Internal Audit for the Effective Corporate Governance

In today’s diverse business environment, to ensure that the system of internal controls instituted by the management of a company is functioning in the manner intended by the key managerial personnel of the company, an internal audit is to be conducted.

Let’s understand the concept of internal audit.

What is an Internal Audit?

Internal audits evaluate a company’s internal control system, including its corporate governance and accounting processes. These audits ensure compliance with laws and regulations and help to maintain accurate and timely financial reporting and data collection. Internal audits aid management to attain operational efficiency by identifying problems and correcting lapses if any. However, Internal audits may take place on a daily, weekly, monthly, or annual basis.

Moreover, the board of directors is ultimately responsible for the organization’s effective governance. Corporate governance is the collective name given to the various policies, rules, practices, and processes established by the authority of the board to govern the organization effectively, monitor its application, and meet its objectives.

Internal Audit to assess the Effectiveness of Corporate Governance

"Internal audit’s role in governance is requisite. An internal audit provides assurance and gives insight into the effectiveness and efficiency of risk management, internal control, and governance processes. An internal audit keeps an eye on the functioning of the organization and whether all the policies and procedures are complied with or not. A vibrant and agile audit function can be an indispensable resource supporting sound corporate governance.

So, it's really important to showcase to your audience the impact an internal audit has on the organization. But, preparing a PowerPoint presentation by yourself can be time-consuming and likely requires more effort.

Don’t worry! SlideTeam comes to your rescue. They provide you with a 100% editable template that can make your work hassle-free. So, here’s the list of slides that must be part of your PPT to draw the audience's attention.

Slide 1: Cover Slide

The first slide you should incorporate into your internal audit PPT is the cover slide. Further, add the name of your company and title in bold, highlighted words. As a result, it will immediately attract the client’s attention to your company.

An eye-catching cover slide can instantly draw the attention of the audience and prepare them for further slides. So, download it now to create an excellent impression on the client.

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Slide 2: Agenda

Every client is interested in knowing the agenda behind the topic of PowerPoint. So, highlight the various agenda items in this slide to instantly draw the attention of the viewer.

However, few agendas mentioned in this slide are:

Identify the needs, objectives, and attributes of an effective internal audit system.
Study in detail the various principles of the this system along with an overview of the difference between internal and external audits.
Gain insight into the internal audit process of the company and the international standards followed in internal audits.
And also, to get an insight into the benefits and limitations of the this system.

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Slide 3: Need for an Effective Internal Audit System

This slide showcases the need for an effective internal audit system in the company. Similarly, the need is to ensure that the specifications of internal, international, and industry standards are met, and effectively review the internal control system and control. So, evaluate the framework's effectiveness in achieving the stated objective and effectively review the managerial function.

A few needs mentioned in this slide are:

To meet the statutory requirements and regulatory environment and explore opportunities for improvement.
Review the system of internal check systems.

In fact, you can add and edit the needs of this system as per the requirements of your company.

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Slide 4: Attributes of an Effective Internal Audit System

In this slide, you will get information regarding the basic attributes and characteristics of an effective internal audit system.

Some of the attributes are:

Business Alignment

The internal audit system has a clear view of the company’s strategic direction and the expectations of its stakeholders.

Risk Focus

An internal audit takes a holistic view of risks that identifies internal, external, and emerging risk factors.

Stakeholder Management

This audit efficiently understands and maintains relationships with a broad range of stakeholders.

Cost Optimization

By providing effective and value-added services through robust, well-communicated audit methods and processes; internal audit optimizes the cost.

Technology

Internal audit leverages technology effectively in the execution of the entire life cycle of the audit process.

Innovation & Quality

It promotes quality and innovation through well-defined standards that are compatible with overall criteria.

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Slide 5: Mandatory Elements Required for Internal Audit Effectiveness

This slide provides information regarding the mandatory elements required for internal audit effectiveness.

Elements required for its Effectiveness are:

Organizational Independence

Organizational independence enables internal audit work to be carried out and is perceived to be carried out without interference by the audited entity.

A Formal Mandate

The powers and duties of the internal audit operation should be determined by the constitution, charter, or any other legal document.

Unrestricted Access

An internal audit should be conducted with complete and unrestricted access to personal property and records as appropriate for the performance of activities.

However, a few other elements have been discussed in the slide. so, you can edit the text of the slide as per your requirements.

