Internal Control Reviews: Everything you need to know
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This document discusses an internal control review for the public sector presented by Welch LLP. It covers when to consider an internal control review, what to expect from the process, the basic streams or business processes that would be reviewed, and the benefits of conducting such a review. The process involves developing a risk-based strategy, documenting and assessing key financial controls, and drafting a management action plan. Benefits include improving efficiencies at a lower cost than a full audit and gaining a fresh view of the organization's system and environment.
Internal Control Reviews: Everything you need to know
- 1. welchllp.com INTERNAL CONTROL REVIEW FOR THE PUBLIC SECTOR
- 2. GROUND RULES Questions • Attendees are in listen-only mode • This webinar is being recorded for future on-demand playback • Your participation represents acknowledgement that we are recording • Tweet questions & comments to: #WelchGov Windows Mac Tablet
- 3. André Auger, CPA, CGA, CFE Government Services Advisor aauger@welchllp.com Karen Dickson, CPA, CA Director of Government Services & Senior Manager kdickson@welchllp.com PRESENTERS
- 4. WHAT WE’LL COVER TODAY • When to consider an internal control review • What to expect • The process • Basic streams • The benefits • Q & A
- 5. WHEN TO CONSIDER AN INTERNAL CONTROL REVIEW • Compliance with legislation (Policy on Internal Control) • Concerns • Changes in operations • Staff turnover welchllp.com
- 6. • Develop plan/approach • Constant communication • Draft report WHAT TO EXPECT welchllp.com
- 7. 1. Develop risk-based strategy 2. Develop approach and methodology 3. Identify key business processes 4. Document and assess key financial controls through review of documentation, interviews, testing 5. Draft management action plan 6. Ongoing monitoring THE PROCESS welchllp.com
- 8. • Capital assets • Operating expenses and accounts payable • Transfer payments/Grants & contributions • Financial close and reporting BUSINESS PROCESSES welchllp.com • Entity level controls • IT general controls • Revenue and accounts receivable • Payroll and benefits • Purchases and payments
- 9. • Improve efficiencies at a lower cost than full audit • Fresh view on system and environment THE BENEFITS welchllp.com
- 10. • Interviewees feel more comfortable • Tailored approach • Easy to interpret report THE BENEFITS welchllp.com
- 11. André Auger, CPA, CGA, CFE Government Services Advisor aauger@welchllp.com Karen Dickson, CPA, CA Director of Government Services & Senior Manager kdickson@welchllp.com PRESENTERS
Editor's Notes
- #4: Moderator: André Auger, CPA, CGA, CFE, Government Services Advisor at Welch LLP André’s main areas of expertise include cost audits, contribution audits, forensic audits and internal audits. This expertise is derived from his 21-year career in the Public Service, whereby he provided audit and assurance services to numerous government departments and agencies. André first joined Welch in 1979 after graduating from the University of Ottawa with a Bachelor of Commerce degree. André left Welch in 1984 to venture out into the industry until joining the government sector in 1990 where he moved up the ranks. André came back to his roots and re-joined the Welch family in January 2012. He currently serves as the firm’s Government Services Advisor to help grow Welch’s government practice. Karen Vinczeffy, CPA, CA, Director of Government Services & Senior Manager at Welch LLP Karen Vinczeffy is the Director of Welch’s Government Services department. She joined Welch in 2001 after graduating from Carleton University with a Bachelor of Commerce. She obtained her CA designation in 2003. She has developed her skills on audits for a wide variety of clients in the not-for-profit, construction, and automobile sectors. She has extensive experience with federal government departments and agencies auditing various Contribution Agreements in the role as Project Manager.
- #12: Questions: 1. Who would you be interviewing as part of the internal control review? 2. With the recommendation made in the draft report, would they be long term, short term or a combination of the two? 3. Would we, as the client, have an opportunity to comment on the feasibility of the recommendations made before the report is finalized/presented to the audit committee? 4. How would we determine which streams should have the internal control review?