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#1438337 - 09/02/10 05:41 PM Strategic Planning
DogLover Offline
100 Club
DogLover
Joined: Aug 2003
Posts: 146
Sunny Florida
Executive management has asked the auditor to sit in on their strategic planning session. Any words of wisdom?

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Audit
#1438473 - 09/02/10 07:08 PM Re: Strategic Planning DogLover
Black & Gold Offline
Junior Member
Black & Gold
Joined: Aug 2008
Posts: 35
Dark Side of the Moon
Congratulations on the invitation; I'm envious. A few thoughts come to mind for preparation for and during the meeting:

• Take a look at the IIA Standards, particularly related to Internal Audit’s responsibilities around Governance (Section 2110).
• Review COSO’s ERM Framework (cube) and the IIA Position Paper “The Role of Internal Auditing in Enterprise-Wide Risk Management.” Ask questions of management to determine whether they are thinking about how they plan to achieve their objectives and what events/obstacles/risks would prevent them from achieving. What is management’s risk appetite and does it align with their strategy? Do alternatives exist if set strategies are unreasonable or unreachable?
• If you have time, also review the South Africa King III report, or at least the article in the February 2010 Internal Auditor magazine about King III.
• Listen, listen, listen. Ask questions. Take notes. Internal Audit is responsible for establishing a risk-based Internal Audit Plan and what better place to begin than understanding management’s strategy for the organization and the highest risks that would prevent achievement.

I hope this was of some help. Good luck to you! I would be very interested to hear how your meeting goes.
_________________________
"Who would have thought that the thing that would save this company would be work. And pancakes." - Michael Scott-The Office

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#1438567 - 09/02/10 08:11 PM Re: Strategic Planning Black & Gold
califgirl Offline
Diamond Poster
califgirl
Joined: Mar 2002
Posts: 2,355
The O.C., California
Excellent advice.

Also, bring cookies! Then they'll invite you to the next meeting. grin
_________________________
I can explain it to you. I can't understand it for you.

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