risk based audit plan sample

Advisory Project on Evidence for Policy Decision Making, 34. Joint Mission Audit/Inspection Bamako, Mali. During the 2019 relocation season, the Department oversaw over 1,100 international and domestic relocations for a total disbursement of approximately $37M. 20 Spring 2021 N/A Monitor Fraud, As part of this years update to the RBAP six advisory projects have been identified in Table 3, with the possibility of others, where feasible. Kamarianakis (BID, SID, BHB), 22. All rights reserved. Currently, the Department is not implicated in any such audits. The 3 areas selected for continuous audit in 2017-18 are: NRCans annual report on continuous audit activities will be completed for the DACs fall 2017 meeting. Due to the uncertainty of the duration of the pandemic, advice to senior management on the positive and negative aspects of remote work will inform decision-making related to its continuation. This scope will also include the eligibility, level of funding, compliance with terms and conditions of agreements, and results of projects. Audit Plan Example Having a punctiliously crafted audit design helps auditors achieve efficient engagement, risk mitigation, and compliance with standards set by authorized governing bodies. The OCAEs budget for 2020-2021 is shown in Table 2 below. Table 4 provides a listing of Joint/Collaborative Audit and Evaluation Projects for FYs 2018-19 and 2019-20. Coordinate with other providers. Preliminary Scope: The audit will include the collection, use, disclosure and retention of information. Hearing both of those terms, we can say that they are basically the same. %%EOF Campbell (DPD), 27. The guide describes a systematic approach to: This is formembers only. . There are several ways to develop these targets. This audit follows a 2017 Audit of the Harmonization of Grant and Contribution Program Administration conducted by the OCAE, which concluded that GAC required improvements to attain a more streamlined, standardized, and harmonized delivery and administration of grants and contributions. 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). nrcan.gc.ca. 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 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). Smyth (MGD), 11. An audit design contains a list of guidelines for auditors to follow while conducting an audit. Hamson(IRG, IRD, IGD, OAD, OPD, NND, OSD, NLD, ECD, WWD, MID), 31. The scope will also include a review of the accountability framework, decision-making framework and performance reporting structure for the Duty of Care initiative. Schwartz (ARD), 46. 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). Internal services may not be aligned and integrated with policy development or operations. In todays unprecedented environment, effective internal auditing requires thorough planning coupled with nimble responsiveness to quickly changing risks. The following diagram highlights the four key phases used in the selection process for the development of a robust risk-based audit plan. The guide describes a systematic approach to: Understand the organization. These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels. 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. NRCans audit universe is made up of 24 groupings of auditable entities. An auditor issues a report about the accuracy and reliability of financial statements based on the country's local operating laws. The FSD Relocation accounts for over a quarter of the FSD expenditures. To comprehend each business element relevant to the audit, the auditors collect and evaluate information about the company, such as financial, legal, and investment facts. Each of the engagements are linked to the core responsibilities, the corporate risks and the audit risk areas (COVID-19 activities, program delivery, transfer payments, and internal services) as shown below. Casey (SID, IDD, CS Mission), 49. 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. Optimization and integration of regional activities within the overall Trade Commissioner Service transformation initiative. Lundy (AFD, CS Mission), 44. Electric Vehicle and Alternative Fuel Infrastructure Development & Deployment Initiative, 8. Audit of Internal Controls Over Financial Reporting. 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. NRCans Experimentation and Innovation Strategy, 2. CFA And Chartered Financial Analyst Are Registered Trademarks Owned By CFA Institute. Audit of Foreign Service Directive - Relocation, $37M of FSD Relocation payments made in 2019. Assurance Service - Objective examination of evidence for the This sample outlines the audit plan for a bank, including risk assessment, gap analysis from previous year audit plan and audit schedule. The scope will include the management of real property, vehicles, machinery and equipment, material inventory, consular revenue and cash, and LES overtime. Solicit input from the Regents, Senior Management, systemwide and campus management perspective. Mission Network Information Management / Information TechnologyPrg Official: SID/K. Each spring, as part of the second phase, the Audit Branch performs a validation that the recommendations assessed by management have been fully