"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
Audit Committee good practices during covid19
Reflections on observed boards of directors Audit Committee good practices during covid 19.
Worthwhile video from Center for Audit Quality. Key takeaways: -need for regular stress testing via modelling and scenario analyses to ensure adequate liquidity, hardnosed capex management, pruning of variable and discretionary costs.
-timely reviews of any fundamental shifts in market prospects and their implications.
-awareness of elevated value-chain exposure to cybersecurity risks and deployment of countermeasures backed by proactive communications.
-need for elevated and sustained committee communications with auditors
-assessment of effect of remote meetings on quality of committee oversight.
-assuring effective review and response to rapidly evolving enterprise risks.
-elevated and sustained communications with internal and external stakeholders and not just shareholders.
-remaining vigilant on COVID threat: it ain't over till it's over!
-staying true to longer term objectives and preparing for life after the crisis.
Profiting From a Better Society
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."..."