ICSA Irish Region Audit Committees CPD event, 6 March 2018
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Presentation slides from the ICSA Irish Region Audit Committees CPD event that took place on 6 March 2018
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ICSA Irish Region Audit Committees CPD event, 6 March 2018
- 1. Audit Committees public and private sector – regulatory update Aidan Horan, Director Training and Consultancy Division Institute of Public Administration 6 March 2018
- 2. Audit Committees _________________________ – Sectoral and regulatory nature – Disclosure requirements – An Effective Audit Committee – The role of the Secretary A public sector perspective.. © IPA
- 3. Sectoral & Regulatory ________________________ – Civil Service and Vote Funded Entities – State Bodies and State Agencies – Local Government – Health Services and Education Variety of regulation with sectoral nuances.. © IPA
- 4. Disclosure requirements – Ethics Legislation • SIPO • FOI – Personal Declarations – Conflicts of Interest Declarations In line with that of Boards and general good governance… © IPA
- 5. Effective Audit Committees – Oversight of Risk Management • Audit and Risk Committee – Oversight of Internal Audit – Oversight of the Control Environment • SIFC • SIC – Oversight of Good Governance – Liaison with External Auditor – Assurances in relation to Annual Financial Statements General Roles & Responsibilities.. © IPA
- 6. Normative List for Audit Committees (1/2) • Consideration of the effectiveness of the risk management arrangements, the control environment and associated anti- fraud and anti-corruption arrangements. • Seeking assurances that action is being taken on risk-related issues identified within the audit process • Being satisfied with the assurance statement regime which clarifies accountability and responsibility for the control environment, internal control and risk management systems • Approval of internal audit plan and programme and monitoring of delivery of the plan and performance issues. • Reviewing summary internal audit reports and the main issues arising, and seek assurance that action has been taken where necessary. © IPA 6
- 7. Normative List for Audit Committees (2/2) • Receipt of progress updates and the annual report of the head of internal audit. • Consideration of the reports of external audit and engaging with external audit. • Ensuring that there are effective relationships between external and internal audit and other stakeholders • Reviewing the financial statements, approving accounting policies, ensuring adherence to financial reporting obligations, external auditor’s opinion and reports to members, and monitor management action in response to the issues raised by external audit. • Evaluation of committee effectivenes 7© IPA
- 8. AC Effectiveness Reviews ________________________ 1. Formalising induction and appointment process 2. CEO & Senior Mgmt engagement 3. External Audit Relationship 4. Review of Internal Audit function 5. Audit engagement & reporting process 6. Risk management arrangements 7. Anti-fraud, corruption , protected disclosures and codes of conduct 8. Management assurance arrangements 9. Other assurance arrangements/providers Areas for improvement © IPA
- 9. The role of Secretary to AC _________________________ – Pre-CoPGSB 2016 • Administrative role – Post CoPGSB 2016 • More defined responsibilities – Essential in supporting the Chairperson – Ensuring compliance with legal and regulatory requirements – Source of assurance Similar… but nuanced © IPA