Attention Audit Leaders and Risk Managers,
Are you tired of audits that seem to go nowhere, leaving your team fatigued and stakeholders disconnected? It's time to revolutionise your approach to internal auditing.
Join us for a comprehensive overview of Risk and Control-Based Auditing. In this session, we'll uncover the evolution of internal audit services, shed light on the pivotal role of the risk-based audit methodology, and present real-time feedback from customer surveys.
But that's not all. We'll tackle the burning questions keeping audit teams up at night in the next 2 sessions:
- In this session we will explore how can we ensure our audits align seamlessly with organisational objectives?
- In the next session we will look at what are the most effective audit execution methodologies to drive meaningful results?
Through practical examples and insightful discussions, we'll showcase how a risk-based approach can transform your audits from mundane tasks to strategic drivers of organisational success.
Don't miss this opportunity to elevate your internal audit function, champion good governance practices, and unlock the full potential of your team. Let's embark on this journey together toward more impactful and actionable insights.
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Speakers: Stephen Helberg and Scott Goddard
Date: 25th April 2024
Session: 09h00 - 10h00
Cost: Free
For Queries Please Email: cheryl@barnowl.co.za
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In this session, we will delve into the following topics:
- Tracing the evolution of internal audit services through a concise historical perspective.
- Providing an insight into the internal audit function and emphasising the significance of the risk-based audit methodology.
- Presenting key feedback themes derived from customer surveys, reflecting real-time perspectives.
- Understanding the essence of risk and control-oriented auditing through two fundamental inquiries:
- How can we ensure the alignment of audits with organisational methodologies? This topic will be explored in a subsequent session.
- How can we ensure the effectiveness of audit execution methodologies? This topic will be explored in a subsequent session.
- Illustrating practical examples and resultant outcomes stemming from the application of this approach.
- Encouraging participants to share their own experiences and insights.
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Is your internal audit team grappling with audit fatigue? Are your audit stakeholders feeling disconnected or frustrated due to prolonged audit processes yielding minimal relevance?
Selecting the appropriate approach can elevate internal audit as a trusted advisor, championing good governance practices, fostering stakeholder engagement, and yielding more meaningful and actionable insights.
A risk-based audit methodology initiates with a comprehensive assessment of the risk landscape, serving as the foundation for the audit plan. In this approach, the primary objective is to address the organisation's most critical risks.
While many audit departments claim to adopt a risk-based approach, often their audit plans are structured around departments, functions, or processes, primarily focusing on compliance with internal policies and external regulations.
A truly effective risk-based audit methodology commences with an evaluation of the organisation's top risks and overarching business objectives. Subsequently, all audits within the plan should be tailored to mitigate these risks and provide valuable insights to senior management.
Risk-based audit plans hinge upon defining the organisation's risk appetite, identifying inherent risks, and prioritising high-risk business processes. Alignment with the organisation's risk profile, macro business processes, strategic objectives, and legal obligations is imperative. We will delve deeper into understanding these essential "filters" during our discussion.
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Info Sharing Guest Speaker
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Biography
Scott Goddard
Scott is a highly accomplished, engaging, and self-motivated senior executive, with a distinguished career in public service, professional services and corporate industry achieving a solid reputation for driving strategic vision and creating sustainable organisational value.
Scott has worked as a partner in three professional services firms, was General Manager for Operational Risk at Australia Post and more recently, a former Chief Executive Officer and Chief Financial Officer for a Victorian government agency focused on integrity. He is current Chair of the Victorian Ombudsman Audit and Risk Management Committee.
As a former ‘Big 4’ Partner, Scott has over 30 years’ of consulting and regulatory experience advising companies across a range of industries on risk, internal audit, forensic, data security and analytics.
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Biography
Stephen Helberg
Stephen has extensive board level, executive management and governance experience, nationally and globally across diverse industries, including construction, mining, and transport, management consulting and banking.
Stephen had a number of senior executive roles including the Global Head of Corporate Assurance of Rio Tinto Ltd, the Executive General Manager Internal Audit for the Leighton Group (now CIMIC Ltd), a partner at Ernst & Young in Sydney, General Manager Performance Measurement at Commonwealth Bank Ltd and head of operations finance (Deputy CFO) for Anglo American Platinum Ltd.
Stephen has considerable commercial experience having worked for some of world’s largest companies on a broad range of risk, internal audit, forensic and consulting engagements.
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