the audit committee, including external members, on the funding formula? Are school board financial The audited financial statements are submitted to the statements submitted to Ministry once every year. The due date for the the Ministry of Education Financial statements was November 15, 2010 and every month? for 2010-11 the date will be November 15, 2011. Introduction: Overview of the Provincial Initiatives Audit – Committees & internal Audit Question Answer Is the $5 million allocated Yes, this amount is an annual amount. Since it’s for internal audit an annual introduction, the annual funding amounts have been as amount? follows: 2009-10, $2 million, 2010-11 and going forward $5 million. Does the Ministry know It is difficult to demonstrate the benefits of the internal what the long-term savings audit function through the investments made. will be from the regional Stakeholders and management look for cost savings in internal audit initiative? order to ensure transparency and accountability. The internal audit function should not be measured strictly on savings to the board just as the effectiveness of life guards should not be based strictly on the number of lives saved. The following list provides some performance indicators that could be used to rate the effectiveness of the internal audit function: Elapsed time for issue of reports (completion of audit work to draft report or draft report to final) Number of unsatisfactory audit opinions (as % of total) Number of audit assignments completed (versus number planned) % of recommendations accepted % of actions fully implemented Number of positive unsolicited comments about internal audit
the audit committee, including external members, on the funding formula? Are school board financial statements submitted to the Ministry of Education every month? The audited financial statements are submitted to the Ministry once every year. The due date for the Financial statements was November 15, 2010 and for 2010-11 the date will be November 15, 2011. Introduction: Overview of the Provincial Initiatives – Audit Committees & internal Audit Question Answer Is the $5 million allocated for internal audit an annual amount? Yes, this amount is an annual amount. Since it’s introduction, the annual funding amounts have been as follows: 2009-10, $2 million, 2010-11 and going forward $5 million. Does the Ministry know what the long-term savings will be from the regional internal audit initiative? It is difficult to demonstrate the benefits of the internal audit function through the investments made. Stakeholders and management look for cost savings in order to ensure transparency and accountability. The internal audit function should not be measured strictly on savings to the board just as the effectiveness of life guards should not be based strictly on the number of lives saved. The following list provides some performance indicators that could be used to rate the effectiveness of the internal audit function: Elapsed time for issue of reports (completion of audit work to draft report or draft report to final) Number of unsatisfactory audit opinions (as % of total) Number of audit assignments completed (versus number planned) % of recommendations accepted % of actions fully implemented Number of positive unsolicited comments about internal audit
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