Internal Audit Overview

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Enhancing Governance through internal audit Internal Audit Overview Conference on Public Internal Control in the EU May 15, 2014 Thijs Smit President

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Internal Audit Overview

Transcript of Internal Audit Overview

Page 1: Internal Audit Overview

Enhancing Governance through internal audit

Internal Audit OverviewConference on Public Internal Control in the EU

May 15, 2014

Thijs SmitPresident

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Enhancing Governance through internal audit

Introduction• Thijs Smit• ECIIA

Internal Audit• Definition• 3 lines of defence• 2020

Quality Assurance

Audit Committee

Agenda

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Enhancing Governance through internal audit

Thijs Smit

PTT KPN 1978 – 1997

Corus 1997 – 2000

Ahold 2000 – 2005

SNS REAAL 2006 – 2010

SHV 2011

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Enhancing Governance through internal audit

European Confederation of Institutes of Internal Auditing

The ECIIA represents the beacon of the Internal Auditprofession in the wider geographic area of Europe and theMediterranean basin

37 countries40.000 members

Primary objective of furthering the development ofcorporate governance and internal audit throughknowledge sharing, key relationships and theregulatory environment oversight

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Enhancing Governance through internal audit

Definition Internal Audit

Internal auditing is an objective assurance activity that benefits an organization by providing independent evaluations, advice,and insight on governance, risk management and internal control.

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Enhancing Governance through internal audit

1st line of defence 2nd line of defence 3rd line of defence

Internal Audit

Actuarial Function

Risk Management

External audit

Regulator

ManagementControls

Internal Control

Measures

Compliance

Governing Body / Audit Committee

Senior Management

The three lines of defence model

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Enhancing Governance through internal audit

• Less emphasis on controls and more on risk managementand governance

• New risks to consider: reputational damage,…• Audit plan reviewed more regularly• Technology: Mega Data and GRC• More focus on key risks, key recommendations• More operational skills and emphasis on soft skills

(communication, project management,…)

*IA Magazine : interviews of thought leaders , 2013 Pulse Survey, New risks for internal auditIn the public sector

Internal audit in 2020*

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Enhancing Governance through internal audit

Quality Assurance

• Audit the Auditor

• Crucial to bring profession to the next level

• Mandatory in certain situations

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Enhancing Governance through internal audit

• Oversee Internal Audit• Ensure independence• Assess quality• Direct reporting line

• Assess quality external Auditor

• Review risks

• Oversee financial reporting

• Coordinate assurance functions

• Review internal control framework

Audit Committee Roles

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Enhancing Governance through internal audit

www.eciia.eu


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