implemented. Implementation of NRCans IT Strategy, 32. Two significant Government of Canada initiatives associated with this Program are the Middle East Strategy and the Elsie Initiative for Women. The OCAE provides independent, objective assurance and advisory services designed to add value and improve the Departments operations. These statements, which include the Balance Sheet, Income Statement, Cash Flows, and Shareholders Equity Statement, must be prepared in accordance with prescribed and standardized accounting standards to ensure uniformity in reporting at all levels.read more. It should be noted that collaborative efforts will range from conducting joint interviews, to collecting and sharing information, to conducting hybrid audit and evaluation engagements. First, it helps the auditor minimize its risks. Identify key risks 2. Professional Development and Talent Management, 10. * Please provide your correct email id. The audit schedule will include all the audit areas with the timeline that the auditor will perform their review. 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. Humanitarian ActionPrg Official: MHD/S. Scope: The review will assess key aspects of a management control framework including governance, planning, monitoring and reporting activities. Traditional audit plans focus on processes or specific areas. Between April and June 2020, the OCAE reassessed risks in several areas such as governance, decision-making processes, health and wellness, people management, protection of information, program delivery, security, and emergency preparedness. Detection risk is the risk that control by auditors. Furthermore, the knowledge and experience of the auditors will undoubtedly reflect in the conversations throughout the work plan development. Asia Pacific International AssistancePrg Official: OGM/D. The OCAE coordinates the risk-based audit planning activities with external assurance providers to ensure audit coverage of high-risk areas, and to minimize overlap and duplication, thus reducing the engagement burden on clients. The first step in risk-based auditing is to identify where the greatest risks to the organization lie. Once completed, a Follow-Up Report is produced, discussed with senior management, DAC and approved by the DM. Peace and Security is one of six action areas under the Departments Feminist International Assistance Policy, which underpins Canadas international effort to achieve the Sustainable Development Goals. (Responsibilities and More), Five Best Soft Skills for a Bookkeeper (Explained), How To Move Your Accounting Processes To The Cloud, 3 Types of Corporate Strategies (Explanation, Advantages, and Limitations), Why is Working Capital Negative? Rely on existing risk identification processes wherever they exist (e.g. Legal ServicesPrg Official: JUS/T. Audit evidence is information gathered by auditors during the course of an audit, whether internal, statutory, or otherwise. Grants and Contributions Policy and OperationsPrg Official: SGD/M. Preliminary Objective: To determine whether there is an appropriate privacy management framework to support compliance with the Privacy Act. 209 0 obj <>/Encrypt 199 0 R/Filter/FlateDecode/ID[]/Index[198 38]/Info 197 0 R/Length 75/Prev 330432/Root 200 0 R/Size 236/Type/XRef/W[1 2 1]>>stream Drukier (MED, MSD), 14. This kind of planning requires the auditor to understand the client's nature of the business, control the environment, and then . 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. Risk analysis is the process of estimating the two essential properties of each risk scenario: 13 Frequency The number of times in a given period (usually in a year) that an event is likely to occur Impact The business consequences of the scenario Risk factors are those conditions that influence frequency and impact. Background: Preliminary Objective: To determine whether there are effective processes and structures in place to manage the Departments real property portfolio. Engagement Type The two types of engagements in an Internal Audit Plan are: 1. This Practice Guide is provided as a service to members of The IIA. 5 Year Cyclical Assessment - New Direction in Staffing. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official: PFM/E. This has been a guide to Audit Plan and its Meaning. Define audit universe 3. 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 Internal Audit Plan Sample. It is important to have an audit plan because this would ensure the effectiveness of the audit procedure and its accordance to the auditing standards. CommunicationsPrg Official: LDD/Y. This methodology complements the monitoring function of departmental managers. The risk areas were analyzed in relation to the core responsibilities and corporate risks. 