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GOJ Audit Commission Conference

Enhancing the Audit Committee Function: Rising to the Challenges

Using Technology to Enhance Internal Audit (IA) Process


Ms. Alicia Perez
Symptai Consulting Limited
Thursday October 29, 2015
Overview

The Context

Leveraging Technology for Internal Auditing:

Data Analysis

Vulnerability Assessments

The IA Process

Questions & Answers

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
The Context

Jamaica The Place of Choice to Live, Work, Raise Families and Do Business.

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: OUR ROLE

Internal Auditing is an independent, objective assurance and consulting


activity designed to improve and add value to an organizations operations.

It helps an organization accomplish its objectives by bringing a disciplined,


systematic approach to evaluate and improve the effectiveness of risk
management, control and governance processes.

The IIAs CIA Learning System: Self-Study Part1

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: THE NEED

As digitization increases, the internal audit function needs:


Access to high quality data

Accurate and timely insight




Performance


Risk Exposure

Efficient ways of managing audit operations

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Access to High Quality Data


Data Analysis Tools: e.g. IDEA, ACL
Allows users to:
Securely connect to core databases/ stores (of varying types)
Effortlessly analyse data using over 100 audit specific tasks
Export results
Automate and schedule testing


Continuous Auditing

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Data Analysis Tools- Use Case:

Company Rise 2D is a public sector organization.

Rise 2D is allowed to do business with appropriately approved


contractors.

Confirm that business is being conducted with only duly authorized


suppliers

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Data Analysis Tools (IDEA) - Use Case:


Of the 185 payments analysed, 85 were to unauthorized suppliers.

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS
Data Analysis Tools (IDEA) - Use Case:
Of the 85 unauthorized transactions, 84 were to one particular supplier.

The total amount of


funds paid out to
unauthorized suppliers
is $1,723,449.97

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS
Data Analysis Tools (ACL) - Use Case:

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Data Analysis Tools - Use Case:


Running this analysis continuously and notifying key stakeholders of
exceptions/performance.

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Issues across
processes

Issue Growth
Rate

Resolution
Rate Individual
Work

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Define Resolution
Work Flow

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS
Accurate and timely insight: Risk
Vulnerability Assessment Tools e.g. Nessus
Supports non-credentialed/credentialed, remote/local scans and offline
auditing

Provides templates for compliance with established standards such as PCI-


DSS

Supports a wide range of network devices, operating systems and database


applications

Plug-ins to ensure review for new threats/vulnerabilities

Reporting to drive action plans

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Random network diagram for illustrative purposes: www.uml-diagrams.org

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS
Nessus

Random network diagram for illustrative purposes: www.uml-diagrams.org

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Efficient ways of managing audit operations


IA Management Tools e.g. TeamMate AM


TeamRisk - Developing risk-based audit plans




TeamSchedule Scheduling staff and reviews




TeamEWP Manage audit documentation




TeamTEC Managing audit reviews economics




TeamCentral Tracking reviews, issues and recommendations

Screenshots courtesy of asia.arclogics.com

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Efficient ways of managing audit operations


IA Management Tools e.g. TeamMate AM


TeamRisk - Developing risk-based audit plans




TeamSchedule Scheduling staff and reviews




TeamEWP Manage audit documentation




TeamTEC Managing audit reviews economics




TeamCentral Tracking reviews, issues and recommendations

Screenshots courtesy of asia.arclogics.com

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Efficient ways of managing audit operations


IA Management Tools e.g. TeamMate AM


TeamRisk - Developing risk-based audit plans




TeamSchedule Scheduling staff and reviews




TeamEWP Manage audit documentation




TeamTEC Managing audit reviews economics




TeamCentral Tracking reviews, issues and recommendations

Screenshots courtesy of asia.arclogics.com

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Leveraging Technology for IA: TOOLS

Efficient ways of managing audit operations


IA Management Tools e.g. TeamMate AM


TeamRisk - Developing risk-based audit plans




TeamSchedule Scheduling staff and reviews




TeamEWP Manage audit documentation




TeamTEC Managing audit reviews economics




atio
at ions
io
TeamCentral Tracking reviews, issues and recommendationsns

Screenshots courtesy of asia.arclogics.com

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
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Leveraging Technology for IA: TOOLS

Efficient ways of managing audit operations


IA Management Tools e.g. TeamMate AM


TeamRisk - Developing risk-based audit plans




TeamSchedule Scheduling staff and reviews




TeamEWP Manage audit documentation




TeamTEC Managing audit reviews economics




TeamCentral Tracking reviews, issues and recommendations

Screenshots courtesy of asia.arclogics.com

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Conclusion

IA must responsibly adopt and leverage technology if the profession is to


effectively fulfil its mandate;

Tools are readily available;

Training is critical for the effective use of tools;

Tools are for leverage for IA principles/ practices.

Jamaica The Place of Choice to Live, Work, Raise Families and Do Business.

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015
Thank You!

Serving the Caribbean for over 17 years in


Business Assurance; Information System Audit &
Information Security professional services!
an for over 17 years in Business Assurance;

GOJ: Enhancing the Audit Committee Function: Rising to the Challenges | October 29, 2015

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