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Focus & Features
An Internal Audit Rating System facilitates conveying to the Board a systematic, objective, consistent and concise assessment of the net risk posed by the area or function audited. It aims to provide the Board and Management a broader and meaningful assessment of the internal control system. This can also be used as an indicator of probable critical problems that Management should be focusing on.
In this seminar, participants will be able to systematically and consistently demonstrate how to objectively assess controls across business process and organization. They will be able to link the rating assessment to the evaluation of the business unit's control process.
What You Will Learn
Introduction
- Applicable Audit Standards
- BSP Regulation
- Internal Audit Process
Importance of Audit Rating System
- Internal Audit Opinion (Macro and Micro)
- Objective of Audit Rating System
- COSO Control Framework
The Audit Rating System Methodology
- Materiality
- Impact
- Establishment of Criteria
Types of Audit Rating
- Use of Grades – Quantitative Rating
- Use of Adjectives – Qualitative Rating
Communicating the Audit Rating
- Writing the Overall Assessment
Who Should Attend
