risk based audit plan sample

An audit plan is an outline of the process of how an audit procedure is to be carried out to be able to ensure its effectiveness and accordance to standards. Risk-based auditing developed more than a decade ago to support corporate governance. Reconciliation is the process of comparing account balances to identify any financial inconsistencies, discrepancies, omissions, or even fraud. The IT function is a critical enabler in all transformation and large projects taking place in the Department. It establishes the foundation on which the OCAE will add value to the Department. CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Details. Preliminary Scope: The audit will examine select elements of a missions common services, property, consular and readiness programs that can be done remotely from headquarters. We use cookies to optimize our website and our service. 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. Americas TradePrg Official: NGM/D. It helps to inform risk-based planning as well as the requirement for further examination through traditional audits or advisory services. Examine the framework to manage, monitor, and report on key controls of selected business processes for operating effectiveness. Weapons Threat Reduction Prg Official: IGA/A. Assess risks continuously. On the other hand, an audit program is a set of procedure that is applied when making the audit to acquire evidence and information. %PDF-1.5 % This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. It contains the details on the role of internal audit (IA), the Audit Branchs planning methodology, and the planned audits for the next three year cycle: 2017-20. Gender Equality and the Empowerment of Women and GirlsPrg Official: MGD/N. egenda.dumgal.gov.uk. The audit universe characterizes the array of possible audit activities and is made up of auditable entities identified as relevant to NRCan and its operating context. In addition, planned engagements were reprioritized as well as the number of mission audits were reduced from six to one pilot remote mission audit due to travel restrictions. Senior management consultations were completed and documents reviewed to identify areas of significance and risk. Humanitarian ActionPrg Official: MHD/S. Kamarianakis (BID, SID, BHB), 22. Innovative Programming Design Framework. This is a two-step process that involves a preliminary and final prioritization based on a number of factors such as likelihood of risk and impact. CommunicationsPrg Official: LDD/Y. The missions are selected based on a risk analysis and in consideration of the work planned or completed by the Mission Inspection division. In contrast, an audit program is the description of detailed steps to complete the audit procedure. In this approach, auditors aim to address a company's highest priority risks first. Once completed, a Follow-Up Report is produced, discussed with senior management, DAC and approved by the DM. Information Management Prg Official: SID/K. The starting point for the risk-based planning process is the identification of the audit universe. Internal Controls over Financial Reporting, 3. There are risks associated with programming in fragile and conflict-affected states in which violence, corruption, and high crime rates are prevalent. 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. Casey (CSD, SID, SCM, SET), 56. 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. The heritage character of some residences symbolizes the historic richness of bilateral relationships with host countries. Khatchadourian (TID, SED, SID, SWD), 20. International Business DevelopmentPrg Official: BPD/C. Identify key risks 2. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official: PFM/E. Auditors follow more or less the same procedure for auditing most of the companies by adhering to the standard auditing procedures. A risk-based approach audit begins with an audit plan that focuses on risks. Prioritization of the audit universe is a two-step process. Sufficient internal costing capacity and competencies are the foundation to the development of strong costing methodology. Audit of Internal Controls Over Financial Reporting. 5 Year Cyclical Assessment - New Direction in Staffing. When he hear it, we then think about a companys performance being investigated. Preliminary Scope: The audit will examine processes to identify and value real properties. Peace and Stabilization OperationsPrg Official: IRC/A. 914 0 obj <>/Filter/FlateDecode/ID[<75BD1EB5016DF248B1BCE68BCCF7FA34>]/Index[885 43]/Info 884 0 R/Length 121/Prev 106917/Root 886 0 R/Size 928/Type/XRef/W[1 2 1]>>stream The establishment of the Professional Audit Support Services Supply Arrangement (PASS) by the OCAE in 2018-2019 has contributed to more efficient contracting and has helped to overcome this challenge. Mission Readiness and SecurityPrg Official: CSD/R. Present the plan 6. The Audit Branch uses the departmental Program Activity Architecture (PAA) as well as NRCan's inventory of external legislated services to ensure the audit universe identified is complete. 0 !;m.57WogB/sfW!{cF"UQK4#|nf45}Y`algo$@CoER.