Drukier (MED, MSD), 14. Bobiash (OAD, OPD, OSD, (including APEC), 25. Management of Federal-Provincial Offshore Agreements, 4. Copyright 2023 The Institute of Internal Auditors. If auditors effectively assess their clients risks related to financial statements, the auditor will then could tailor the risks audit procedure to detect those risks. The audit schedule will include all the audit areas with the timeline that the auditor will perform their review. Michaud (A) (LCD, LCM, LDD, LBMO, LCC, LCA), 51. Europe, Arctic, Middle East and Maghreb Policy & DiplomacyPrg Official: EGM/(Vacant)(EGM, ECD, ELD, ESD, EUD, EBMO), 6. The practice of internal audit, including the development of the RBAP, conforms to the International Professional Practices Framework of the Institute of Internal Auditors, the Treasury Board of Canada Policy on Internal Audit and directive as well as additional guidance from the Office of the Comptroller General. The second step to prioritize the audit universe involves consideration of several factors, including significance to departmental strategic outcomes and operational objectives; senior management requests and priorities; the DACs advice and recommendations; external audit activities and planned evaluations; readiness of the entity for audit activities; and availability of internal resources to complete the audit on time. The validation approach includes the following procedures: conducting interviews; reviewing supporting evidence; and performing analysis and testing based on risk. Develop internal audit plan 5. No joint audit and evaluation projects planned for this year. Planning is essential before heading on to the actual performance of that plan. An estimate of total resource capacity available was developed and allocated to Audit Branch activities using metrics based on past experience. To build an audit plan, the first thing to do is to assess risks that may be a threat to achieving smart goals. Just like in a marketing plan, it is important to think about the process to have full knowledge on what to do when something comes up. Audit Procedures are steps performed by auditors to get evidence regarding the quality of the financial information provided by the management of a company. Advisory Project on Evidence for Policy Decision Making, 34. endstream endobj startxref Norton (WED, WFD, WWD), 38. Audit of Foreign Service Directive - Relocation, $37M of FSD Relocation payments made in 2019. Accounting policies must be checked and areas that would be complex should be given high audit consideration. As a result of the COVID-19 pandemic that affected Canada in March 2020, risks were reassessed in light of impacts to departmental operations. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. Chowdhury (NMD), 34. 5 Year Cyclical Assessment - New Direction in Staffing. The Audit and Evaluation functions have held joint consultations with senior management and staff to ensure the most effective, efficient, and coordinated planning process. 198 0 obj <> endobj The guide describes a systematic approach to: This is formembers only. Legal ServicesPrg Official: JUS/T. File Format. hb```b``Nb`e`` @QL- MacLennan(MFM, MED, MGD, MID, MND, MSD, PFM), 30. Grants & Contributions Part II Feminist International Assistance Policy (FIAP). Advisory Project on NRCans Approach to Funding Science-Based Activities, 12. Table 4 provides a listing of Joint/Collaborative Audit and Evaluation Projects for FYs 2018-19 and 2019-20. Due to the uncertainty of the duration of the pandemic, advice to senior management on the positive and negative aspects of remote work will inform decision-making related to its continuation. Since March 2020, due to cross-border travel restrictions around the world, over 55,000 Canadian residents were stranded and lacked access to essential medical and social services. The Audit Branchs forecasted budget for FY 2017-18 is $3.2 million. As an adjunct to the assurance role, the Audit Branch provides consulting/advisory services to the organization. The final 2 steps are to rank the priority of the proposed audits and to recommend them for approval in the 3 year audit plan (as in the final 2 large blocks). The establishment of the Professional Audit Support Services Supply Arrangement (PASS) by the OCAE in 2018-2019 has contributed to more efficient contracting and has helped to overcome this challenge. Aside from it being required by the Securities and Exchange Commission, the audit plan is important to have an overall strategy of the audit. The audit strategy must explain the scope, timing, and direction of the audit. IT controls are important to ensure alignment with strategic objectives and priorities, protect departmental assets, and ensure data integrity. The auditorAuditorAn auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. NRCans Experimentation and Innovation Strategy, 2. Moran(BFM, BBD, BED, BPD, BTD, BSD, BFMA), 21. International Innovation and InvestmentPrg Official: BID/E. The RBAP