OCM at SOPAC 2019
SOPAC 2019 was held recently at the ICC in Sydney, OCM had several attendees at the conference participating throughout the 3 days.
OCM Principal Cathy Blunt participated on Day 1 speaking on The Best Laid Plans – Setting your Internal Audit Strategy.
Cathy delivered some interesting perspectives on how to develop a strategy for an internal audit function, as opposed to developing an internal audit plan. After dealing with the “boring, technical bits” AKA the IIA internal auditing standards regarding planning, Cathy discussed the advantages and disadvantages of risk-based versus cyclical auditing.
The presentation also included the difference between an internal audit strategy, which is about the internal audit function itself, and an internal audit plan, which is about the audits being undertaken. An internal audit strategy should be consistent with your corporate planning documents, and should include:
- The legislative or governance basis for the strategy;
- Commentary on the IPPF and the function’s conformance to the IPPF;
- Internal audit’s mission, vision and objectives;
- An environmental scan, benchmarking, SWOT analysis and risk assessment;
- Internal audit resources – people, dollars, skills and experience;
- Quality assurance and improvement program and maturity assessment;
- Linkages to the internal audit plan, and
- Projects for the internal audit function to increase maturity, capability or capacity.
By contrast, the internal audit plan should detail the basis and methodology to develop the plan, audit universe/risk assurance map, planned and reserve audits, resources to deliver the audits and key performance indicators.
Cathy also discussed the who, what and when of internal audit’s engagement plan and philosophy, key performance indicators for internal audit and finished with some resources on strategies and plans. Cathy’s presentation was well received and generated lots of interesting questions and discussion after the presentation and during the Cocktail Party later that evening.
If you would like to chat to Cathy further about her presentation email firstname.lastname@example.org
Kylie McRae, OCM Principal facilitated a panel session on Gaining the Edge through Internal Audit
Kylie facilitated a panel session on “Gaining the Edge through Internal Audit” .Panellists included Robin Low, Non Executive Director, Mark Trajevscki – Group GM Internal Audit, Fraud and Risk NBN co and Ty Christopher General Manager Asset Management Endeavour Energy.
Panellists shared their insights on the difference internal audit can make, how to understand what your stakeholders want and how to measure your success.
Pamela Robertson-Gregg, OCM Director
On the last day of SOPAC, Pamela Robertson-Gregg attended the closing lunch for Partners of leading Professional Service Firms in the internal audit sector followed by a quarterly meeting discussing trends and future developments in the internal audit sector.