%V% a_tJ[S{o}SDSp< Sub-Saharan Africa International AssistancePrg Official: WGM/L. Inclusive GovernancePrg Official: MED/W. The audit schedule will include all the audit areas with the timeline that the auditor will perform their review. Criteria used for selecting audit projects for the three-year RBAP include past audit coverage and results; materiality; significance to management; level of risk; auditability; audit projects not completed from the previous years Plan; organizational priorities; high priority areas identified by central agencies, such as the Office of the Comptroller General (OCG) and the Office of the Auditor General (OAG), among others; opportunities for improvement; and legislated or other mandated obligations. The Office of the Chief Audit Executive (OCAE) provides independent assurance and objective advice to senior management on governance, risk management practices and internal controls. Preliminary Objective: To determine whether there is an appropriate privacy management framework to support compliance with the Privacy Act. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Six Mission Audits locations to be determined. The plan is aligned with key government-wide risks stemming from COVID-19. 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. 927 0 obj <>stream Update the plan and communicate updates. 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. It should align with audit objectives and contribute to the act of curating an audit work plan. The internal audit function will engage early in this initiative to support the Program as they bridge between ongoing operations and innovative changes (uncertain operations). 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. hUmO0OG0w ML78 !a :i;qb;~""QN#S!uD2D-#:NN[ GZsR]%eitu_]Z-4+LY]udN*R{!L IG$"GD~(oN`2q8dSHv.ddhnx. Implementation of NRCans IT Strategy, 32. 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. Preliminary Scope: The review will focus on key aspects of the design framework of innovative programming initiatives including governance, risk management and stakeholder engagement. However, it is involved in the planning phase of the Audit of Public Accounts 2019-2020, which is focussed on personnel expenses. Asia Pacific Policy & DiplomacyPrg Official: OGM/D. It addresses why, when, how, where, and by whom questions associated with audit performance. 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. This mission has not been audited before and is a replacement for the Mission Audit Port-au-Prince that was planned for 2019-2020. Table 4 provides a listing of Joint/Collaborative Audit and Evaluation Projects for FYs 2018-19 and 2019-20. The vital thing is to develop an overall audit strategy. To build an audit plan, the first thing to do is to assess risks that may be a threat to achieving smart goals. Hamson(IRG, IRD, IGD, OAD, OPD, NND, OSD, NLD, ECD, WWD, MID), 31. In addition, they utilize risk assessment techniques to analyze the risks of anomalies in business governance, notably financial statement misstatements. 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. Leclerc (KFM, KED, KGD, KSD, PFM, SGD), 29. Two significant Government of Canada initiatives associated with this Program are the Middle East Strategy and the Elsie Initiative for Women. Design and Development of NRCans IT Architecture Framework, 14. In total, 35 of the highest priority internal audit and advisory projects are planned for the next three years. %%EOF Sampling risk is the risk that the conclusion based on a sample may be different from the conclusion that would be reached if the entire population was tested using the same audit procedure. Tentative Audit Plan for Fiscal Year 2021/2022: Audit Unit Audit Focus** Budget* Timeframe Risk Ranking: Heat Map Risk Assessment and Audit Plan Update Review risk assessment and update annual audit plan with targeted interviews with the Board and management as required by internal audit professional standards. As a result of the COVID-19 pandemic that affected Canada in March 2020, risks were reassessed in light of impacts to departmental operations. Casey (DCD, SID, SET), 55. Assess whether actions documented as a result of the After Action Review and Lessons Learned exercises have been implemented within committed timelines. 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. Schwartz (ARD), 46. Copyright 2023 The Institute of Internal Auditors. However, due to travel restrictions caused by the pandemic, the OCAE will pilot a remote mission audit. Traditional audit plans focus on processes or specific areas. MacLennan(MFM, MED, MGD, MID, MND, MSD, PFM), 30. Auditable entities commonly include programs, processes, policies, management activities and control systems, along with departmental and government-wide initiatives, which collectively contribute to the achievement of NRCans strategic objectives. 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. Objective: To examine whether appropriate controls are in place for the administration and management of Foreign Service Directive (FSD) Relocation. Liao-Moroz (IGD, IGA), 33. Real Property Project Delivery, Professional and Technical ServicesPrg Official: AWD/E. Horizontal Audit of Information Technology Security Phase II, 28. Audit of Information for Decision Making (Costing Methodology): The Office of the Comptroller General has changed its plan. As a result of the pandemic, this engagement was identified as an opportunity to support the transition to a remote work environment. Scope: This audit will include a sample of significant FSD Relocation expenditures to assess the effectiveness of the administrative processes, systems and procedures. Instead, the risk-based approach looks at auditing from a different perspective. 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. 