Process Level Auditing 2012
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Process Level Auditing (PLA) involves auditors facilitating managers to assess control strengths and weaknesses within related business activities. The auditor and managers work together to develop improvement plans where needed. With PLA, all existing controls are reviewed by managers and auditors to determine how to improve efficiency. The internal audit acts as a consultant to enhance department operations. PLA improves the organization by incorporating manager operational knowledge, assessing processes as continuous flows, helping managers understand impact across activities, and applying controls for maximum efficiency and effectiveness.
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The document outlines the process of strategy evaluation, which includes assessing the effectiveness of strategic plans through activities like comparing actual results with expectations, and identifying the need for corrective actions. It discusses the importance of timely and adequate information, challenges in conducting evaluations, and various techniques such as gap analysis, SWOT, and benchmarking. Ultimately, the evaluation process is presented as crucial for aligning strategies with organizational objectives, ensuring resources are used effectively, and maintaining competitive advantage.Pm
Pm AKSHAYA0000
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Performance appraisal involves evaluating an employee's overall contribution in the past, while performance management is an ongoing process of planning, monitoring, and evaluating employee objectives and contributions. Performance appraisal focuses on individual performance and mistakes, has an individualistic perspective, and is rigid, while performance management focuses on growth, has a holistic perspective, and is flexible.
An unsuccessful performance management system lacks structure, communication, and recognition/rewards. Goals are not considered and recent performances are overemphasized. It relies solely on annual evaluations. A successful system is accurate, fair, efficient, elevates performance, uses multiple data sources, includes coaching skills development, and links compensation decisions to performance rather than using them as the main purposeAd
More from Vernon Benjamin (8)
AOP Template
AOP TemplateVernon Benjamin
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The document describes the audit process used by the Department of Audit Services at Montefiore Medical Center, including selecting audit areas, notifying the auditee, conducting an entrance conference, performing fieldwork to review processes and transactions, having an exit conference to discuss findings, and issuing an audit report with any recommendations. The goal is to work with management to evaluate controls and processes, identify risks, and recommend improvements through an objective review.IAD Introduction - 1-2010
IAD Introduction - 1-2010Vernon Benjamin
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The document provides an introduction to internal auditing at Morris Heights Health Center. It discusses that the purpose of internal auditing is to independently evaluate an organization's activities as a service to help management meet goals, assess and monitor risks, and ensure compliance. The internal audit process involves planning, performing fieldwork and testing, documenting results in a report. It describes how internal audit can help by objectively assessing operations and sharing best practices to improve controls, processes and risk management. Finally, it notes that building trust with auditees is important by keeping commitments and through collaboration.IAD Introduction to Lexington - 5-2011
IAD Introduction to Lexington - 5-2011Vernon Benjamin
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Internal auditing is an independent function that examines and evaluates an organization's activities to help the organization meet its goals and comply with regulations. The objective of internal auditing is to assess risks, monitor controls, and promote effective internal controls. Internal auditing provides assessments, analyses, advice, and assistance through an objective review of operations, identification of best practices, and recommendations for improving processes and managing risks. The internal audit process involves planning, performing, and reporting audits to research, assess risks, develop audit programs, perform fieldwork, and document findings.2012 Automating The Audit Function Presentation
2012 Automating The Audit Function PresentationVernon Benjamin
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The document outlines a vision for automating the audit process through a fully integrated, multi-dimensional automated audit system that provides a single point of entry. The system would be a Windows-based tool that supports mobile teams, enhances productivity, and enables effective teamwork through components like regulatory compliance, risk assessment, audit planning, workpaper and comment tracking. The system aims to streamline the audit process, provide centralized management of audits, and allow sharing and reviewing of audit information from any location.Basic Internal Auditing Presentation
Basic Internal Auditing PresentationVernon Benjamin
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The document discusses the purpose and role of internal auditing. It describes internal auditing as an independent function that examines and evaluates an organization's activities to help management discharge their responsibilities effectively. The objective is to promote control within the organization at a reasonable cost. The document outlines the audit process, including planning, performing, reporting, and following up on corrective actions. It provides best practices for tasks like risk assessment, test design, documentation, reporting findings, and building trust with auditees.Basic Internal Auditing Presentation
