Assess whether initiatives drive spending and cost reduction, while maximizing business value. Preliminary Objective: To determine whether departmental processes and frameworks are in place to provide costing information to support decision-making. The OCAE strategy is to create value for Global Affairs Canada by leveraging our expertise to drive improvements that support the Department in achieving its mandate and contribute to management excellence. Launched in 2017, FIAP puts Canada at the forefront of global efforts to eradicate poverty and to foster a more peaceful inclusive and prosperous world. The auditors assessment of the risks influences the audit methods nature, timing, and scope. Senior management consultations were completed and documents reviewed to identify areas of significance and risk. In contrast, an audit program is the description of detailed steps to complete the audit procedure. Global Affairs Canada collects, uses, and manages the personal information of Canadians to fulfill its mandate. The audit planning process began with a review and update of the audit universe, based on the Departmental Results Framework, which is comprised of 58 programs under six core responsibilities (See Appendix A). Canada is a new, yet late, global player among like-minded donors with respect to innovative financing. Helfand(CFM, CND, CPD, ECD, ELD, ESD, EUD, NLD, NND, OAD, OPD, OSD, SID, WED, WWD, CBMO, OBMO, NDD, CSD, MISSION, MID), 40. Sirrs (CSD, IDD, CS Mission, SID), 48. Inclusive GovernancePrg Official: MED/W. 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. In total, 35 of the highest priority internal audit and advisory projects are planned for the next three years. It keeps businesses prepared and resilient to any challenge. To better plan and organize the internal audit function, the OCAE has developed a multi-year Risk-Based Audit Plan (RBAP). 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. The current risks associated with innovative initiatives are the size of the project, the number of dedicated resources, decision-making and internal coordination. To build an audit plan, the first thing to do is to assess risks that may be a threat to achieving smart goals. 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. In this approach, auditors aim to address a company's highest priority risks first. The auditor plans to assess the risk of inventory fraud with the help of observation of physical inventory and analytical procedures and describes its nature, time, and extent. 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. Due to the pandemic and the switch to a remote work environment, the risk of not complying with privacy regulations is heightened. Since the adoption of the 2006 Treasury Board Policy on Internal Audit (revised July 2009), the Audit Branch has continued to refine its risk-based planning approach each File Format. Internal Audit Plan Sample. This knowledge transfer method guides audit engagement teams throughout different processes such as information evaluation and risk identification. The Office of the Auditor General repriortized its audit work at the request of Parliament. Preliminary Objective: To identify and assess the risks related to the Departments remote work practices and framework and to prioritize areas that may require further examination. 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 covers the starting point of the selection process that determines potential NRCan auditable entities covering a 3 year period to its final recommendation. In a business, planning means everything. Partnerships and Development InnovationPrg Official: KFM/C. Scope: The audit will examine key elements of the Programs management framework including program planning and funding, project delivery and monitoring, and performance measurement and reporting activities. 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. The engagements deemed to be high risk and high priority have been included in the two-year plan. Mission Readiness and SecurityPrg Official: CSD/R. Advisory Project on HR Capacity for Science-based Programs, 35. A strategic plan is important to an internal audit department to ensure that its plans are aligned with the company's objectives. Findings from the Audit of Grants & Contributions-Monitoring and Oversight supports further examination. Information Technology Prg Official: SID/K. Background: Preliminary Objective: To determine whether there are effective processes and structures in place to manage the Departments real property portfolio. Once completed, a Follow-Up Report is produced, discussed with senior management, DAC and approved by the DM. Salewicz (MHD), 12. 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. The first large block represents the potential range of auditable components which include departmental programs, activities, processes, structures and initiatives which collectively contribute to the achievement of the Departments strategic objectives. The resulting documentation primarily contains the overall strategy and plan. An auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. Grants & Contributions Part II Feminist International Assistance Policy (FIAP). Once approved, it is sent to the OCG.The follow-up process at NRCan is a two-phase process which begins with a management self-assessment of the level of implementation for each Management Action Plan (MAP). Materiel Management Prg Official: SPD/B. MacLennan(MFM, MED, MGD, MHD, MID, MND, MSD, SID), 3. International LawPrg Official: JLD/B. Morrison (NDD, NGD, NLD, NND), 24. Objective: To provide timely advice to departmental officials on the management controls framework to support the delivery of the Departments COVID-19 repatriation activities. Khatchadourian (TID, SED, SID, SWD), 20. International Business DevelopmentPrg Official: BPD/C. II. Utilizing experience and understanding of the bank's operations as well as industry knowledge, internal audit identified auditable areas . 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. Audit of Trade Commissioner Service Regional Operations. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. Preliminary Objective: To provide advice on the funding mechanism for the Innovation Fund. Lawson (CSD, SPD, SCM), 57. Engagement Type The two types of engagements in an Internal Audit Plan are: 1. Estimate resources. Drukier (MED, MSD), 14. Internal services may not be aligned and integrated with policy development or operations. