Can you please clarify the Monitoring is the process of conducting ongoing and difference between periodic performance assessments of the quality of the monitoring and internal control system over time. supervision? Supervision is directing and overseeing the operations of the organization. Why does the multi-year This plan is driven by two key factors: risk assessment plan only cover a 5 year results and internal audit resources. It describes the period? internal audit objectives, audit goals, a forecast of available audit hours, the planned allocation of audit hours to each type of audit and school board for a five year period given the identified risk areas and the available resources. Changes in risk or audit resources may lead to a change in the plan. Any inputs to this plan 5 years are subject to regulations changes, economics or change in perception and the weighting of the different risk factors. It is only realistic to plan for the next 5 years and update any changes as the environment or regional conditions change. Why should the Meetings held without management presence committee hold regular encourage open and honest dialogues. private sessions with the internal auditors? What happens if Where management disagrees with internal audit management disagrees findings, the first step is to have a discussion between with internal audit findings? management and the internal auditors to clarify the facts surrounding the finding. If the discussion does not result in an agreement, the RIAM should become involved. Where management still disagrees with the finding, this disagreement should be recorded in the audit report and the matter brought forward to the audit committee. The committee must No. The session with internal audit would take place have regular sessions with during the regularly scheduled audit committee internal audit. Is this in meetings. addition to the three required meetings in the year?
Can you please clarify the difference between monitoring and supervision? Monitoring is the process of conducting ongoing and periodic performance assessments of the quality of the internal control system over time. Supervision is directing and overseeing the operations of the organization. Why does the multi-year plan only cover a 5 year period? This plan is driven by two key factors: risk assessment results and internal audit resources. It describes the internal audit objectives, audit goals, a forecast of available audit hours, the planned allocation of audit hours to each type of audit and school board for a five year period given the identified risk areas and the available resources. Changes in risk or audit resources may lead to a change in the plan. Any inputs to this plan 5 years are subject to regulations changes, economics or change in perception and the weighting of the different risk factors. It is only realistic to plan for the next 5 years and update any changes as the environment or regional conditions change. Why should the committee hold regular private sessions with the internal auditors? Meetings held without management presence encourage open and honest dialogues. What happens if management disagrees with internal audit findings? Where management disagrees with internal audit findings, the first step is to have a discussion between management and the internal auditors to clarify the facts surrounding the finding. If the discussion does not result in an agreement, the RIAM should become involved. Where management still disagrees with the finding, this disagreement should be recorded in the audit report and the matter brought forward to the audit committee. The committee must have regular sessions with internal audit. Is this in addition to the three required meetings in the year? No. The session with internal audit would take place during the regularly scheduled audit committee meetings.
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