Basic Internal Auditing PresentationVernon Benjamin
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The document provides an overview of internal auditing basics and best practices. It discusses the purpose and objectives of internal auditing, which includes independently evaluating activities within an organization to examine controls and ensure responsibilities are carried out effectively and efficiently. The document also outlines the audit process, including planning, performing, and reporting phases. It describes establishing objectives and scope, assessing risks, designing tests, documenting work, summarizing results, and following up on corrective actions. The overall goal is to help organizations achieve their objectives and promote continuous improvement.Automating The Audit Function Presentation
Automating The Audit Function Presentation Vernon Benjamin
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The document discusses automating the internal audit process through a centralized automated audit system. The system would integrate planning, workpapers, tracking, tools, and other audit components. It would provide mobility, enable teamwork, and enhance productivity. The system would integrate with other applications and provide connectivity across locations. Its goals are to streamline the audit process, use a risk-based approach, provide centralized management, electronic sharing of information, and tracking of issues from start to resolution.Automating The Audit Function Presentation
Automating The Audit Function PresentationVernon Benjamin
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The document discusses automating the audit process through a fully integrated automated audit system. The system is a Windows-based tool that supports mobile teams, enhances productivity, and enables more effective teamwork. It has components for audit tracking, comment tracking, regulatory compliance, workpapers, time keeping, and audit planning and risk assessment. The system integrates with applications like Lotus Notes, Microsoft Office, and Flowcharter, and connects to mainframes, databases, workstations, and remote locations. It streamlines the audit process, uses a risk-based approach, provides centralized management of audits, and allows sharing and reviewing of information from any location.Ad
Process Level Auditing 2012
- 2. What is Process Level Auditing (PLA)? PLA means the auditor acts as a facilitator to help the managers of a group of related activities assess the control strengths and weakness. Together, we develop action plans for improvement, where necessary.
- 3. In a PLA Environment: All existing controls and procedures are reviewed by managers and auditors to determine what is needed for improved efficiency. Internal Audit, in the capacity of in-house consultant, works with the "client" to enhance the operations of the various departments.
- 4. How Will Process Level Auditing Improve the Organization? The managers' operational knowledge of the process becomes part of the audit. Each segment of the process is summed into one continuous flow. The managers gain an understanding of how the activities in their segment impact the process. The risks factors are assessed for potential impact to the process, and controls are applied for maximum efficiency and effectiveness.
- 5. The Managers' Expanded Role Under PLA The managers' would participate in the process by: A. Identifying the segments that constitute a process. B. Contributing first-hand observations and ideas regarding the state of existing controls and potential risks in the process. C. Developing a flowchart that links the segments into a process stream. D. Achieving improvements in cost, quality, and service within a specific process and ultimately the Organization . E. Contributing to the development of action plans to reduce unacceptable risks to acceptable levels.
- 6. Tools used in a PLA Environment
- 7. Examples of Risks Reporting - The effect of inaccurately prepared financial statements, which should reflect the organization's financial position accurately, fairly and in accordance with Corporate Accounting Policies . Legal Liability The risk that new laws will be enacted, which unfavorably affect business operations and revenues. Regulatory - The risk that an organization operates or engages in transactions in such a way as to be out of (compliance with Federal and State laws and regulations - consequences include financial, civil, criminal, administrative sanction/penalties, and unfavorable publicity. Competition - The inability to effectively remain abreast of the demands of the marketplace or to respond to competitive challenges. Strategy - The risk that strategy decisions don't accomplish the desired outcome.
- 8. CONTINUED Examples of Risks Reputation - The risk to an organization's reputation because of actions of employees, poor performance in the marketplace or violation of legal or regulatory statutes. Asset Safeguarding - Due to misadministration or the deliberate improper act of employees, customers or third parties. These could include fraud, theft, destruction of records, conflict of interest, misuse of position or other misrepresentation. Human Resources - Arises from insufficient competent staff available to support business activity or the control functions surrounding it . Technology - Arises from disruption to business and/or support operation functions due to system or technology malfunction, insufficient capacity or inability to recover from disruption due to power loss, fire, flood, terrorist attack, etc .