Agenda
9:00 – 9:30 Registration
9:30 – 11:15 Session I
Internal Audit updates
Georgiana Iancu, Advisory Senior Manager – Internal Audit, KPMG Romania
Creating a World Class Internal Audit Function: Reducing risk, identifying efficiencies and driving cost benefits
Georgiana Iancu, Advisory Senior Manager – Internal Audit, KPMG Romania
11:15 – 11:30 Coffee break
11:30 – 12:45 Session II
Professional skepticism – key attitude of the internal auditor in fraud related matters
Oana Coman, Advisory Manager – Forensic Services, KPMG Romania
12:45 – 13:45 Lunch and Networking
Short summary of topics proposed
Internal Audit updates
The Internal Audit profession experienced significant changes over the course of its existence. Internal Audit practitioners have witnessed changes of their roles within organizations in the last years, becoming involved in areas that in the past were not part of the Internal Audit focus, such as governance, risk management or fraud. As a result, there was a stringent need to update the guidelines and reference materials used by the Internal Auditors in exercising their profession, as well as helping internal auditors in obtaining recognition for their added skills.
During this session we will discuss the updates initiated by the Institute of Internal Auditors and other relevant Bodies to better reflect the current situation of the Internal Audit profession.
Creating a World Class Internal Audit Function: reducing risk, identifying efficiencies and driving cost benefits
Creating a highly effective internal audit function can be challenging for many organizations. But companies that invest the appropriate time and resources to optimize their department can enjoy a wide range of competitive benefits, including enhanced risk management processes; an improved control environment; strengthened relationships with key stakeholders; and greater efficiency across key governance, risk, and compliance activities.
Moving from a capable function to one that performs optimally requires understanding the gaps that exist between the current state and the desired state of internal audit, and developing a specific road map to help guide the organization. In addition, it is important to understand that what constitutes optimal performance can differ among organizations—it comes down to the key mission of internal audit within the organization and how well it meets the expectations of key stakeholders.
During this session we will discuss about the three key attributes that separate truly successful internal audit functions from the rest, with examples from our practice while working with a large array of internal audit organizations.
Professional skepticism – key attitude of the internal auditor in fraud related matters
Skepticism can help internal auditors deter and detect fraud within an organization. With their daily presence inside the company and their constant focus on internal controls — internal auditors are in a uniquely strong position to help deter and detect fraud. But to enhance their effectiveness, they should always review processes and internal controls with an attitude of professional skepticism.
During this session we will share our experience in real fraud cases where we will highlight the importance of professional skepticism in identification and further investigation of fraud red flags.
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