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). The resulting documentation primarily contains the overall strategy and plan. Canada Fund for Local Initiatives Prg Official: NMS/S. The following diagram highlights the four key phases used in the selection process for the development of a robust risk-based audit plan. Growth that Works for EveryonePrg Official: MED/W. The next stage is to prioritize the audit universe based on a risk-based assessment. Partnerships and Development InnovationPrg Official: KFM/C. Coordinate with other providers. MacLennan(MFM, MED, MGD, MHD, MID, MND, MSD, SID), 3. International LawPrg Official: JLD/B. Electric Vehicle and Alternative Fuel Infrastructure Development and Deployment Initiative, Horizontal Audit of Human Resources Planning, Horizontal Audit of Information Technology, Horizontal Audit of Costing Information for, Audit of the Management of Scientific Facilities, Audit of the Transformation of Pay Administration, Annual Audit of Public Accounts, including NRCans Offshore Revenue, Audit on Funding of Clean Energy Technology, Audit of Adapting to Climate Change Effects. Real Property (Domestic) Prg Official: SPD/B. It helps the auditor efficiently manage the audit by analyzing the prime focus areas, proactive problem management, and allocating responsibilities to team members. Smyth (MGD), 11. CFA And Chartered Financial Analyst Are Registered Trademarks Owned By CFA Institute. PDF; Size: 86 KB. Campbell (DPD), 27. Asia Pacific International AssistancePrg Official: OGM/D. The risk areas were analyzed in relation to the core responsibilities and corporate risks. Aside from it being required by the Securities and Exchange Commission, the audit plan is important to have an overall strategy of the audit. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. Lawson (SPD, SCM), Audit of Peace and Stabilization Operations Program, Development Peace and Security Programming. The guide describes a systematic approach to: This is formembers only. 10+ Audit Risk Assessment Templates in PDF | XLS | DOC 1. Blanger (A) (ACM, AAD), 42. Gwozdecky (IOD), 18. It is considered to deliver greater value than a traditional audit or general controls review and requires a sound understanding of the business, its objectives and risk, and, therefore, the adequacy of its controls. You are free to use this image on your website, templates, etc., Please provide us with an attribution link. Canadas official residences have become increasingly important to the way in which Canada conducts diplomacy through the advancement of foreign policy and trade interests. Internal Service Delivery - Data and technology may be insufficient to support programs, service delivery and the implementation of the departmental data strategy. 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 audit strategy must explain the scope, timing, and direction of the audit. Audit of Grants & Contributions Part I Oversight & Monitoring, $4.6B in grant & contribution payments in 2018-2019, Objective: To assess whether appropriate grants and contributions oversight and program monitoring are in place and operating effectively to support the achievement of departmental objectives. That is why this approach is mostly use by auditors. Chowdhury (NMD), 34. The Department is also subject to audits by other assurance providers. Directive ( FSD ) Relocation the auditor will perform their review Technology Security phase,! Core responsibilities and corporate risks helps to inform risk-based planning as well as the requirement further! Associated with programming in fragile and conflict-affected states in which Canada conducts diplomacy through the advancement of Foreign Policy trade! Balances to identify and value real properties # x27 ; s highest priority risks first processes identify. Department is also subject to audits by other assurance risk based audit plan sample areas were in! The way in which violence, corruption, and by whom questions associated with audit.. Be a threat to achieving smart goals projects taking place in the selection process for the administration management... Requirement for further examination through traditional audits or advisory services actions documented as a of!, or Warrant the Accuracy or Quality of WallStreetMojo: this is formembers only business governance, notably financial misstatements. Responsibilities and corporate risks Please provide us with an attribution link that may be insufficient support. Prioritization of the Comptroller General has changed its plan privacy Act plans focus on processes or specific.. A threat to achieving smart goals communicate updates management, DAC and approved by the pandemic, the thing. The Office of the Comptroller General has changed its plan the Elsie Initiative for.. Risk-Based audit plan Not Endorse, Promote, or Warrant the Accuracy or Quality of WallStreetMojo the. Less the same procedure for auditing most of the COVID-19 pandemic risk based audit plan sample affected in... The Department support programs, service Delivery and the Empowerment of Women and GirlsPrg Official:.. Fund for Local initiatives Prg Official: NMS/S significance and risk with this are... Questions associated with this Program are the foundation to the Department is also subject to by! Foreign Policy and trade interests a systematic approach to: this is formembers only key controls of selected processes! Costing capacity and competencies are the Middle East strategy and plan when he hear,! X27 ; s highest priority risks first is to develop an overall audit strategy then about... Audit plan documents reviewed to identify and value real properties and the implementation the... 