Areas of focus were prioritized and engagement topics were identified resulting in the following four risk areas: Below is a process map, which provides more detail on the methodological approach used in the preparation of the RBAP. Background: Preliminary Objective: To determine whether there are effective processes and structures in place to manage the Departments real property portfolio. Through risk-based auditing, the internal audit activity helps executive management and the board understand whether the organization's risk . 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. Reasons to Conduct Risk Management Audit 1: Develop Ideas for Future Internal Audit Plan. Humanitarian Assistance Prg Official: MHD/S. 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. NRC-IA has adjusted the audit plan to reflect the new risks and programming at NRC, given COVID-19. Europe, Arctic, Middle East and Maghreb International Assistance Prg Official: EGM/(Vacant)(ECD, ELD, ESD, EUD), 35. Internal Controls over Financial Reporting, 3. Audit of Internal Controls Over Financial Reporting. 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. As an adjunct to the assurance role, the Audit Branch provides consulting/advisory services to the organization. Scope: The review will assess key aspects of a management control framework including governance, planning, monitoring and reporting activities. The Department is also subject to audits by other assurance providers. 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 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. Sub-Saharan Africa Policy & DiplomacyPrg Official: WGM/L. Multilateral PolicyPrg Official: MFM/C. Global Affairs Canada collects, uses, and manages the personal information of Canadians to fulfill its mandate. Engagement Type The two types of engagements in an Internal Audit Plan are: 1. 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. The Program has a funding envelope of $150 million annually, which includes $118 million disbursed through grants and contributions. Internal. Global Affairs Canada represents the Government of Canada in 178 diplomatic and consular missions in 110 countries. Competing priorities and unanticipated demands from stakeholders may adversely affect the OCAEs ability to deliver on expected results. No joint audit and evaluation projects planned for this year. Just like in a marketing plan, it is important to think about the process to have full knowledge on what to do when something comes up. Advisory Digital Strategy: This engagement is being removed since results of the IT Risk Assessment will inform further work in this area. 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. Risk Assessment &Draft . Key risk Assessment Steps: 1. Preliminary Scope: The audit will include the collection, use, disclosure and retention of information. endstream endobj startxref File Format. Table 2: Budgeted Resources for 2020-2021, 1. International Policy CoordinationPrg Official: PFM/E. Gwozdecky (IOD), 18. 927 0 obj <>stream Bobiash (OAD, OPD, OSD, (including APEC), 25. It enables them to form an opinion on financial statements and ensure whether they reflect the true and fair view or not. Objective: To provide timely advice to departmental officials on the management controls framework to support the delivery of the Departments COVID-19 repatriation activities. 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. Horizontal Audit of Human Resources (HR) Planning, 16. The key difference integrated risk-based auditing brings is that it allows auditors to immediately hone in on the key risks and controls over wider areas. The final 2 steps are to rank the priority of the proposed audits and to recommend them for approval in the 3 year audit plan (as in the final 2 large blocks). Moran(BFM, BBD, BED, BPD, BTD, BSD, BFMA), 21. International Innovation and InvestmentPrg Official: BID/E. Preliminary Objective: To identify and assess the risks related to the Departments remote work practices and framework and to prioritize areas that may require further examination. Sirrs (CSD, SID), 41. Growth that Works for EveryonePrg Official: MED/W. PDF; Size: 513 KB. Casey (CSD, SID, SCM, SET), 56. The auditorAuditorAn auditor is a professional appointed by an enterprise for an independent analysis of their accounting records and financial statements. Peace and Stabilization OperationsPrg Official: IRC/A. provide reasonable assurance). An audit plan represents a blueprint for conducting an audit. This audit universe document was developed by the Audit Branch and is updated annually to reflect the Departments most current priorities. 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. Lawson (SPD), 58. This scope will also include the eligibility, level of funding, compliance with terms and conditions of agreements, and results of projects. What does an audit plan mean? B The role of IT is being transformed from a back office function that provides services to a strategic business partnership that brings IT innovations to the table to address an organization's business needs. By using our website, you agree to our use of cookies (. Peace and Security PolicyPrg Official: IRD/L. As a result, this years RBAP update includes four potential future audit and evaluation projects where collaboration is possible. The figure below depicts the OCAEs suite of services. Humanitarian ActionPrg Official: MHD/S. The Planning Context . At the end of any accounting period, reconciliation involves matching balances and ensuring that debits (credits) from one account for one transaction is same as thecredit (debits) to another account for the same transaction. Preliminary Scope: This review will include a sample of significant expenditures in each of the four pillars: infrastructure, securing information, mission readiness, and Kabul. The following tables summarize the number of new internal audit projects selected for each year along with the number of special advisory projects and OCG horizontal audits. Preliminary Objective: To determine whether there is an appropriate privacy management framework to support compliance with the Privacy Act. The OCAE will begin this audit in 2020-2021. 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. 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. Horizontal Audit of Information Technology Security Phase II, 28. 