What is Internal Audit?
• Internal Audit, which aim to add value to an organization's operations and develop an independent and objective assurance and consulting activity.
• The internal audit organization's risk management, internal control and governance processes to evaluate and improve the effectiveness of a systematic, with disciplined approach and helps to achieve goals and objectives.
What is Corporate Governance?
Direct the activities and operations of an institution and to keep under control and achieve their goals and interests of the various different groups of stakeholders and in accordance with the ethical standards applied and used in order to maintain the policies, processes and structures.
Corporate Governance, An Organization:
• Lived in the laws and regulatory rules of the society to suit.
• Generally accepted business norms and standards, ethical codes of conduct and provides the community to meet social expectations.
• Lived in the community in general to be useful and to increase protection of the rights and interests of stakeholders provides.
• Decisions, actions, behavior and performance of the checking and control of the owners, regulatory bodies and authorities, rights and other stakeholders and the public is accurate and complete information to give a full, complete, and ensures that the correct information.
Strong Corporate Governance
• Board of Directors
• Management
• External Auditors
• Internal Auditors
Responsibilities of the Board of Directors:
• Determines the style of top management.
• All the focal point of corporate governance activities.
• The final takes on the responsibility.
• All institutional controls and oversees the activities and affairs, but no one of them directly govern itself.
Senior Management
• Strategic direction and objectives of the organization's value system and determination
that (the board of directors oversight).
• Assurance that the risk management process, operations, monitoring, measurement of results and provides the timely implementation of the correct actions.
Business Management
• Implement the strategy puts the internal control area and the units directly under its control, mobilize and implement the supervision and management.
• Implementing and monitoring the risk management process and to establish effective and appropriate internal control systems in the institution's senior management and ultimately responsible to the board of directors.
External Audit
• Preparation of financial statements in accordance with related laws and accounting principles and reporting on its activities to provide independent assurance.
Internal Audit
• Corporate Governance structures and processes are designed properly and correctly and to provide assurance on the effective and efficient work that makes for the purpose of evaluation.
• Potential improvements in corporate governance structures and processes can be done about the proposal and make recommendations.
What is the Role of Internal Audit and the task?
• Tester
• Consultant
• Advocacy and Promotion (Advocate)
• Catalyst
Standard 2130
The Internal Audit unit and activity, for the realization of the objectives listed below, must make informed decisions about improving the governance process should have the necessary recommendations for improvement:
• The ethical values and other values within the organization the development.
• Effective and efficient provision of a corporate performance management.
• Areas of risk and control information necessary to effectively forwarding.
• The Board of Directors, External Auditors, Internal Auditors and Directors effective and efficient coordination of activities between and among them to ensure efficient and effective communication.
What is the added value to businesses of corporate governance?
• Institutionalization and professional management
• Global competition
• Sustainable growth
• Corporate reputation
• Company value
• Risk management
• Rating
• Corporate governance index
• Basel II
• New Turkish Commercial Law
What is the added value provided by the Initial Public Offering (IPO) firms?
• Financing
• Liquidity
• Institutionalization
• Trust
• Credibility
• Global and national awareness.
• Possibility of a secondary public offering
• Global opportunities
What is the role of internal audit in compliance with corporate governance principles?
• Shareholders
• Stakeholders
• Board of Directors
• Disclosure and transparency
• Corporate Governance and Compliance Process
• Fairness
• Transparency
• Accountability
• Responsibility
The role of internal audit in the Initial Public Offering (IPO) process.
What?
• Financial reporting and independent audit
• Public information
• Corporate governance principles
• Evaluation of the effectiveness of internal controls
• The Board of Directors
• The Audit Committee
• Professional Management
• Regulatory Authority
Corporate Governance;
Company management, business processes, and relationships with stakeholders;
• Equality, transparency, accountability and approach to responsibility
• Effectiveness and efficiency of the Company's activities,
• Reporting
• Compliance with government regulations,
• The protection of the rights and interests of stakeholders for indicates that the approach and principles that provide assurance.
Initial Public Offering (IPO)
Information
• The market value of publicly traded companies, Gross Domestic Product (GDP) 37 percent (80-90% of developed countries).
• 75% of individual savings deposits and foreign currency 8% of the shares directed.
• The first and second 500 industrial establishment 876 not traded.
Benefits
• Financing
• Liquidity
• Institutionalization
• Credibility, reputation and advertising
• International integration
• Transparency
• The secondary public offering
Liabilities
• An independent audit
• Informing the public
• Dividend distribution
• Corporate governance
Internal Audit
International Institute of Internal Auditing (IIA) * according to internal audit.