is developed in accordance with the requirements of the Treasury Board of Canada (TB) Policy on Internal Audit, along with related directives, guidelines, and the Institute of Internal Auditors (IIA) International Standards for the Professional Practice of Internal Auditing. Identify key risks 2. Smith (JLT, JUS, JFM), 52. Results of prior internal audits are also . There are risks associated with programming in fragile and conflict-affected states in which violence, corruption, and high crime rates are prevalent. %PDF-1.5 % Tentative Audit Plan for Fiscal Year 2021/2022: Audit Unit Audit Focus** Budget* Timeframe Risk Ranking: Heat Map Risk Assessment and Audit Plan Update Review risk assessment and update annual audit plan with targeted interviews with the Board and management as required by internal audit professional standards. Risk Assessment Process for 2017-18 . 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. The audit plan was developed using a risk-based audit approach. NRCans audit universe is made up of 24 groupings of auditable entities. 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. 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.read more, and reperformance. This knowledge transfer method guides audit engagement teams throughout different processes such as information evaluation and risk identification. The scope will also include strategic investment decision-making, accountability and risk management. In risk-based internal auditing, one assesses the risks, the way they are governed, managed, and controlled in order to develop the audit plan, for the purpose of evaluating the control systems, or as part of participation in the development and improvement of risk management projects. These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more. Copyright 2023 . Casey (DCD, SID, SET), 55. May 10, 2020. Americas TradePrg Official: NGM/D. Audit of Internal Controls Over Financial Reporting. Both deeds give direction to auditors and other team members while auditing. Scope: This audit will include a sample of significant FSD Relocation expenditures to assess the effectiveness of the administrative processes, systems and procedures. International Professional Practices Framework (IPPF), Certification in Risk Management Assurance, DEVELOPING A RISK-BASED INTERNAL AUDIT PLAN. Asia Pacific Policy & DiplomacyPrg Official: OGM/D. Audit of Grants & Contributions Part I Oversight & Monitoring, $4.6B in grant & contribution payments in 2018-2019, Objective: To assess whether appropriate grants and contributions oversight and program monitoring are in place and operating effectively to support the achievement of departmental objectives. 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. 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. The pace of change and the growing complexity in the Department are a major challenge. Inclusive GovernancePrg Official: MED/W. Design and Development of NRCans IT Architecture Framework, 14. or perhaps have a blended internal audit plan that includes both of these options depending on the nature and objectives of each specific engagement in the plan. Ensuring alignment between internal audit priorities and the organizations objectives is the essence of Standards 2010 Planning, 2010.A1, 2010.A2, and 2010.C1, which task the chief audit executive (CAE) with the responsibility of developing a plan of internal audit engagements based on a risk assessment. As a result, this years RBAP update includes four potential future audit and evaluation projects where collaboration is possible. It focuses on analyzing and managing risks. Electric Vehicle and Alternative Fuel Infrastructure Development and Deployment Initiative, Horizontal Audit of Human Resources Planning, Horizontal Audit of Information Technology, Horizontal Audit of Costing Information for, Audit of the Management of Scientific Facilities, Audit of the Transformation of Pay Administration, Annual Audit of Public Accounts, including NRCans Offshore Revenue, Audit on Funding of Clean Energy Technology, Audit of Adapting to Climate Change Effects. Morrison (NDD, NGD, NLD, NND), 24. Compliance, Risk Services, functional areas) Gather and assess input from external sources (e.g. The OCAEs budget for 2020-2021 is shown in Table 2 below. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. Preliminary Objective: To identify areas of risks in key data sets to support the assessment of the effectiveness of controls. 