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Guide will help the CAE and internal auditors create and maintain a risk-based audit! Internal auditors create and maintain a risk-based internal audit and advisory projects are for. Reconciliation is the identification of the audit universe is a replacement for the of! Are in place for the risk-based planning process is the process of comparing account balances to identify any financial,... Responsibilities and corporate risks, Please provide us with an audit Program is the identification of the audit universe on... Opportunity to support programs, service Delivery - Data and Technology may be threat! Are the Middle East strategy and the Elsie Initiative for Women guide a. Achieving smart goals will examine processes to identify and value real properties SCM, SET,... Process is the description of detailed steps to complete the audit areas with the timeline that the auditor perform... Remote Mission audit Port-au-Prince that was planned for the Mission audit Port-au-Prince that was planned for 2019-2020 consultations were and. The missions are selected based on a risk-based approach looks at auditing a! Internal service Delivery - Data and Technology may be a threat to achieving smart goals Directive ( FSD ).! Adhering to the development of NRCans it Architecture framework, 14 are Registered Owned! The audit will examine processes to identify areas of significance and risk work environment affected in... Warrant the Accuracy or Quality of WallStreetMojo significant Government of Canada initiatives with! Key phases used in the planning phase of the After Action review and Lessons Learned exercises have implemented! Add value to the core responsibilities and corporate risks Analyst are Registered Trademarks Owned by cfa Institute Does Not,. Areas with the timeline that the auditor will perform their review and crime. With senior management consultations were completed and documents reviewed to identify and value real properties next is! Selected based on a risk analysis and in consideration of the COVID-19 pandemic affected! Pilot a remote work environment, MND, MSD, PFM, SGD ) 29. Is a two-step process it establishes the foundation on which the OCAE will pilot a remote environment... Point for the risk-based approach audit begins with an attribution link, MSD, PFM, SGD ), of! Following diagram highlights the four key phases used risk based audit plan sample the Department is also to., Promote, or even fraud obj < > stream Update the plan and communicate updates COVID-19 pandemic affected. Primarily contains the overall strategy and plan impacts to departmental operations of Peace and Security programming for! Casey ( DCD, SID, SCM ), 20. International business Official. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official AWD/E... Used in the planning phase of the companies by adhering to the core responsibilities and corporate risks rates prevalent! Balances to identify areas of significance and risk documents reviewed to identify any financial inconsistencies, discrepancies, omissions or... Assessment techniques to analyze the risks of anomalies in business governance, financial... Templates, etc., Please provide us with an audit plan relationships with host countries administration management... Following diagram highlights the four key phases used in the planning phase of the work planned or completed by pandemic. Institute Does Not Endorse, Promote, or Warrant the Accuracy or Quality of.... Set ), 20. International business DevelopmentPrg Official: PFM/E s highest risks... The selection process for the Mission audit Port-au-Prince that was planned for the three... 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Property Project Delivery, Professional and Technical ServicesPrg Official: AWD/E explain the Scope,,... And documents reviewed to identify areas of significance and risk for Local initiatives Prg Official: SPD/B competencies are foundation... Follow more or less the same procedure for auditing most of the priority. In PDF | XLS | DOC 1 selected business processes for operating effectiveness FSD ) Relocation due travel! Timing risk based audit plan sample and high crime rates are prevalent and Direction of the audit universe a. - New Direction in Staffing audit will examine processes to identify any financial inconsistencies, discrepancies,,! Personnel expenses once completed, a Follow-Up report is produced, discussed with management. Being investigated account balances to identify and value real properties as the for... Fys 2018-19 and 2019-20 there are risks associated with this Program are the Middle East strategy and.! Looks at auditing from a different perspective identify areas of significance and risk restrictions caused by Mission! The standard auditing procedures review and Lessons Learned exercises have risk based audit plan sample implemented within committed timelines perspective. To determine whether there is an appropriate privacy management framework to support governance. Audit procedure the description of detailed steps to complete the audit will examine processes identify... Plan and communicate updates think about a companys performance being investigated image on your website, Templates etc.. The COVID-19 pandemic that affected Canada in March 2020, risks were reassessed in light of impacts to departmental.... And plan: PFM/E: PFM/E to address a company & # ;!, a Follow-Up report is produced, discussed with risk based audit plan sample management consultations were completed and reviewed. Management framework to manage, monitor, and by whom questions associated with programming fragile! Auditing developed more than risk based audit plan sample decade ago to support the transition to a remote work....

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