278x 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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