139x Filetype PPTX File size 0.79 MB Source: www.ocsta.on.ca
Agenda • IA Overview • Financial Reporting • Risk Assessment • Flow of Information «…strategic advisors and catalysts for change…» Who we are • Internal audit mandate • Ontario Reg. 361/10 IA ….. a necessary evil or • 8 regions for 72 school an untapped wealth …. boards • Independent and objective • Working for school boards • Diverse skill set • Professional standards • Adding value What we do • Governance, Risk Management, Compliance, Internal Controls • Audit universe Transportation Human resources • IT & Communications Type of engagements Instruction & Schools Facilities Business services • Audits Other • Consulting • UNIVERSE Continuous monitoring RISK PRIORITIZ (process, activities, ASSESSMENT E AUDIT PLAN structures, initiatives, Projects DEVELOPMEN context, etc.) Impact x based on T Probability needs and capacities • Dual reporting relationship Structure O t h e Audit r The Board (Governing Body) c Committee e n M t i r a n l i DG, Supervisory Leaders s b o E t r o v x y d e r t i s e o e i r f s g n a E d h nd rd t 2 Line of Defense 3 Line of Defense st l u / 1 Line of Defense Financial Control A c r u a t e Security Internal Audit d i g Management Controls i o u Risk Management t n l a Quality t i n Internal Control Measures Inspection g Compliance Past Developments • Changes to Ontario Regulation 361/10: Audit Committees (July 2015) • Allows any audit committee member to be Chair (previously only trustee members); • The audit committee is now required to make recommendations to the Board on the content of the external audit plan and on all proposed major changes to the plan; and • Amendments to Ministry reporting requirements. • Guidance on what to include in open and closed audit committee sessions (Deloitte, Nov 2015) • Internal Audit and The Role of Audit Committees (Module 19, 2016: SB05) • Province-wide trustee training (held early 2015) • Regional Internal Audit Coordinator
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