Wayne G. Moore, CIA, CPA Audit Director DuPont Company.
8
Wayne G. Moore, CIA, CPA Audit Director DuPont Company
-
Upload
chloe-pugh -
Category
Documents
-
view
215 -
download
1
Transcript of Wayne G. Moore, CIA, CPA Audit Director DuPont Company.
Wayne G. Moore, CIA, CPA
Audit Director
DuPont Company
Dupont Internal Audit Overview
Dupont Internal Audit Overview
Internal Audit Leads in a New
Direction
Other DuPont brands include Antron® carpet fiber, Dacron® polyester fiber, Mylar® polyester films, CoolMax®, and Cordura® textile fibers.
DuPont Business OverviewDuPont Business Overview
Stainmaster® Carpet,
SilverStone®
Lycra®
Teflon®Kevlar®,
Corian®
DuPont is a science company, delivering science-based solutions in markets such as food and nutrition, health care, apparel, home and construction, electronics and transportation.
2001 revenues: $24.7 billion; net income of $4.3 billion.
Employees: 79,000. Approximately half work outside the United States.
Operating in 70 countries worldwide; 135 manufacturing and processing facilities.100 Internal Auditors
North America Europe Asia South America IT
45 20 15 5 15
DuPont Business OverviewDuPont Business Overview
Disclosure Committee - Meets Quarterly •VP & Assistant General Counsel, VP & General Auditor, VP & Treasurer, VP -Corporate Strategy, VP - Investor Relations, Corporate Counsel, VP - Finance & Controller, Manager of Corporate Accounting
Committee Objectives•No Material Omissions•Financial Information is Fairly Presented
Section 302 – CEO/CFO Certification of Quarterly and Annual Reports
The Impact of Sec. 302’s Disclosure Controls Requirement
on DuPont Internal Audit
The Impact of Sec. 302’s Disclosure Controls Requirement
on DuPont Internal Audit
• General Assumptions– Focus on the system of disclosure controls and procedures– Do not duplicate work performed by external auditors– Controller owns process, report sent to Disclosure Committee– Opinion is given on adequacy of disclosure controls
• What is CoveredFlows Through Must Be System Certified 10-K 10-K 10-Q 10-Q Proxy 8-K
The Impact on DuPont Internal Audit
The Impact on DuPont Internal Audit
Section 302 – CEO/CFO Certification of Quarterly and Annual Reports
•Quarterly/Year End Audit of Disclosure Controls & Procedures •Audit Steps
– Understand Financial Reporting Process – Assess level of risk
• Various footnotes, businesses, functions– Select sample of footnote and MD&A information
• Understand and map individual processes• Review documentation and test for timeliness and completeness
•Model Practices observed during our review– Disclosure Checklist from external auditors– Attempt to voluntarily file within accelerated timeline
• (stress test the new process)
The Impact on DuPont Internal Audit
The Impact on DuPont Internal Audit
Section 302 – CEO/CFO Certification of Quarterly and Annual Reports
• Challenges– Decentralized financial reporting process– Timing is shortened for future filings
– Increased level of detailed disclosure is expected– Same quality of reporting also applies to quarterly reporting– Scheduling interviews with individuals
• Will begin to interview footnote owners/subsidiaries/businesses throughout the year
• Perform follow-up within the required 90 day timeframe for any changes in the process
YE ‘02 90 DaysYE ‘03 75 DaysYE ‘04 60 Days
Quarters up to 12/31/03 45 Days Quarters up to 12/31/04 40 Days Quarters up to 12/31/05 35 Days
The Impact on DuPont Internal Audit
The Impact on DuPont Internal Audit
Section 302 – CEO/CFO Certification of Quarterly and Annual Reports