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. It helps in the successful completion of the audit process. In addition, it may consist of the changes applied to the overall strategy and audit plan processes during its implementation and the reason for changes. 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. 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. Tips and Guidance, Review Engagement (Limited Assurance): Definition and Example, 5 Types of Due Diligence Services, Benefits, And Limitations, What is Internal Audit Department? Internal Controls over Financial Reporting, 3. Planning for auditing is the initial step in an audit. The work carried out will address key risks associated with significant departmental expenses and have been identified in part, based on the results of the Departments Fraud Risk Assessments (FRAs) Management Action Plans (MAPs). The Innovation Fund initiative has just begun. This Practice Guide is provided as a service to members of The IIA. Leclerc (KFM, KED, KGD, KSD, PFM, SGD), 29. Hearing both of those terms, we can say that they are basically the same. %PDF-1.5 % 885 0 obj <> endobj Internal 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. The plan should be in line with the audit strategy so that the plan entails the successful completion of the audit objectives. What is the difference between an audit plan and an audit program then? This mission has not been audited before and is a replacement for the Mission Audit Port-au-Prince that was planned for 2019-2020. Blanger (A) (ACM, AAD), 42. Given the size and complexity of the Department, reliable costing information is important to ensure investments are aligned with the departmental mandate. The vital thing is to develop an overall audit strategy. 198 0 obj <> endobj Reconciliation is the process of comparing account balances to identify any financial inconsistencies, discrepancies, omissions, or even fraud. Risk Based Audit Plan Example. Trade ControlsPrg Official: TID/R. The validation approach includes the following procedures: conducting interviews; reviewing supporting evidence; and performing analysis and testing based on risk. 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. Professional Development and Talent Management, 10. You may also have a look at the following articles to learn more . Europe, Arctic, Middle East and Maghreb Policy & DiplomacyPrg Official: EGM/(Vacant)(EGM, ECD, ELD, ESD, EUD, EBMO), 6. 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. Smyth (MGD), 11. Advisory Project on NRCans Approach to Funding Science-Based Activities, 12. Strong privacy practices (the proper use, disclosure, and protection of that information) is critical. Liao-Moroz (IGD, IGA), 33. Based on an analysis of information gathered through the documentation review and consultations, risk areas of focus were identified. Lawson (SPD), 58. Six Mission Audits locations to be determined. A flexible audit plan - Risk and Control Assurance Programme The Audit Plan is stated in terms of estimated days input to the Council of 463 audit days, which is comparable to last year. Joint Mission Audit/Inspection Bamako, Mali. Examine the implementation of the data strategy to support organizational goals and objectives. 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. Transfer Payments - The control framework over transfer payments may not support efficient and effective delivery and demonstration of benefit realization. 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. The pace of change and the growing complexity in the Department are a major challenge. The guide describes a systematic approach to: Understand the organization. Europe, Arctic, Middle East and Maghreb TradePrg Official: EGM/(Vacant) (ECD, ELD, ESD, EUD, DWD), 23. %%EOF egenda.dumgal.gov.uk. Lower Churchill Falls Loan Guarantees, 24. Key risk Assessment Steps: 1. Financial statements are written reports prepared by a company's management to present the company's financial affairsover a givenperiod (quarter, six monthly or yearly). 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. Audit plans are vital for a business operation. Growth that Works for EveryonePrg Official: MED/W. Mission Network Information Management / Information TechnologyPrg Official: SID/K. Importance of Audit For Big Corporate Houses (Beginner Guide), How to Prepare An Internal Audit Program? Having a punctiliously crafted audit design helps auditors achieve efficient engagement, risk mitigation, and compliance with standards set by authorized governing bodies. Casey (SID, IDD, CS Mission), 49. On the other hand, an audit program is a set of procedure that is applied when making the audit to acquire evidence and information. Management practices and controls related to financial management, procurement, asset management, and LES human resource processes. Format: Online, In-Person. 3.3 Consideration of Other Assurance Provider Activities, 4.4 Challenges to Implementing the Two-Year Plan, Appendix A - 2019-2020 Departmental Results Framework & Program Inventory, Appendix B Description of 2020-2021 Engagements, Appendix C Focus of 2021-2022 Engagements, Appendix D 2020-2021 Engagements Mapped to Priorities, Audit of Real Property Strategic Investment & Portfolio Management, International Advocacy and Diplomacy Development Peace and Security Programming, Follow-up on Implementation of COVID-19 After Action Review & Lessons Learned. Sirrs (CSD, SID), 41. Audit of Internal Controls Over Financial Reporting. 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. 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. Preliminary Scope: This review will assess risk areas related to remote work such as organizational resilience, health and safety, work productivity and performance, and values and ethics. Each year, NRCans Chief Audit Executive (CAE) is required to prepare a risk-based audit plan (RBAP), which sets out the priorities of the internal audit activity that are consistent with the organizations goals and priorities. 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. 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. Real Property Project Delivery, Professional and Technical ServicesPrg Official: AWD/E. Audit plan must include internal control as well as thorough test to check the effectiveness of management control plan procedures. 