• Which aims to add value and improve an organization's activities in an independent and objective assurance and consulting activity.
• Internal audit, the organization's risk management, control and governance processes to evaluate and improve the effectiveness of its objectives by bringing a systematic, disciplined approach helps to achieve.
Improving Internal Audit
Control-Based inspection
• Target: Regulatory Compliance.
• Focus: identification issues that do not comply with applicable regulations.
Process-Based Control
• Target: the effectiveness and efficiency of processes.
• Focus: comparing the gaps in existing processes, identify best practices.
Risk-Based Audit
• Goal: Prevention of Risks and Processes across the state of controls.
• Focal Point: Show the effectiveness of key processes and controls necessary to prevent identification of risks.
Corporate Risk-Based Audit Management
• Goal: to reach the objectives of the institution, the effectiveness of risk prevention and minimization of risk management activities.
• Focal point: to understand the objectives, risks associated with the identification, understanding and tolerance levels, performance and risk identification and measurement of the effectiveness of risk management by evaluating the current and desired corporate risk determination of management between the gaps.
Role of Internal Audit in Corporate Governance
• The Board of Directors and Committees
• Ethics and Code of Conduct
• Disclosure and Transparency
• Risk Management
• Internal Controls
• Compliance with Laws and Regulations
• External Audit
• Relations between Corporate Governance Participants
Internal Audit Approach
Method
• Compatible with the company's objectives and strategies
• Focusing on the risks and processes
• Proactive
• Simultaneous control using the latest technology
• Solve problems rather than the force that help
Customers
• Customer-focused and risk assessment, which included them.
• educating senior management on internal control and internal audit.
• Clients with common goals and objectives.
• Continuous training of employees contributing to the development.
Communication
• Listening to customers on a regular basis
• Communicate with top management continuously and constructively
• Sharing the managers reporting to meetings
• Shorten the reporting time.
Internal Auditor's Role and Responsibilities
Internal Audit
• Independent and objective evaluation function,
• The presence of the internal control system, evaluates the efficiency and effectiveness,
• Management recommends how it should be accurate and reliable internal control system,
Evaluates the effectiveness of risk management and corporate governance processes and can contribute to the development,
• Financial and operational integrity and reliability of the information,
• effectiveness and efficiency of operations,
• Protection of assets
• Law, regulation and review of compliance with internal procedures
In line with the objectives of the organization contributes to the development,
‘’Creates added value’’
Create value and role of internal audit
• Process improvement
• Human Resource Development
• Performance and Productivity Management
• Internal Communication
• The Learning Organization
• Best Practices / Benchmarking
• Value Added
Approach
• Internal audit, management's objectives, priorities and strategic approaches should focus on.
• Control power should focus on the future rather than past.
• Problem solving approach to value-added advisor and supervised the development needs of the area should be removed to the fore.
• Key business risks, the valuation of the internal control system should be designed.
• Activities effectiveness, efficiency and economy are assessed.
• The Internal Audit function, the organization's governance, operations and information systems, including the adequacy and effectiveness of controls evaluates.
Success Factors for Creating Value
• Management
- Contact
- Forums
• SWOT Analysis
• Road Map
• True Business and Partners
- Knowledge and Experience
- Capabilities
- Tools and Techniques
• Achieve the Common Good
• Outsourcing and to encourage participation
• Share of Accomplishments
For success
• Human Resource, Technology and Capabilities
• Organization and regulation of internal audit
• Planning and Reporting Guidelines
• Training and Certification
• Quality Assurance and Improvement Program (QAR)
• Audit Committee - Independent Audit - Internal Audit relationship
• Measurement of performance
Responsibility of the Board of Directors
• Each company's Board of Directors "successful" like to have.
• Successful companies will increase market value. Increasing the market value of the increases in the value of all stakeholders to achieve.
• Determines the success of the company described as targets.
• The most fundamental responsibility of the Board of Directors of the company objectives
will come back immediately to ensure the formation of the structure.
The Role of Internal Audit in Achievement
• Implementation of corporate governance processes andvcontributes to the development.
• Determining the possible risks in management as an aid to the risks it may cause reduces losses.
• Effectiveness and appropriateness of internal controls evaluating business processes, provides efficiency.
Critical Factors of Internal Audit Event
• Ownership and the ongoing support of senior management.
• Internal audit and internal audit, the role of expectations in all correctly perceived by the employees.
• Internal audit as a process that adds value to the organization the design.
Basic Elements of Successful Implementation of Internal Audit
• Organizational Structure - Independence of Internal Audit
• The Audit Committee
• Audit Approach and Methodology - Risk Based Approach
• Quality Assurance Program
• The Audit Team
• Internal Audit, which aim to add value to an organization's operations and develop an independent and objective assurance and consulting activity.