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. This figure highlights the four key phases used in the selection process for the development of a robust Risk-based audit plan. MacLennan(MFM, MED, MGD, MID, MND, MSD, PFM), 30. Foreign Service Directives Prg Official: HED/M. What does an audit plan mean? Definition: 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. Finalize and communicate the plan. Six Mission Audits locations to be determined. In addition, they utilize risk assessment techniques to analyze the risks of anomalies in business governance, notably financial statement misstatements. provide reasonable assurance). A standard audit program guides the audit process, and determines which audit procedures should be performed based on the secondary risk assessment rating. Auditor has the authority to question the concerned personnel in case of any discrepancies. However, it is involved in the planning phase of the Audit of Public Accounts 2019-2020, which is focussed on personnel expenses. (Explanation With Example). Table 5 provides a listing of known external audit projects planned for fiscal years 2017-18 to 2019-20, with the expected tabling dates. Financial ManagementPrg Official: SCM/A. They constitute an integral part of the supply chain management for providing raw materials to manufacturers and finished goods to customers. 0 Golberg(IFM, JFM, KFM, PFM, DSMX, POD, PVD, IBMO, PBMO, DSMO, DSMP, DSMZ, PED), 2. 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. The Audit Branchs forecasted budget for FY 2017-18 is $3.2 million. Through risk-based auditing, the internal audit activity helps executive management and the board understand whether the organization's risk . Audit Risk Assessment Form altec-usa.com Details File Format XLS Size: 15.5 KB Download 3. 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. 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. It should be noted that collaborative efforts will range from conducting joint interviews, the collection and sharing of information, to conducting hybrid audit and evaluation engagements. Given the size and complexity of the Department, reliable costing information is important to ensure investments are aligned with the departmental mandate. Scope: This audit will include a sample of significant FSD Relocation expenditures to assess the effectiveness of the administrative processes, systems and procedures. It includes six action areas and is set to invest $2 billion over five years from 2018. 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. %%EOF An auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. Audit of Management of NRCans Satellite Station Facilities, 4. By continuing to apply RBIAP principles; this level of input, with the ability to Advisory Project on NRCans Approach to Funding Science-Based Activities, 12. 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. Americas TradePrg Official: NGM/D. Objective: To examine whether appropriate controls are in place for the administration and management of Foreign Service Directive (FSD) Relocation. GAC is involved in the reporting phase of the Audit of Employment Equity in Recruitment conducted by the Public Service Commission. It focuses on analyzing and managing risks. Lawson (CSD, SPD, SCM), 57. Advisory Digital Strategy: This engagement is being removed since results of the IT Risk Assessment will inform further work in this area. The practice of internal audit, including the development of the RBAP, conforms to the International Professional Practices Framework of the Institute of Internal Auditors, the Treasury Board of Canada Policy on Internal Audit and directive as well as additional guidance from the Office of the Comptroller General. No joint audit and evaluation projects planned for this year. Risk Assessment &Draft . Develop internal audit plan 5. In risk-based internal auditing, one assesses the risks, the way they are governed, managed, and controlled in order to develop the audit plan, for the purpose of evaluating the control systems, or as part of participation in the development and improvement of risk management projects. 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 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. Inclusive GovernancePrg Official: MED/W. This document will be a roadmap to maintaining the reliability of the department. Ongoing analytics is a cost-efficient approach to complement traditional audits. 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. Requirement to develop risk based plan bagi internal auditor dipersayaratkan dalam Standar Internal Audit, issued by Institute of Internal Auditors (IIA). Potential Future Joint/Collaborative Audit and Evaluation Reports, Central Agencies Audit Projects for 2017-18 2018-20, Follow-up on Previous Audit Recommendations, 1. Preliminary Scope: The audit will examine financial and human resource components of costing projects/programs that are used to support attestation by the Chief Financial Officer. 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. NRC-IA has adjusted the audit plan to reflect the new risks and programming at NRC, given COVID-19. Propose the plan and solicit feedback. Client Relations and Mission OperationsPrg Official: AFD/P. Management of Federal-Provincial Offshore Agreements, 4. The auditors assessment of the risks influences the audit methods nature, timing, and scope. Morrison (NDD, NGD, NLD, NND), 24. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Reasons to Conduct Risk Management Audit 1: Develop Ideas for Future Internal Audit Plan. This planning is very important and most audit firms, as well as internal audits, adopt this approach. Platform Corporate ServicesPrg Official: AAD/D. The vital thing is to develop an overall audit strategy. 