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. All programs, management activities, processes, policies and control functions, along with departmental and government-wide initiatives are subjected to a risk assessment and risk ranking exercise to select audit projects in order of priority. Traditional audit plans focus on processes or specific areas. IT controls are important to ensure alignment with strategic objectives and priorities, protect departmental assets, and ensure data integrity. Audit is the highest assurance that companies are running a business that are illegal. It focuses on analyzing and managing risks. Compliance, Risk Services, functional areas) Gather and assess input from external sources (e.g. File Format. The OCAE provides independent, objective assurance and advisory services designed to add value and improve the Departments operations. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. 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. In addition, they utilize risk assessment techniques to analyze the risks of anomalies in business governance, notably financial statement misstatements. 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 Risk Assessment Process for 2017-18 . 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. The results of this pilot will be used to inform the methodology for other mission audits. As a result of the COVID-19 pandemic that affected Canada in March 2020, risks were reassessed in light of impacts to departmental operations. The follow-up process at NRCan is a two-phase process, which begins with a management self-assessment of the level of implementation for each recommendation and Management Action Plan (MAP). * Please provide your correct email id. You will not receive a reply. 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. 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. Sub-Saharan Africa Policy & DiplomacyPrg Official: WGM/L. Management of Federal-Provincial Offshore Agreements, 4. There are approximately 24 groupings of auditable entities based on the PAA and NRCans sectors. The plan is aligned with key government-wide risks stemming from COVID-19. %%EOF Internal Audit Strategic Plan Template Download this Internal Audit Strategic Plan Template Design in Google Docs, Word, Apple Pages. The first step in risk-based auditing is to identify where the greatest risks to the organization lie. Implementation of Extractive Sector Transparency Measures Act, 18. Prioritization of the audit universe is a two-step process. The Audit and Evaluation Branch (AEB) prepared the ECCC Risk-based audit plan (RBAP) for the Deputy Ministers, in keeping with the Treasury Board Policy on Internal Audit. Human ResourcesPrg Official: HSD/S. Sub-Saharan Africa TradePrg Official: WGM/L. Morrison (NDD, NLD), 36. Present the plan 6. By using our website, you agree to our use of cookies (. Fletcher (HLD), 45. Advisory Project on IT End State Migration. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. The Annual Audit Plan was primarily based on the vision of the APIAO and the vision of the Province of Aklan in relation to the five key reform areas. The IT function is a critical enabler in all transformation and large projects taking place in the Department. This scope will also include the eligibility, level of funding, compliance with terms and conditions of agreements, and results of projects. Kamarianakis (BID, SID, BHB), 22. This is performed through collaborative discussions with NRCan senior management and the DAC, where emphasis is placed on projects planned for 2017-18 (the first year of the three-year plan), given that future projects are reassessed annually. 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). hUmO0OG0w ML78 !a :i;qb;~""QN#S!uD2D-#:NN[ GZsR]%eitu_]Z-4+LY]udN*R{!L IG$"GD~(oN`2q8dSHv.ddhnx. Two significant Government of Canada initiatives associated with this Program are the Middle East Strategy and the Elsie Initiative for Women. It receives payments in exchange for making items available to end-users. Internal Audits - independent and objective assessments of governance, risk management and control processes against defined criteria, Ongoing Data Analytics - automated collection and analysis of data and indicators from IT systems on a continuous basis to determine effectiveness of controls, Consulting - objective assessments initiated at the request of management or OCAE, of limited and specific scope, less rigour than an audit, and without assuming management responsibility, Risk Assessments - assessments of inherent and residual risks to inform GAC management of risk exposure and OCAE of areas requiring further examination, A multi-year plan that considers areas of highest risk and significance, Quality Assurance and Improvement Program, Systematic process to ensure IIA Standards are met relating to quality of engagements and internal audit activity, Status updates to Departmental Audit Committee of management action plans to address recommendations, Single point of contact to coordinate activities with external assurance providers, Coordination of essential part of internal audit governance that provides objective advice and recommendations to Deputy Minister, Contribution to corporate reports, and review and advice regarding Treasury Board submissions and audit reports of multilateral organizations. Chown(AWD), 47. Copyright 2023 The Institute of Internal Auditors. Preliminary Scope: The review will focus on key aspects of the design framework of innovative programming initiatives including governance, risk management and stakeholder engagement. 927 0 obj <>stream Assess compliance to relevant staffing regulations as well as departmental awareness and understanding of staffing requirements. Scope: The review will assess key aspects of a management control framework including governance, planning, monitoring and reporting activities. It is part of a small business operation to have audit processes to make sure that important areas are given attention and problems would be identified and fix before it starts to complicate. Program Delivery Ineffective management and controls over program delivery could impede the achievement of business objectives, affect program integrity, and result in loss of public confidence in programs and services. 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