HEAD OF ASSURANCE PARTNER COMPANIES ETIHAD AIRWAYS ... · PDF fileHEAD OF ASSURANCE...
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Transcript of HEAD OF ASSURANCE PARTNER COMPANIES ETIHAD AIRWAYS ... · PDF fileHEAD OF ASSURANCE...
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MOHAMMAD ALI DADAHEAD OF ASSURANCE – PARTNER COMPANIES
ETIHAD AIRWAYS
INTERNAL AUDITTH€ BU$IN£$$ OF ADDING VALU€13 October 2015
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INTERNAL AUDIT – PRIMARY OBJECTIVE
To provide the Board of Directors and the Audit
Committee independent and objective assurance to
allow them to fulfill their role of having oversight
and a monitoring role over the business operations,
and towards enhancing corporate governance,
accountability and achieving business objectives.
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THE FORECASTED FUTURE
So who will survive?
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EVOLUTION OF INTERNAL AUDIT
Introduced after the post-war business boom in the US.
Initially transactional, the focus started shifting to controls and compliance
with process.
Coverage started to move from cyclical to risk based projects.
Shift towards regulatory compliance post Enron.
Compliance blended with value added and a more consultative role.
Role moving toward more advisory and business partner. More forward looking.
Requirement to add value now expected.
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INTERNAL AUDIT DEFINITION
“Internal auditing is an independent, objective assurance and
consulting activity designed to add value and improve an
organisations operations. It helps an organisation accomplish its
objectives by bringing in systematic, disciplined approach to
evaluate and improve the effectiveness of risk management,
control and governance processes.”
The Institute of Internal Auditors &
The Chartered Institute of Internal Auditors
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VALUE IS DEFINED BY BUSINESS, NOT AUDIT
Where does the business most need Audit Support.
Value may be in pure compliance.
Fast growing business may see value in assessment of controls.
Cost improvement reviews.
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SUPPORT THE BUSINESS MEET ITS STRATEGIC OBJECTIVES
What is the business all about and what are they trying to achieve?
What could prevent the business from achieving its objectives?
How can we help address that?
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DETAILED, PRACTICAL AND WORKABLE RECOMMENDATIONS
High quality issues that have an impact – the ‘So What’ test!
Recommendations that are researched and practical.
A mutually agreed solution developed with the business (ideally!).
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FLEXIBILITY TO TAKE ON AD HOC PROJECTS
Blending audit with advisory to support business needs.
Flexibility to respond to business needs, and delivering!
The independence barrier!
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DATA ANALYTICAL REVIEWS LEADING TO CONTINUOUS MONITORING
Data analysis may identify concerns the business has not seen.
Convert the test scripts into continuous monitoring tools.
Or develop them for the business as a reporting tool that they never
had.
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MEASURABLE ADDED VALUE
“A quantifiable reduction of costs or
increase in revenue as a direct result of
the implementation of an audit
recommendation”
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MEASURABLE ADDED VALUE
Departmental KPIs includes measurable added value – by department, team
and individual.
Must be quantified, annualised and agreed with business. Estimate must be
conservative.
Included in the Report Executive Summary.
Reported to the Audit Committee.
Tracking by Corporate Value Add Initiatives
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MEASURABLE ADDED VALUE – TRACKING AND REPORTING
Business
Unit
Audit Report
Reference
Observation
Number
Summary Value /Benefit Credit
Business Unit Total
Consolidated Total
Target USD xxx
Actual to Date USD xxx
Remaining USD xxx
Percentage Achieved xx,xx%
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MEASURABLE ADDED VALUE – KEY AUDIT AREAS
Airport ancillary revenue – excess baggage, extra legroom, upgrades
Catering wastage analysis
Crew costs – accommodation, transportation and per diems
Aircraft parking costs
Aircraft de-icing costs
Passenger welfare costs
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MEASURABLE ADDED VALUE – KEY AUDIT AREAS
Overtime costs
Inventory management – unrecorded stock, surplus spares,
AOG costs
Accounts payable – unused advance payments, duplicate payments,
Optimisation of overflying costs
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Is your content
adding €Value€ or
just
NOISE?
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THANK YOU