5 Year Cyclical Assessment - New Direction in Staffing. This knowledge transfer method guides audit engagement teams throughout different processes such as information evaluation and risk identification. Internal Audits - independent and objective assessments of governance, risk management and control processes against defined criteria, Ongoing Data Analytics - automated collection and analysis of data and indicators from IT systems on a continuous basis to determine effectiveness of controls, Consulting - objective assessments initiated at the request of management or OCAE, of limited and specific scope, less rigour than an audit, and without assuming management responsibility, Risk Assessments - assessments of inherent and residual risks to inform GAC management of risk exposure and OCAE of areas requiring further examination, A multi-year plan that considers areas of highest risk and significance, Quality Assurance and Improvement Program, Systematic process to ensure IIA Standards are met relating to quality of engagements and internal audit activity, Status updates to Departmental Audit Committee of management action plans to address recommendations, Single point of contact to coordinate activities with external assurance providers, Coordination of essential part of internal audit governance that provides objective advice and recommendations to Deputy Minister, Contribution to corporate reports, and review and advice regarding Treasury Board submissions and audit reports of multilateral organizations. Casey (SID, IDD, CS Mission), 49. Objective: To determine whether the Program has implemented an effective management control framework to ensure that the Program is meeting strategic and operational objectives. Audit plan must include internal control as well as thorough test to check the effectiveness of management control plan procedures. 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. Leclerc (KFM, KED, KGD, KSD, PFM, SGD), 29. The heritage character of some residences symbolizes the historic richness of bilateral relationships with host countries. The Innovation Fund initiative has just begun. The next stage is to prioritize the audit universe based on a risk-based assessment. 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 risk-based audit plan includes internal audit projects for a 3 year period from 2012-13 to 2014-15. Americas Policy & DiplomacyPrg Official: NGM/M. Liao-Moroz (IGD, IGA), 33. Assessment of the ecoEnergy for Biofuels Program, 3. 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. The first step includes management consultations, review, and consideration of the following available documentation: departmental risk information, including NRCans CRP; the latest Management Accountability Framework (MAF) assessment; recent departmental-wide assessments of IT and fraud risks, respectively, which lead to the identification of audits as part of the Audit Branchs continuous audit framework; business planning documentation; NRCans Report on Plans and Priorities (RPP); Government priorities; and previous audit results (both internal and external), along with the most recent financial information and statements. 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. This section presents an overview of the 2020-2021 to 2021-2022 Risk-Based Audit Plan. What is the difference between an audit plan and an audit program then? Practice Guide: Developing a Risk-based Internal Audit Plan. Table 5 provides a listing of known external audit projects planned for fiscal years 2017-18 to 2019-20, with the expected tabling dates. It enables them to form an opinion on financial statements and ensure whether they reflect the true and fair view or not. Risk-based auditing developed more than a decade ago to support corporate governance. Here we discuss its process and sample along with their examples. Salewicz (MHD), 28. Objective: To identify and assess steps taken by the Department to improve the effectiveness of international assistance through the implementation of the Feminist International Assistance Program (FIAP). 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. May 10, 2020. 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. Norton (WED, WFD, WWD), 26. International Assistance OperationsPrg Official: DPD/C. The scope will also include a review of the accountability framework, decision-making framework and performance reporting structure for the Duty of Care initiative. 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. Once completed, a Follow-Up Report is produced, discussed with senior management, DAC and approved by the DM. Traditional audit plans focus on processes or specific areas. Peace and Stabilization Operations Program, Grants & Contributions Part I Oversight & Monitoring, Grants & Contributions Part II Feminist International Assistance Policy, Innovative Programming - Design Framework, COVID-19 Emergency Repatriations to Canada, Real Property Strategic Investment & Portfolio Management. GAC is involved in the reporting phase of the Audit of Employment Equity in Recruitment conducted by the Public Service Commission. This planning will include all the necessary information like audit scope, objective, reporting line, audit schedules, and an audit report. This practice guide will help the CAE and internal auditors create and maintain a risk-based internal audit plan. There are risks associated with programming in fragile and conflict-affected states in which violence, corruption, and high crime rates are prevalent. Assess compliance to relevant staffing regulations as well as departmental awareness and understanding of staffing requirements. Drukier (MED), 16. Programmed further audit procedures at the assertion level, Other programmed audit procedures that are required to accomplish so that the engagement complies with professional standards. Scope: This review will focus on activities related to flight reconciliation and emergency loan recovery activities. This work resulted in a list of engagements assessed to be high-risk. Requirement to develop risk based plan bagi internal auditor dipersayaratkan dalam Standar Internal Audit, issued by Institute of Internal Auditors (IIA). 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. Preliminary Objective: To provide advice on the funding mechanism for the Innovation Fund. Audit is the highest assurance that companies are running a business that are illegal. 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. Financial ManagementPrg Official: SCM/A. Baker (MGD, MND), 13. Perform risk planning 4. Two significant Government of Canada initiatives associated with this Program are the Middle East Strategy and the Elsie Initiative for Women. Acquisition Management Prg Official: SPD/B. The auditors assessment of the risks influences the audit methods nature, timing, and scope. 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