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Category: Internal Audits

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How to Build Dynamic Audit Testing Programs During COVID-19 Building efficiency into your testing programs is a way to maximize your team’s time and resources. Dynamic testing plans enable audit teams to respond to common audit challenges — helping to free up time for teams to react to emergent deviations from normal operating activity throughout the recovery period. Internal Audit Planning During COVID-19 Checklist 1. Initial Audit Planning - Begin with the team clearly understanding why the project was put on the audit plan 2. Risk and Process Subject Matter Expertise - Seeking out external expertise, especially in light of the current environment 3. Initial Document Request List 4. Preparing for a Planning Meeting with Business Stakeholders 5. Preparing the Audit Program - (a) Process Objectives (b) Process Risks (c) Controls Mitigating Process Risks (d) Control Attributes (e) Testing Procedures for Controls to be Tested During the Audit 6. Audit Program and Planning Review [video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2020/08/W.mp4"][/video]

Internal Audit’s Increasing Cyber Security Role

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Internal Audit’s Increasing Cyber Security Role: -

Common Internal Audit Cyber Risk Activities - 1. Independently evaluate preventive and detective measures. 2. Evaluate IT assets of privileged access users. 3. Track remediation diligence. 4. Conduct cyber-risk assessments of service organizations, third parties, and suppliers.

Performing Cyber Risk Assessments A. Characterize the system (process, function, or application) B. Identify threats C. Determine inherent risk & impact D. Analyze the control environment E. Determine a likelihood rating F. Calculate your risk rating G. Prioritize risks H. Document results in a risk assessment report

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Internal Audit’s New Toolkit

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Internal Audit’s New Toolkit:- To remain relevant, internal audit has to respond to these challenges and deliver strategic insights, not just assurance - To meet the emerging trends internal audit must use these tools - A- Artificial Intelligence B- Machine Learning C- Robotic Process Automation D- Better use of data analytics to drive strategic decisions. - Digitalization & Digital Transformation :- A- Cloud computing B- Mobile C- Big data analytics D- Machine learning E- Artificial intelligence (AI) F- Automated workflows G- Electronic work-papers H- Dedicated audit management systems. [video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2020/07/T.mp4"][/video]

Benefits of Reverse Logistics Process Management for Asset Recovery

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Benefits of Reverse Logistics Process Management for Asset Recovery: 1-Reduced administrative, transportation and aftermarket support costs.

2-Increased velocity.

3-Higher achievement of sustainability goals.

4-Greater customer service and higher retention levels.

5-Improved reverse Supply chain visibility, Increased productivity and Greater responsiveness to customers.

6-A synchronized supply chain to now include forward traditional logistics, inbound logistics, and reverse logistics.

7-Transparency in supply chain operations across your network.

8- Automatic consolidation of data from partners and systems.

9- Scalability and flexibility.

10- Deep industry and regional knowledge and expertise.

11- Transparency into the entire product life-cycle.

12- Distribution and refurbishment centre management.

13- Data integration and web-based technology.

[video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2020/07/S.mp4"][/video]

How Remote Auditing brings Advantages along with Obstacle

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How Remote Auditing bring advantage to the industry:- 1- New ways of auditing 2- Less travel 3- More focused on critical risk 4- Positive effect on the high rate of turnover in internal audit 5- Auditors attain a better work-life balance. 6- Outside the box thinking is appreciated. 7- It can add value and efficiency 8- Working remotely has forced internal auditors to be more proactive [video width="640" height="640" mp4="http://pikvan.com/wp-content/uploads/2020/06/R.mp4"][/video]  

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How to prevent an internal audit from becoming obsolete.   [video width="400" height="400" mp4="http://pikvan.com/wp-content/uploads/2020/06/B.mp4"][/video]    

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How to prevent an internal audit from [video width="400" height="400" mp4="http://pikvan.com/wp-content/uploads/2020/06/A.mp4"][/video] becoming obsolete.    

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As per the CIIA (Chartered Institute of Internal Auditors), the role of internal audit is to provide independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively. All internal audits should cover two areas on a periodic basis – checking to see whether: 1. The right processes are in place for adequate internal control. 2. The internal controls that are in place are operating effectively.

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Internal audits don’t just look at your business’s accounting books. There are several types of audits that check different parts of your business: finances, management, and operations.

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Internal audits and external audits are quite different, both in terms of their objectives and procedures. The main difference is that internal audits are not regulated and can, therefore, be applied more flexible. Internal audits may be used to highlight information that is helpful to a company seeking ways to increase information security, manage other risks more effectively and guarantee compliance.
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