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All -
In our futures exchange environment, we have done a developed a similar
"risk tier." A three year audit plan address all departments at least once
with the clearing house (our area of highest risk) revisited multiple
times. Each department has been assigned an overall risk (Hi Med Lo)
compared to the rest of the organisation. As we do each departmental
audits, we identify the core functions and assign risk to each function.
If time is an issue (isn't it always?) we may only perform testing on the
higher areas of risk. Sign-off by Business Risk as well as each department
manager helps us ratify and support these decisions to our board.
Cheers -
Lauri Martin
Audit & Control Analyst
SFE Corporation Limited
+612 9256 0625
[EMAIL PROTECTED]
Sent by: To: [EMAIL PROTECTED]
[EMAIL PROTECTED] cc:
uditnet.org Subject: Re: Internal Audit key
performance indicators
06/04/02 23:50
Please respond to
Audit-L
Joseph:
A few years ago my Audit Committee wanted a "greater presence" throughout
the organization. To achieve this we decided to limit time on any audit &
do a two tier risk assessment. First we risk assessed to determine where &
overall what we audited each year of our 5 year plan. Then we went to these
departments or operations and did another risk assessment to determine what
to cover with each audit. Took some extra work up front, but saved us time
in the end and provided a real risk focused audits & results. Anyone else
ever take this approach? Share your results & opinions?
Thanks,
Ron Keister, CIA, CPA
In a message dated 04/05/2002 3:01:49 PM Eastern Standard Time,
[EMAIL PROTECTED] writes:
I agree with you Tracey, except in approach. You note that to add value
your projects are much bigger and all encompassing. I think for a risk
based approach to work, the audits performed are becoming more specific
and directed. I think that large projects tend to reduce the
effectiveness of an auditors time because you are not focusing in on the
problem at hand. I tend to break up large projects into multiple
auditable units and then apply my risk criteria to the pieces and focus on
those with higher risk.
This is all probably because I have only a two man staff and time is what
I am measured on.
Thanks.
Joseph A. Rychalski
Director, Internal Audit
Development Corporation for Israel
646-319-4512
212-446-5828
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