits for each other ?”, the following questions are imposed on us as problematic to treat during this report: What precisely are the differences between these two audit activities? How to work these two trades within the company...
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...evaluation known as the project audit. Following this we discuss termination of the project. 8.1 EVALUATION The term “evaluate” means to set the value of or appraise. A project evaluation appraises the progress and performance relative to the project’s initial or revised plan. The evaluation also appraises the project against the goals and objectives set for it during the selection process—amended, of course, by any changes in the goals and objectives made during the project’s life. In addition, evaluations are sometimes made relative to other similar projects. The project evaluation, however, should not be limited simply to an afterthe-fact analysis. Rather, it is useful to conduct an evaluation at a number of crucial points during the project life cycle. Because the primary purpose of a project evaluation is to give feedback to senior management for decision and control purposes, it is important for the evaluation to have credibility in the eyes of both senior management and the project team. The control purpose of evaluation is meant to improve the process of carrying out projects. The decision purpose is intended to improve the selection process. Thus an evaluation should be as carefully planned and executed as the project itself. The use of post project evaluation to help the organization improve its project-management skills on future projects means that considerable attention must be given to managing the process of project management. This is best accomplished...
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...Ahmed Hossam Ghaleb Mahmoud 23 montaser buildings, El-Haram Giza, Egypt Tel: 02-35874006 Mobile: 01003419847 Ahmedhossam201@hotmail.com OR Ahmedhossam202@hotmail.com | |[pic] Objective : Seeking a position in a leading organization, that would utilize and develop my knowledge in the field of Portfolio Management, as well as make use of, and enhance my academic background and interpersonal skills. Education : University: ▪ Bachelor of Commerce (2005) - Cairo University. ▪ Major: Accounting. Languages Skills : English: Very Good Arabic: Mother Tongue Positions Held : Dec 2007 – Present: ▪ Auditor at Deloitte (Saleh, Barsoum, Abdel Aziz & Co-Egypt). Job Description: - Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures. - Review data regarding material assets, net worth, liabilities, capital stock, surplus, income, and expenditures. - Inspect items in books of original entry to determine if accepted accounting procedure was followed in recording transactions. - Verify journal and ledger entries of cash and check payments, purchases, expenses, and trial balances by examining and authenticating inventory items. - Good understanding of IFRS...
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