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Slide 6: Internal Audit Principles of the Company

This slide presents information regarding the company’s internal audit principles. Further, the principles that have been discussed in the slide are:

Independence
Objectivity and integrity
Confidentiality
Competence and skill
System and process concentration

Moreover, give the details of each principle in the slide, to give an overview to the viewer. Similarly, we added icons to each principle to give the slide a presentable and sophisticated look.

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Slide 7: Various Types and Categories of Internal Audit in the Company

This slide will give you a glimpse of the company's various types and categories of internal audits. so, some of the categories discussed are;

Compliance audit
Operational audit
Environmental audit
Performance audit
IT audit
System audit
Process audit
Product audit

Further mention the details of each type of audit in the slide. So, this will make viewers understand each audit type in a much clearer and more concise manner.

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Slide 8: Overview of the Internal Audit Planning Checklist

This slide provides information and details about the audit planning checklist of the company.

Further, the checklist covered in this slide is:

Initial Audit Planning

All internal audit projects should begin with the team clearly understanding why the project was put on the audit plan.

Internal Control-Integrated Framework

While used extensively for Sarbanes-Oxley (SOX) compliance purposes, internal auditors can also leverage the Internal Control-Integrated Framework to create a more comprehensive program.

Document Request List

Requesting and obtaining documentation on how the process works is obvious in preparing for an audit.

Moreover, you can add and edit the checklist as per your requirements.

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Slide 9: Overview of the Internal Audit Process of the Company

This slide provides information regarding the overview of the internal audit process of the company. Further in this slide, you can highlight the audit process of the company to give the audience a glimpse of how this process works. So, this is one of the important slide as the efficiency of this system is highly dependent upon its process.

Further the process mentioned in this slide:

Scheduling the audit
Planning the audit
Conducting fieldwork
Reporting
Follow Up

And also can add and edit the process as per your requirements.

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Slide 10: Benefits and Advantages of an Effective Internal Audit System

This slide provides information regarding the benefits and advantages of an effective internal audit system for the company. However, the audience is highly interested in knowing the benefits and advantages that a company will get by having an adequate and effective system.

Easy Detection of Errors and Fraud

To detect errors and fraud, an internal audit is a conducted and critical review of the organization's books of accounts and records.

Advisory Services to Management

Auditors who have an in-depth knowledge of the business organization and the company’s books of accounts offer management advisory services. such as the introduction of a new product, the enhancement of the system of internal checks and control of operations, etc.

Quick Presentation of Reports

Transactions and postings in the books of accounts are reviewed daily, further which enables the quick presentation of accounts and reports to management.

So, mention other benefits that the company gets from having this system. Moreover, can download this 100% editable slide to save your time and effort.

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Slide 11: Top Internal Audit Software that Can be Used by the Company

Every company that sets up an internal audit system is interested in knowing all the software tools that make the this system run smoothly. However, this slide presents all the software tools that facilitate the auditor's work, as well as the cost of each software installation.

Further software discussed are:

Metric Stream

Purpose – The software handles a wide range of audit-related activities, including internal audits, operational audits, supplier audits, quality audits, and IT audits. The cost of the software would be around $ 100/month.

Intelex

Purpose – To store, manage, and centralize business data. The main features are Audit Planning, Compliance Management, Dashboard, Issue Management, Risk Assessment, etc. The cost of the software would be around $ 110/month.

Gensuite

Purpose – The software is responsible for providing solutions like responsible sourcing, security, asset management, and product stewardship. The cost of the software would be around $ 120/month.

So, Download this template now.

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Slide 12: Internal Audit Dashboard with Risk Rating and Audit Observations

This slide will give you an overview of the audit system that is prevailing in the company. Further, it gives a brief update about the audit like the Risk Rating of the Planned Audits, the Status of the Planned Audits, and the Result of Completed Audits in the form of pie charts.

This slide also includes a summary of observations Vs Remediated Observations By Fisk Rating, audited observations by the business process for remediated observations in the form of a bar graph. It also includes a Summary of Audit Observations by Location.

Further, this slide will give the audience a glimpse of the audit system and update them on its results. So, download this deck to showcase the audit observation to viewers and draw their attention.

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Wrapping-Up

An internal audit helps the organization by providing a systematic approach to evaluating and improving the efficiency of risk management, control, and governance within the organization. So, showcase your audience all about implementing this system in the organization with SlideTeam.

So, you can avoid the hassle by subscribing to the SlideTeam PowerPoint template. However, the best part is that you can also make changes as per the company's requirements. So, Call directly at +1-408-659-4170 for further queries, and our team will respond to you in the best possible way.