It is important for an Internal Audit function to put in place performance metrics to measure its effectiveness, boost its value proposition and enhance credibility via-a-vis stakeholders. This publication provides insight on performance measurement in the internal audit in public sector context and offers examples of performance measures that can useful for internal audit teams and regulators.
This group exercise further builds on the facts presented in the practical case study “Orotavia Capital City Municipality”, that is used throughout the Internal Audit Training of Trainers modules and aims to enhance participants knowledge about performing fraud risk assessments by following a structured framework including elements of fraud risk identification, assessment, and response.
Strong internal controls, including maintaining a robust internal control environment, are the best way public sector organizations can mitigate fraud. However, even a strong internal control environment cannot guarantee that no frauds will take place within organizations. Implementation of further lines of defense, such as an efficient and effective internal audit function, is important.
Developed to facilitate the Internal Audit Training of Trainers program, the objective of the Ethical Dilemmas Board Game is to enable participants to approach professional ethics training and education in a practical way, by analyzing threats that arise and selecting an appropriate course of action in line with the fundamental principles of the Code of Ethics for Internal Auditors prescribed by the Institute of Internal Auditors (IIA). The game is expected to develop participants' ethical decision-making skills and to make sound judgments when resolving and mitigating ethical dilemmas.
The case study Orotavia was developed to facilitate the Internal Audit Training of Trainers workshops and simulates a capital city municipality. The case study is the core teaching resource during the Fundamentals and Advanced Internal Audit Training of Trainers modules and workshops and provides an opportunity to bridge the gap between theory and the practical application of International Standards for the Professional Practice of Internal Auditing (ISPPIA) while also assisting to develop soft skills such as communication, working as a team and problem solving.
The National Agency of State Property of Georgia (NASP) organized the roundtable on “Importance of Good Corporate Governance and Transparent Accounting and Reporting at State Owned Enterprises (SOEs)”. The event, which gathered over 40 representatives of the NASP and approximately 15 members of Georgia’s largest SOEs, was held with the support of the World Bank’s Centre for Financial Reporting Reform (CFRR) and the International Finance Corporation (IFC).
The new International Financial Reporting Standard 9 (IFRS 9) Financial Instruments comes into effect starting January 1, 2018, for all entities reporting under the IFRS. This new standard is the biggest change in 10 years in the accounting for financial instruments, fundamentally redrafting the accounting rules, replacing the incurred loss impairment model with a more forward looking expected loss model, as well as bringing new methodology for financial instruments classification.
This virtual learning session provided an overview of the International Professional Practices Framework (IPPF) and updated on the recent changes in the framework, covering the mission statement and the core principles as well as presented the changes to the International Standards for the Professional Practice of Internal Auditing (ISPPIA).
The series of Internal Audit Training of Trainers (IA ToT) workshops within the SAFE program continues, and the IA ToT Community of Practice met in Vienna during June 4-7, 2018 when then Advanced Module was delivered. The overall aim of the Program is to develop the capacity of public sector internal auditors to deliver high-quality internal audit training within their countries/institutions, based on the International Standards for the Professional Practice of Internal Auditing (ISPPIA) and international good practices in public sector internal auditing.