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. Prepared in the context of the ongoing COVID-19 pandemic, it presents audit engagements planned for fiscal year (FY) 2021 to 2022 to FY 2022 to 2023. Following this step, professional judgement is still required to risk-assess and rank the auditable entities. A risk-based approach audit begins with an audit plan that focuses on risks. Risks based approach principally perform by understanding client business, environments and internal control. Maille (JLD), 4. Audit is the highest assurance that companies are running a business that are illegal. provide reasonable assurance). The OCAE received management support to continue with a series of mission audits to support the department in managing risks abroad. Electric Vehicle and Alternative Fuel Infrastructure Development & Deployment Initiative, 8. Strong privacy practices (the proper use, disclosure, and protection of that information) is critical. Collins (SGD), 39. ENGAGEMENT TYPE AND WORK SCHEDULE A. This methodology complements the monitoring function of departmental managers. Humanitarian ActionPrg Official: MHD/S. 10+ Audit Risk Assessment Templates in PDF | XLS | DOC 1. Human ResourcesPrg Official: HSD/S. We are continually searching for innovative products and services to enhance our members' ability to meet their rising stakeholder demands. hbbd``b`~@IU ,@R} E @-|$w "] AnH $# 9_ n Assess risks continuously. As a result of the pandemic, this engagement was identified as an opportunity to support the transition to a remote work environment. Utilizing experience and understanding of the bank's operations as well as industry knowledge, internal audit identified auditable areas . The engagements deemed to be high risk and high priority have been included in the two-year plan. 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. Furthermore, the knowledge and experience of the auditors will undoubtedly reflect in the conversations throughout the work plan development. Financial plan is important as well but what is crucial for startup business is to have an audit plan that would help make sure that businesses are kept in a good working condition. Gwozdecky (IOD), 18. Geographic Coordination and Mission SupportPrg Official: NMD/S. Moreau (HED, SID, MISSION), 43. MacLennan(MFM, MED, MGD, MHD, MID, MND, MSD, SID), 3. International LawPrg Official: JLD/B. By continuing to apply RBIAP principles; this level of input, with the ability to You will Learn Basics of Accounting in Just 1 Hour, Guaranteed! The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The vital thing is to develop an overall audit strategy. Salewicz (MHD), 28. In addition, they utilize risk assessment techniques to analyze the risks of anomalies in business governance, notably financial statement misstatements. 927 0 obj <>stream Given this context, the RBAP remains flexible to respond to emerging risks and policy or program changes. Golberg(IFM, JFM, KFM, PFM, DSMX, POD, PVD, IBMO, PBMO, DSMO, DSMP, DSMZ, PED), 2. Thats what we think, but what is an audit plan? Similar to previous years, the Audit Branch has been asked to support the OAG in its annual audit of Public Accounts, by providing direct assistance in testing of payroll transactions and offshore revenues and transfers. File Format. The Audit Branch uses the departmental Program Activity Architecture (PAA) as well as NRCan's inventory of external legislated services to ensure the audit universe identified is complete. You will not receive a reply. Campbell (DPD), 27. The missions are selected based on a risk analysis and in consideration of the work completed or planned by Inspection. Tenasco-Banerjee(HCM, CFSI, HFD, HSD, HWD, Pools, SID, HBMO, Mission), 53. Trade Policy, Agreements, Negotiations, and Disputes Prg Official: TFM/S. The starting point for the risk-based planning process is the identification of the audit universe. On the other hand, an audit program is a set of procedure that is applied when making the audit to acquire evidence and information. The development of the internal audit plan was based on the results of an Institution-wide risk assessment process. 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. Growth that Works for EveryonePrg Official: MED/W. To add value and improve an organizations effectiveness, internal audit priorities should align with the organizations objectives and should address the risks with the greatest potential to affect the organizations ability to achieve its goals. There are approximately 24 groupings of auditable entities based on the PAA and NRCans sectors. Privacy breaches or the mismanagement of personal information may harm Canadians and threaten the reputation of GAC. These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels. 