• The internal audit organization's risk management, internal control and governance processes to evaluate and improve the effectiveness of a systematic, with disciplined approach and helps to achieve goals and objectives.
What is Corporate Governance?
Direct the activities and operations of an institution and to keep under control and achieve their goals and interests of the various different groups of stakeholders and in accordance with the ethical standards applied and used in order to maintain the policies, processes and structures.
Corporate Governance, An Organization:
• Lived in the laws and regulatory rules of the society to suit.
• Generally accepted business norms and standards, ethical codes of conduct and provides the community to meet social expectations.
• Lived in the community in general to be useful and to increase protection of the rights and interests of stakeholders provides.
• Decisions, actions, behavior and performance of the checking and control of the owners, regulatory bodies and authorities, rights and other stakeholders and the public is accurate and complete information to give a full, complete, and ensures that the correct information.
Strong Corporate Governance
• Board of Directors
• Management
• External Auditors
• Internal Auditors
Responsibilities of the Board of Directors:
• Determines the style of top management.
• All the focal point of corporate governance activities.
• The final takes on the responsibility.
• All institutional controls and oversees the activities and affairs, but no one of them directly govern itself.
Senior Management
• Strategic direction and objectives of the organization's value system and determination
that (the board of directors oversight).
• Assurance that the risk management process, operations, monitoring, measurement of results and provides the timely implementation of the correct actions.
Business Management
• Implement the strategy puts the internal control area and the units directly under its control, mobilize and implement the supervision and management.
• Implementing and monitoring the risk management process and to establish effective and appropriate internal control systems in the institution's senior management and ultimately responsible to the board of directors.
External Audit
• Preparation of financial statements in accordance with related laws and accounting principles and reporting on its activities to provide independent assurance.
Internal Audit
• Corporate Governance structures and processes are designed properly and correctly and to provide assurance on the effective and efficient work that makes for the purpose of evaluation.
• Potential improvements in corporate governance structures and processes can be done about the proposal and make recommendations.
What is the Role of Internal Audit and the task?
• Tester
• Consultant
• Advocacy and Promotion (Advocate)
• Catalyst
Standard 2130
The Internal Audit unit and activity, for the realization of the objectives listed below, must make informed decisions about improving the governance process should have the necessary recommendations for improvement:
• The ethical values and other values within the organization the development.
• Effective and efficient provision of a corporate performance management.
• Areas of risk and control information necessary to effectively forwarding.
• The Board of Directors, External Auditors, Internal Auditors and Directors effective and efficient coordination of activities between and among them to ensure efficient and effective communication.
What is the added value to businesses of corporate governance?
• Institutionalization and professional management
• Global competition
• Sustainable growth
• Corporate reputation
• Company value
• Risk management
• Rating
• Corporate governance index
• Basel II
• New Turkish Commercial Law
What is the added value provided by the Initial Public Offering (IPO) firms?
• Financing
• Liquidity
• Institutionalization
• Trust
• Credibility
• Global and national awareness.
• Possibility of a secondary public offering
• Global opportunities
What is the role of internal audit in compliance with corporate governance principles?
• Shareholders
• Stakeholders
• Board of Directors
• Disclosure and transparency
• Corporate Governance and Compliance Process
• Fairness
• Transparency
• Accountability
• Responsibility
The role of internal audit in the Initial Public Offering (IPO) process.
What?
• Financial reporting and independent audit
• Public information
• Corporate governance principles
• Evaluation of the effectiveness of internal controls
• The Board of Directors
• The Audit Committee
• Professional Management
• Regulatory Authority
Corporate Governance;
Company management, business processes, and relationships with stakeholders;
• Equality, transparency, accountability and approach to responsibility
• Effectiveness and efficiency of the Company's activities,
• Reporting
• Compliance with government regulations,
• The protection of the rights and interests of stakeholders for indicates that the approach and principles that provide assurance.
Initial Public Offering (IPO)
Information
• The market value of publicly traded companies, Gross Domestic Product (GDP) 37 percent (80-90% of developed countries).
• 75% of individual savings deposits and foreign currency 8% of the shares directed.
• The first and second 500 industrial establishment 876 not traded.
Benefits
• Financing
• Liquidity
• Institutionalization
• Credibility, reputation and advertising
• International integration
• Transparency
• The secondary public offering
Liabilities
• An independent audit
• Informing the public
• Dividend distribution
• Corporate governance
Internal Audit
International Institute of Internal Auditing (IIA) * according to internal audit.
