creating national values with global accumulations 11 th turkey internal audit 9 th november, 2007...
TRANSCRIPT
Creating National Values with Global Accumulations
11th Turkey Internal Audit 9th November, 2007
Istanbul
Accountability: Value that only Internal Auditing can bring
to the Audit Committee and Executive Management
J Graham Joscelyne
Key Message
Look OutStay FocusedStand Firm
OverviewChanging Landscape for Audit
Committees and Executive Management:Strategic Directives
National vs. GlobalizationChanging Priorities
Economic crisesIssues and Risks
Reputation ahead of everything elseCompeting OpinionsOptions to ConsiderEveryone has an ‘Agenda’
Changing Landscape
Activism on the Increase • Governments - From accounts to
accountability• Shareholders – From pay to board
presence• Regulators – Going where no one dared• Donors - Corruption gets in the way• Employees – Pushing for more say
And so…
And so for Audit Committees and Executive Management
It’s a call to:• Stay awake• Be watchful• Be alert• Be ready to respond• Obtain assurance
But who adds greatest value?
The Obvious Choice
Internal Auditing:• Independent• Strategic• Credible • Professional • Mandated
Independent
Aligned to business objectives but IndependentMindset Focused on risk Thinking ahead of Management and the Audit
CommitteeFinding the right balancePractical
And strategic...
Strategic
Know your professional requirementsEngage Management and your Audit CommitteeInteract with your colleaguesTrain yourself and your staff
Focus on the higher risk issuesEducate your Management and your Audit
CommitteeAssure and advise
Stand firm on principleSustain the effort
And credible…
Credible
Steady and Dependable – Understand your role in corporate governanceWilling to seeWilling to hearWilling to actWilling to shareAccountable
And professional…
Professional
Being, not just sayingLeaders in the organizationVisionariesWilling to stand upWilling to stand outSustaining the effortActive in the IIAProfessionalism assessed
And authorized…
Mandated
Authorized to AssureKnow the business objectivesUnderstand the risksAssess the key processes and controlsCombine the audit resultsProvide assurance
So, what should be done?
What adds greatest value?Establish your credentials
Promise what you must - ASSURANCEDeliver what you promise - TRUSTWork to international Standards -
PROFESSIONALISM Develop your talents - STEWARDSHIP
Sustain your effortsThink beyond today - STRATEGY
In summary
Summary
Look OutStay FocusedStand Firm