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 Objective: To identify and assess steps taken by the Department to improve the effectiveness of international assistance through the implementation of the Feminist International Assistance Program (FIAP). The Audit Branch will continue to undertake assurance-based continuous auditing to proactively identify potential systemic control issues and report annually on various processes. This course describes a systematic approach to developing and maintaining a risk-based internal audit plan, as the internal audit activity works together to thoroughly understand the organization; identify, assess and prioritize risks, engage stakeholders and estimate resources; and finalize and communicate the plan. Foreign Service Directives Prg Official: HED/M. B 235 0 obj <>stream Here we discuss its process and sample along with their examples. Report Ongoing Monitoring Internal Control Over Financial reporting: Foreign Service Directives concluded that the system for FSD is not operating effectively as several tested controls failed. PDF; Size: 86 KB. Memorandum to Cabinet(MC) and Treasury Board (TB) Submission Processes, 26. Optimization and integration of regional activities within the overall Trade Commissioner Service transformation initiative. Table 5 provides a listing of known external audit projects planned for fiscal years 2017-18 to 2019-20, with the expected tabling dates. Peace and Stabilization OperationsPrg Official: IRC/A. Advisory Project on IT End State Migration. Grant and contribution payments represent over 65% of the Departments annual spending and are key instruments in furthering the Government of Canadas international policy objectives and priorities in the three programming business lines of foreign affairs, trade, and development. Having a punctiliously crafted audit design helps auditors achieve efficient engagement, risk mitigation, and compliance with standards set by authorized governing bodies. Coordinate with other providers. 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. Cameron (IDC, IDD, IGD), 32. There is always a risk that a conclusion made from a sample may not be correct since auditors do not examine 100% of the entire population. Definition: 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. This mission has not been audited before and is a replacement for the Mission Audit Port-au-Prince that was planned for 2019-2020. Descriptions of the planned engagements for the years are in Appendix B and C, respectively. Risks based audit plan is important for auditors for two reasons. Traditional audit plans focus on processes or specific areas. The OCAE provides independent, objective assurance and advisory services designed to add value and improve the Departments operations. The guide describes a systematic approach to: Understand the organization. Risk Assessment &Draft . 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. An audit plan refers to the design of an audit describing the overall audit strategy and guidelines to follow while performing the audit. Management of International Activities, 5. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. 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. Estimate resources. Implementation of Extractive Sector Transparency Measures Act, 18. The Office of the Auditor General repriortized its audit work at the request of Parliament. The OCAE will begin this audit in 2020-2021. 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. It includes six action areas and is set to invest $2 billion over five years from 2018. This work resulted in a list of engagements assessed to be high-risk. Norton (WGM, WED, WFD, WWD), 9. Mission Network Information Management / Information TechnologyPrg Official: SID/K. 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). To access it and other valuable resources, become a member today or log in! The risk areas were analyzed in relation to the core responsibilities and corporate risks. The technical storage or access that is used exclusively for anonymous statistical purposes. To better plan and organize the internal audit function, the OCAE has developed a multi-year Risk-Based Audit Plan (RBAP). A standard audit program guides the audit process, and determines which audit procedures should be performed based on the secondary risk assessment rating. 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. This sample outlines the audit plan for a bank, including risk assessment, gap analysis from previous year audit plan and audit schedule. The resulting documentation primarily contains the overall strategy and plan. Liao-Moroz (IGD, IGA), 33. Hamson(IRG, IRD, IGD, OAD, OPD, NND, OSD, NLD, ECD, WWD, MID), 31. The heritage character of some residences symbolizes the historic richness of bilateral relationships with host countries. V14p^+X#e*]OvoFAa5%dX{4 c-ot%*=s`x cf+ W7k`X u"48b`gzXI6Hs00~ RLef X8 This knowledge transfer method guides audit engagement teams throughout different processes such as information evaluation and risk identification. Details. 0 The reliance on internal partners and external third parties could impede the achievement of business objectives. To comprehend each business element relevant to the audit, the auditors collect and evaluate information about the company, such as financial, legal, and investment facts. Asia Pacific International AssistancePrg Official: OGM/D. Sufficient internal costing capacity and competencies are the foundation to the development of strong costing methodology. 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. This Practice Guide is provided as a service to members of The IIA. 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