• Which aims to add value and improve an organization's activities in an independent and objective assurance and consulting activity.
• Internal audit, the organization's risk management, control and governance processes to evaluate and improve the effectiveness of its objectives by bringing a systematic, disciplined approach helps to achieve.
Improving Internal Audit
Control-Based inspection
• Target: Regulatory Compliance.
• Focus: identification issues that do not comply with applicable regulations.
Process-Based Control
• Target: the effectiveness and efficiency of processes.
• Focus: comparing the gaps in existing processes, identify best practices.
Risk-Based Audit
• Goal: Prevention of Risks and Processes across the state of controls.
• Focal Point: Show the effectiveness of key processes and controls necessary to prevent identification of risks.
Corporate Risk-Based Audit Management
• Goal: to reach the objectives of the institution, the effectiveness of risk prevention and minimization of risk management activities.
• Focal point: to understand the objectives, risks associated with the identification, understanding and tolerance levels, performance and risk identification and measurement of the effectiveness of risk management by evaluating the current and desired corporate risk determination of management between the gaps.
Role of Internal Audit in Corporate Governance
• The Board of Directors and Committees
• Ethics and Code of Conduct
• Disclosure and Transparency
• Risk Management
• Internal Controls
• Compliance with Laws and Regulations
• External Audit
• Relations between Corporate Governance Participants
Internal Audit Approach
Method
• Compatible with the company's objectives and strategies
• Focusing on the risks and processes
• Proactive
• Simultaneous control using the latest technology
• Solve problems rather than the force that help
Customers
• Customer-focused and risk assessment, which included them.
• educating senior management on internal control and internal audit.
• Clients with common goals and objectives.
• Continuous training of employees contributing to the development.
Communication
• Listening to customers on a regular basis
• Communicate with top management continuously and constructively
• Sharing the managers reporting to meetings
• Shorten the reporting time.
Internal Auditor's Role and Responsibilities
Internal Audit
• Independent and objective evaluation function,
• The presence of the internal control system, evaluates the efficiency and effectiveness,
• Management recommends how it should be accurate and reliable internal control system,
Evaluates the effectiveness of risk management and corporate governance processes and can contribute to the development,
• Financial and operational integrity and reliability of the information,
• effectiveness and efficiency of operations,
• Protection of assets
• Law, regulation and review of compliance with internal procedures
In line with the objectives of the organization contributes to the development,
‘’Creates added value’’
Create value and role of internal audit
• Process improvement
• Human Resource Development
• Performance and Productivity Management
• Internal Communication
• The Learning Organization
• Best Practices / Benchmarking
• Value Added
Approach
• Internal audit, management's objectives, priorities and strategic approaches should focus on.
• Control power should focus on the future rather than past.
• Problem solving approach to value-added advisor and supervised the development needs of the area should be removed to the fore.
• Key business risks, the valuation of the internal control system should be designed.
• Activities effectiveness, efficiency and economy are assessed.
• The Internal Audit function, the organization's governance, operations and information systems, including the adequacy and effectiveness of controls evaluates.
Success Factors for Creating Value
• Management
- Contact
- Forums
• SWOT Analysis
• Road Map
• True Business and Partners
- Knowledge and Experience
- Capabilities
- Tools and Techniques
• Achieve the Common Good
• Outsourcing and to encourage participation
• Share of Accomplishments
For success
• Human Resource, Technology and Capabilities
• Organization and regulation of internal audit
• Planning and Reporting Guidelines
• Training and Certification
• Quality Assurance and Improvement Program (QAR)
• Audit Committee - Independent Audit - Internal Audit relationship
• Measurement of performance
Responsibility of the Board of Directors
• Each company's Board of Directors "successful" like to have.
• Successful companies will increase market value. Increasing the market value of the increases in the value of all stakeholders to achieve.
• Determines the success of the company described as targets.
• The most fundamental responsibility of the Board of Directors of the company objectives
will come back immediately to ensure the formation of the structure.
The Role of Internal Audit in Achievement
• Implementation of corporate governance processes andvcontributes to the development.
• Determining the possible risks in management as an aid to the risks it may cause reduces losses.
• Effectiveness and appropriateness of internal controls evaluating business processes, provides efficiency.
Critical Factors of Internal Audit Event
• Ownership and the ongoing support of senior management.
• Internal audit and internal audit, the role of expectations in all correctly perceived by the employees.
• Internal audit as a process that adds value to the organization the design.
Basic Elements of Successful Implementation of Internal Audit
• Organizational Structure - Independence of Internal Audit
• The Audit Committee
• Audit Approach and Methodology - Risk Based Approach
• Quality Assurance Program
• The Audit Team
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