TIAPS Module 1 Audit and Assurance workbook

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Risk Management Similar comments as those made in respect of compliance (see above) apply to risk management more generally. It relies on the actions of multiple parties (most notably the CEO, CFO, and a Chief Risk Officer or equivalent) together with the support of internal audit. There may not be an individual or team with organizational responsibility for risk management and so the task is shared among managers, blending first and second line roles. Information and Decision Support The APEC guidance describes essential requirements for information and decision support: • Standards for the creation and retention of public records, usually established by legislation. • Procedures within organizations to ensure the standards are met. • Quality data, information, and analysis to inform decisions taken by government boards and committees. • The keeping of records of decisions established by government boards and committees, including the points considered or discussed in reaching those decisions. 17 Review and Evaluation In the final element, the APEC guidance recognizes the importance of continuous improvement to governance supported by review and evaluation. • Ideally, governance arrangements should be reviewed in detail every year or two, particularly when there is a significant event affecting or potentially affecting those arrangements, such as a major legislative change or recommendations from a government committee or an external auditor. • An internal review led by the Minister or board of directors and/or executive management would normally suffice. Occasionally, where an organization could benefit from outside objectivity and expertise, a formal, externally facilitated review should be conducted. • The scope of the review may extend across the full range of the organization’s activities or else be confined to a performance assessment of the Minister or board of directors and/or executive management. In either instance, the fulfilment of both performance and conformance objectives should be evaluated. • Smaller and/or less complex organizations need not review their governance arrangements as frequently or in as much depth as larger and more complex organizations. • Organizations with significant policy or operational risk need to review their governance practices more frequently and more thoroughly. • Results from the reviews of governance arrangement should be acted upon in a reasonable timeframe 18 17 APEC Economic Committee’s Good Practice Guide on Public Sector Governance, 2011. 18 APEC Economic Committee’s Good Practice Guide on Public Sector Governance, 2011. 24
A.3: Reflection Which model or models, if any, does your organization use to help define and implement governance? Which model or models, if any, do you or your internal audit function use to help evaluate the effectiveness of organizational governance? Which models could be the most beneficial in your organization and in what ways? 25
Page 1 and 2: Module 1: Audit and Assurance TIAPS
Page 3 and 4: Table of Contents Module 1: Audit a
Page 5 and 6: Relevant Standards Reference is mad
Page 7 and 8: • Close scrutiny. The activities
Page 9 and 10: A.2 Public Sector Governance IIA In
Page 11 and 12: The need for governance arises for
Page 13 and 14: Although developed for government a
Page 15 and 16: A.3 Governance Models When evaluati
Page 17 and 18: defensive aspects to minimize negat
Page 19 and 20: A.3.3 CIPFA International Framework
Page 21 and 22: 8. Ensure that its arrangements for
Page 23: • Consideration of overlapping in
Page 27 and 28: Although they are related, the prin
Page 29 and 30: B.1.1 Independence, Objectivity, an
Page 31 and 32: B.1: Reflection Is it possible to
Page 33 and 34: According to The IIA Position Paper
Page 35 and 36: B.2: Reflection When was the last t
Page 37 and 38: When independence or objectivity ar
Page 39 and 40: B.4 Safeguards for Independence and
Page 41 and 42: In other cases, there is no audit c
Page 43 and 44: C. Assurance and Advisory Engagemen
Page 45 and 46: It is common to build an allowance
Page 47 and 48: The following list is taken from Sa
Page 49 and 50: helping managers developing control
Page 51 and 52: C.1.5 Internal Audit Opinions Audit
Page 53 and 54: Leadership and Communication Intern
Page 55 and 56: C.2 Auditing Governance The IIA Sup
Page 57 and 58: C.2: Reflection How does your inter
Page 59 and 60: Fraud may be perpetrated via measur
Page 61 and 62: circumstances (unethical and often
Page 63 and 64: Management Issues • Lack of area
Page 65 and 66: Risk management techniques can be a
Page 67 and 68: IT controls may be manual, automate
Page 69 and 70: The IIA’s Cybersecurity Toolkit d
Page 71 and 72: C.3: Reflection Fraud: How are susp
Page 73 and 74: Global Perspectives and Insights -
Page 75:
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TIAPS Module 1 Audit and Assurance workbook

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