INDEX
1. Role of Internal Audit 1
2. Introduction and Purpose of this Strategy 1
3. Acknowledgements 1
4. Audit Approach 2
5. Audit Working Procedures and Practices 3
The Audit Toolbox 3
Audit Reporting 5
6. Internal Audit Assistance in UWCN Risk Management 5
7. Fee-Earning Work 5
8. Links To Institute of Internal Auditors (IIA) and Other Bodies 6
9. Staffing 6
10. Operational Plan 2001/02 7
11. Strategic Plan 2002/05 10
12. Annex A Key Risks 21
13. Annex B - Audit Universe 29
14. Annex C Analysis of Systems and Risk 35
1. Role of Internal Audit
1.1. Internal Audit (IAS) is an independent and objective appraisal service within the University College.
1.2. Internal audit 's primary role is to provide an
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IAS will have to conduct an annual review of UWCN 's risk management process to ensure that it can continue to place reliance on management 's risk assessment as the basis for audit planning.
4.5. IAS will review its plans annually to take account of revisions in UWCN 's risk assessment, enable new developments to be taken into account and allow for the plan to be rolled forward appropriately.
Audit Coverage
4.6. IAS 's overall audit objective is to provide UWCN 's Principal and Board of Governors with an opinion which is positive and reasonable. Positive means that our opinion will be based on seeing evidence of adequate action. Reasonable means that there will be sufficient evidence underpinning our opinion to make it reliable, but it is not guaranteed that systems will be error free.
4.7. When determining the coverage necessary to provide our assurance, IAS will apply the following considerations:
UWCN 's risk management arrangements will have to be reviewed every year to confirm the validity of the analysis as the basis for planning;
Some high risk areas require more frequent review;
The need for audit coverage to encompass the whole range of risks which UWCN has identified as "key" to the achievement of its objectives;
The need for an adequate range of non-key risks to be included to ensure our opinion is based on comprehensive coverage across UWCN;
Historical knowledge of strengths and deficiencies in UWCN 's risk management, control
Review the risks – the effectiveness of the precautions in place should be checked regularly to ensure that they are sufficient.
The last step in a risk management plan is to evaluate the risks. This is a learning step and works to provide experiences gained form working with risks. This evaluation should consider all aspects of the plan and identify best practices. The evaluation should answer the questions pertaining to how the project team did, what could be done better, what lessons were learned, and how can best practices be incorporated into the risk management process. This risk evaluation helps to influence how the organization will plan, prepare and commit to future risk management plans.
When planning a risk assessment and looking at possible risks, the decisions that are made for the benefit of the service user should be made after collecting all of the information available. Any reasons give should be able to be defended by looking at every angle that shows that it is in the best interest of the service user with as much risk being removed as possible.
The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.
For the case study provided with this Assessment Task, you are required to review risk management processes and determine scope and objectives, taking into account stakeholder input and both internal and external environmental factors affecting the organisation. With the information gathered, you are
4.3: To carry out a risk assessment first of all you need to identify the hazards, then decide who might be harmed and how. Then evaluate the risks and decide on precaution and then record your findings and implement on them. After this is done review your assessment and update if necessary.
|and reviewed- Risk assessments are made continuously throughout | | | | | | | | | | |
All risks should be identified on a risk assessment so they can be monitored and review
Health and Safety Executive (n.d.2) explain five steps of risk assessment that are ‘identify the hazards, decide who might be harmed and how, evaluate the risks and decide on precautions, record your significant findings, and review your assessment and update if necessary’.
The Patient Safety Officer will schedule departmental and area risk assessments by determining if any areas not scheduled for an initial assessment in a given year have had significant changes that would indicate the need to conduct a risk assessment in that area.
The audit objective is to provide assurance that UTSA complies with the JAMP Expenditure Guidelines and the JAMP Agreement requirements. The audit included a review of the financial activity for the period of September 1, 2016 through August 31, 2017. See attached initial
The Risk assessment will be a vital part of the whole security plan which is a document which basically covers the whole
Create an audit follow up plan to ensure the safety plan is working and potential dangerous situations are being avoided (Gomez-Melia et al., 2011).
During the performance of this integrated audit, require numerous judgments about the internal control and overall financial reporting and how well it addresses risks of material misstatements within the financial statements (AICPA, 2014). After re-evaluating the previous errors found from the previous audit, the audit team found the corrective actions to be appropriate and justified in elimination of human error by implementing additional checks and balances within the manual process. No additional misstatements have been found and all internal controls off the financial reporting seem appropriate and just.
Company’s new CAE can explain to the non-audit employees that IAD’s objective is to add values and help improve the business processes as well as company performance, which will affect each employee significantly. It is important to let all employees understand that the answers or thoughts they provide to the internal auditors will not be used against them. Moreover, establishing good relationship and providing ongoing communication with the non-audit employees can make them feel more comfortable to share their feedback and thoughts, and can reduce the “us vs. them” relationship between company’s non-audit employees and the staff of internal auditors.