By K. H. Spencer Pickett, Jennifer M. Pickett
At a time whilst many companies are slicing their inner auditing departments, it truly is important that each supervisor knows the basics of inner audits. This booklet is designed as a company source to aid managers and their groups set criteria for self-auditing, probability administration, compliance evaluate, and formal disclosure reporting. Readers will study confirmed, potent ideas for appearing trustworthy and defensible audit reports to make sure compliance with laws and criteria.
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Extra resources for Auditing for Managers: The Ultimate Risk Management Tool
Power politics. Where initial auditing is about shifting responsibility to lowerpaid staff, meaning managers shirk their responsibilities, then the process has not worked. • Airbrush. Where problems are airbrushed out of the big picture by being relegated to the audit process, then there will be a failure to achieve good results. fm Page 21 Thursday, November 25, 2004 9:27 AM Common mistakes 21 • Inconsistent messages. Where different people have different interpretations of the initial audit process, then it will become blurred and confusing.
A culture where people tend to deny that there are problems for fear of being blamed. • Scared people who feel the need to be careful and who do not take risks associated with, say, innovation and experimentation. fm Page 33 Thursday, November 25, 2004 9:28 AM Corporate governance 33 • A viewpoint that suggests whenever there is a failure, there is also a need to apportion blame and sacrifice someone. • Empowerment used to locate blame as far down the organization as possible. Most accept that we have a duty and responsibility to carry out tasks allocated to us in a given time to the best of our ability.
Trustees have overall responsibility for internal controls. • Risk falls into three categories: external environment, the brand and the internal infrastructure. Another charity has a council of trustees that is responsible for satisfying itself that systems are in place to monitor, manage and mitigate exposure to major risks, while the corporate management team assesses the risk as identified in its risk register through the normal business planning process. 3. 3 the corporate governance arrangements are about the managers of an entity behaving well and delivering the goods under the strategic oversight of a balanced board of directors who appreciate the following: • The context of the governance arrangements is set by the control framework that needs to be in place to ensure what we call a sound control environment.