Number of complaints Number of repeat audit findings Amount of direct savings potential as a result of audits Number of major process improvements implemented as a result of audits Percentage of customer satisfaction (i.e., from surveys) % of key risks audited in the year Extent of reliance external audit can place on internal audit Cost versus budget Extent of advice given Number of best practice shared Will the value for money of As noted in the answer to the previous question, the the regional internal audit benefits of the internal audit function are not easily function be assessed in the quantifiable. Internal audit assesses risks, risks that future (i.e. whether the could lead a school board to not achieving its objectives benefit of having the of student success if not properly identified. They can internal auditors exceeds also aid in preventing the loss of assets and resources the cost)? and in ensuring compliance with laws and regulations, just to name of few of their roles. The Ministry of Education will monitor the regional internal audit function as it monitors all aspects of the GSN funding model to ensure that it meets the needs of the students of Ontario. How do we, as a school The regional internal audit manager (RIAM), by using ensure that we will his or her professional judgment, is responsible for the receive an equitable distribution of regional internal audit resources for his or distribution of regional her region. Some of the tools at his or her disposal are internal audit resources? the size of the school board, the risk assessment results (Slide #12) of the school board, knowledge of the school board, etc. In the event that you believe you are not being treated equitably, you can follow the regional conflict resolution process as described at: Given the geographical A portion of the funding that is allocated to each of the size of Northern Ontario regions is on the number of square km in the region will there be sufficient relative to the rest of the province, therefore the larger travel funds for the internal the region, the greater the travel dollars. audit team to fulfill their obligations (Slide #12)
Number of complaints Number of repeat audit findings Amount of direct savings potential as a result of audits Number of major process improvements implemented as a result of audits Percentage of customer satisfaction (i.e., from surveys) % of key risks audited in the year Extent of reliance external audit can place on internal audit Cost versus budget Extent of advice given Number of best practice shared Will the value for money of the regional internal audit function be assessed in the future (i.e. whether the benefit of having the internal auditors exceeds the cost)? As noted in the answer to the previous question, the benefits of the internal audit function are not easily quantifiable. Internal audit assesses risks, risks that could lead a school board to not achieving its objectives of student success if not properly identified. They can also aid in preventing the loss of assets and resources and in ensuring compliance with laws and regulations, just to name of few of their roles. The Ministry of Education will monitor the regional internal audit function as it monitors all aspects of the GSN funding model to ensure that it meets the needs of the students of Ontario. How do we, as a school ensure that we will receive an equitable distribution of regional internal audit resources? (Slide #12) The regional internal audit manager (RIAM), by using his or her professional judgment, is responsible for the distribution of regional internal audit resources for his or her region. Some of the tools at his or her disposal are the size of the school board, the risk assessment results of the school board, knowledge of the school board, etc. In the event that you believe you are not being treated equitably, you can follow the regional conflict resolution process as described at: Given the geographical size of Northern Ontario will there be sufficient travel funds for the internal audit team to fulfill their obligations (Slide #12) A portion of the funding that is allocated to each of the regions is on the number of square km in the region relative to the rest of the province, therefore the larger the region, the greater the travel dollars.
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