1. Online Conference
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2. Aligning the IA Function with Strategic Objectives

3. Risks

4. Fraud Risks
According to the ACFE’s 2010 “Report to
the Nations,”
5% of global GDP, or nearly
$3 trillion, was lost to fraud
in 2009

5. Information security remains a critical risk

6. Understand New Risks

7. Governance, risk management and compliance (GRC)
“A system of people, processes and technology that
enables an organization to understand and prioritize
stakeholder expectations; set business objectives
that are congruent with values and risks; achieve
objectives while optimizing risk profile and protecting
value; operate within legal, contractual, internal,
social and ethical boundaries; provide relevant,
reliable and timely information to appropriate
stakeholders; and enable the measurement of the
performance and effectiveness of the system.”
Norman Marks

8. Governance, risk management and compliance (GRC)

9. Optimizing Internal Audit
• Update the Internal Audit Charter as needed
• Ensure that the Internal Audit function is
independent from the Top Management
• Conduct quality assurance assessment for the
internal audit function
• Risk assessment should be qualitative, participative,
real-time, and strategically focused

10. Considerations when outsourcing IA
! Improve the quality of the internal audit function
! Reduce the cost of the internal audit function
Three options should be evaluated:
• Is the in-house function fit for purpose?
• Is outsourcing a value-adding solution?
• Is a better option to cosource where skills can be
improved or cost saving made?

11. Understanding the risks of outsourcing
" Does the provider have sufficient knowledge of the
functions and departments of the organization?
" Will internal Audit staff be embedded within the
organization?
" Will the internal audit provider be able to sustain an
effective internal audit over the lifetime of the
contract?
" Is there a conflict of interest?

12. http://cebviews.com, Kate Guerra

13. Looking Ahead
http://cebviews.com, Kate Guerra

14. LOGO
Questions
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