Strategic Planning

Posted By: DogLover

Strategic Planning - 09/02/10 05:41 PM

Executive management has asked the auditor to sit in on their strategic planning session. Any words of wisdom?
Posted By: Black & Gold

Re: Strategic Planning - 09/02/10 07:08 PM

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.
Posted By: califgirl

Re: Strategic Planning - 09/02/10 08:11 PM

Excellent advice.

Also, bring cookies! Then they'll invite you to the next meeting. grin