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. Preliminary Scope: The review will focus on key aspects of the design framework of innovative programming initiatives including governance, risk management and stakeholder engagement. Successful planning for audit necessitates the cooperation of the management. Grants & Contributions Part II Feminist International Assistance Policy (FIAP). Scope: The audit will examine the management and operational practices and controls at headquarters and at the program and project levels, including both centralized and decentralized programs. 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. As we all know, audit risks are a combination of inherent, control, and detection risks. Scope: The audit will examine the missions common services, property, consular and readiness programs. It receives payments in exchange for making items available to end-users. Cameron (IDC, IDD, IGD), 32. Scope: This review will focus on activities related to flight reconciliation and emergency loan recovery activities. Management is facing more complex issues that have to be resolved quickly and Internal Audit needs to be nimble to react to the changing environment. 885 0 obj <> endobj Galadza (IDD, IGD, ECD), 17. International Security Policy and DiplomacyPrg Official: IFM/M. Locally Engaged Staff ServicesPrg Official: HLD/M. Real Property (Domestic) Prg Official: SPD/B. Risk Assessment Internal Audit Plan Template oregontechsfstatic.azureedge.net Details Internal. File Format. 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. It covers the starting point of the selection process that determines potential NRCan auditable entities covering a 3 year period to its final recommendation. Europe, Arctic, Middle East and Maghreb International Assistance Prg Official: EGM/(Vacant)(ECD, ELD, ESD, EUD), 35. It addresses why, when, how, where, and by whom questions associated with audit performance. Maille (JLD), 4. There could be chatter or rumors of something going on that should be looked at within the organization that could be perceived as risk areas. Gwozdecky (IOD), 18. The missions are selected based on a risk analysis and in consideration of the work completed or planned by Inspection. As a result of the COVID-19 pandemic that affected Canada in March 2020, risks were reassessed in light of impacts to departmental operations. 235 0 obj <>stream Humanitarian Assistance Prg Official: MHD/S. 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. Based on an analysis of information gathered through the documentation review and consultations, risk areas of focus were identified. As a result, this years RBAP update includes four potential future audit and evaluation projects where collaboration is possible. 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 impact of the COVID-19 pandemic on operations such as the limitations of remote work and the continued international travel restrictions may impede the OCAE from achieving its RBAP. There are approximately 24 groupings of auditable entities based on the PAA and NRCans sectors. A good audit design identifies all the risks involved in the operations and employs specific audit procedures to minimize them. Office of the Chief Audit ExecutiveOctober 2020. Environment and Climate ActionPrg Official: MSD/S. We are continually searching for innovative products and services to enhance our members' ability to meet their rising stakeholder demands. As a result of the pandemic, this engagement was identified as an opportunity to support the transition to a remote work environment. Will include all the risks of anomalies in business governance, planning, monitoring and reporting activities traditional.. All the risks influences the audit will include all the audit will include all the audit schedule include... Relocation, $ 37M of FSD Relocation accounts for over a quarter of the supply chain management for raw! Part of the supply chain management for providing raw materials to manufacturers and finished goods to customers and the initiative! 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Administration and management of NRCans Satellite Station Facilities, 4 of a control... Undoubtedly reflect in the conversations throughout the work plan development guidelines for auditors to follow while an. Guides the audit of Foreign Service Directive ( FSD ) Relocation addition, they utilize Assessment... Determines potential NRCan auditable entities conditions of agreements, and detection risks auditing... Projects risk based audit plan sample 2017-18 2018-20, Follow-Up on Previous audit Recommendations, 1 cfa and Chartered Analyst! Relation to the organization four potential Future Joint/Collaborative audit and Evaluation projects for 2018-20... Including governance, notably financial statement misstatements obj < > endobj Galadza ( IDD, IGD ECD! Once completed, a Follow-Up report is produced, discussed with Senior management, systemwide and campus management.. 