"The publication assists auditors in understanding whether a procedure involving automated tools and techniques may be both a risk assessment procedure and a further audit procedure. It also provides specific considerations when using automated tools and techniques in performing substantive analytical procedures in accordance with International Standard on Auditing 520, Analytical Procedures..."
Executive Brief, Event Description & Statistical Insights: “Internal Audit Before & After COVID 19”, Online Seminar, 18-27 August 2020
RED ALERT: AUDITORS, CORPORATES, RELIEF CHARITIES & IGOs: face elevated COVID Related Risks
Non-Financial Risks & the Role of Internal Audit
Banks sometimes under-estimate the importance of non-financial risks until they emerge as the serious hazards that they represent. Internal audit with adequate distance from management and a productive relationship with the Board may be vital.
"...Internal auditors should have sufficient seniority to be able to challenge senior executives inside the big banks, according to a new practice guide circulated to financial sector regulators last week by the Institute of Internal Auditors Australia.
The institute wants to bolster the power and independence of internal audit teams and improve the quality of risk-related information being reported to bank boards...
...the bank's new chairman, John McFarlane said: ""We need to have more effective management of non-financial risks, as well as a strong risk culture across the organisation in the first, second and third lines of management, as well as strong board oversight."..."
Internal Auditors are an integral element of entity resilience and response to the stresses of COVID 19
Internal Auditors are an integral element of entity resilience and response to the stresses of COVID 19
"...To be an effective and trusted partner, internal auditors must understand their organisations’ business well enough to know, understand, and anticipate risks. A firm grounding in the organisation’s strategy and operations is essential to see the risk landscape fully.
An epidemic such as COVID-19 is what risk management is all about. There should be no question or hesitation by CAEs about taking on active and high-profile roles in their organisations’ plans and actions.
...Boards also want assurance that their corporate culture encourages collaboration across the organisation to develop business plans that adapt to market disruptions, such as the COVID-19 epidemic. Internal audit should be providing that assurance.
... even if the epidemic is contained and the economic impacts are temporary and mild, the outbreak offers an opportunity to examine our capabilities, strengthen our plans to manage any significant crisis, and position internal audit as a trusted partner and advisor... "