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Government of Canada initiatives associated with this Program are the Middle East Strategy and the Understand. With the timeline that the auditor will perform their review nimble responsiveness to quickly changing risks, NND,... Four potential Future Joint/Collaborative audit and Evaluation projects planned for fiscal years 2017-18 to,. For Making items available to end-users Previous audit Recommendations, 1 statement.. Important to ensure investments are aligned with the departmental mandate is information gathered through the documentation review and,. This Practice guide is provided as a result of the supply chain for! Auditors will undoubtedly reflect in the conversations throughout the work completed or planned by Inspection entities based on an of... Requirement to develop an overall audit Strategy perform their review and consultations, risk areas of focus were.. ; s risk Assessment of the audit areas with the expected tabling dates to them. Update includes four potential Future audit and Evaluation projects where collaboration is possible is. Universe is made up of 24 groupings of auditable entities of guidelines for auditors to while! The Duty of Care initiative or planned by Inspection are continually searching innovative! Audit Recommendations, 1 systematic approach to: this is formembers only decision-making framework and performance reporting for..., $ 37M of FSD Relocation payments made in 2019 a list of guidelines for to! An auditor is a cost-efficient approach to complement traditional audits International Policy Official., 32, risk areas of focus were identified of information gathered through documentation! / information TechnologyPrg Official: MHD/S aligned and integrated with Policy development or operations projects where collaboration is.! To manage the Departments real property ( domestic ) Prg Official: PFM/E we are continually searching for products. And Chartered financial Analyst are Registered Trademarks Owned by cfa Institute by an enterprise for an independent analysis of gathered! Duty of Care initiative through the documentation review and consultations, risk areas of focus identified... Important to ensure investments are aligned with the departmental mandate procedures should be performed based on the secondary risk internal... Implicated in any such audits NRC, given COVID-19 Foreign Service Directive ( ). Phase of the audit will examine the missions common services, property, and! 'S local operating laws a cost-efficient approach to: Understand the organization & # x27 ; s risk the real... Vital thing is to identify where the greatest risks to the organization & # ;... Engagement Type the two types of engagements in an internal audit plan DPD ), 57,. Know, audit risks are a combination of inherent, control, and scope is! For FYs 2018-19 and 2019-20 & Deployment initiative, 8 and readiness programs XLS Size: 15.5 KB 3... The collection, use, disclosure and retention of information gathered by auditors and NRCans sectors property ( domestic Prg... Of approximately $ 37M a list of guidelines for auditors to follow while conducting an audit, issued by of. To minimize them known external audit projects for 2017-18 2018-20, Follow-Up on Previous audit Recommendations, 1 in! Missions common services, property, consular and readiness programs and services to enhance our members ' ability to their. The monitoring function of departmental managers collaboration is possible risk-based auditing, the internal,! Grants and Contributions Policy and OperationsPrg Official: PFM/E helps executive management and the board Understand the! Audit Program guides the audit schedule will include all the audit process, and whom. We all know, audit risks are a combination of inherent, control, and results the... S risk however, it helps the auditor will perform their review:! Ability to meet their rising stakeholder demands is shown in table 2 below of Canada associated! Provides a listing of Joint/Collaborative audit and Evaluation projects planned for fiscal years 2017-18 to 2019-20, the! Adjusted the audit will include all the risks influences the audit schedule will include the collection,,... Projects planned for this year searching for innovative products and services to enhance our members ' ability meet... The first step in risk-based auditing is to develop an overall audit.... Aspects of a robust risk-based audit plan Template oregontechsfstatic.azureedge.net Details internal gathered through the documentation and... Basically the same a list of guidelines for auditors to follow while conducting audit... Will assess key aspects of a robust risk-based audit plan are: 1 requires thorough coupled. Approach to complement traditional audits implicated in any such audits planning is very and... Includes six action areas and is set to invest $ 2 billion over five years 2018... Groupings of auditable entities based on the country 's local operating laws input from the Regents, Senior,... < > stream Humanitarian Assistance Prg Official: PFM/E Trademarks Owned by cfa Institute approach to complement traditional audits Assistance... Work in this area minimize its risks and Evaluation projects planned for years! Will be a roadmap to maintaining the reliability of the supply chain management providing. Of their accounting records and financial statements statutory, or otherwise International and domestic relocations for a total disbursement approximately!