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W. Samuel Capuano Manager of Internal Audit Sunmark FCU 518-347-3156 email@example.com 1
Overview Creating the IA Function Managing the IA Function Evaluating the CAE 2
Enclosures ACUIA Internal Audit Shop Tools Audit Charter 3
Creating the IA Function Does the CU need an IA Dept.? NCUA SC Guide 6.01 Large CU’s/complex operations Benefits of IA to the CU Making the argument 4
Creating the IA Function Who to hire? NCUA SC Guide 6.05 Sharing? “Qualified Individual” From within? Other FI Auditor External Auditor/Examiner 5
Creating the IA Function Candidate qualifications NCUA SC Guide 6.05 Academic credentials and/or technical training/proficiency Commitment to CPE Well developed communication skills Independence 6
Creating the IA Function CAE on the Org Chart Independence Issue NCUA AIRES Q#1 Direct report to SC Free from BOD & Mgmt. undue influence 7
Creating the IA Function CAE on the Org Chart, cont’d Functional report to SC Dotted (administrative) line to? Proper authority for CAE? Under management’s thumb? 8
Creating the IA Function Audit Charter 1 st order of business Document independence Document reporting structure Full, free, unrestricted access (to everything!) Confidentiality! 9
Creating the IA Function 10
Creating the IA Function Charter, cont’d CEO notification SC approval BOD meeting Both chairs’ signatures 11
Creating the IA Function Audit Plan CAE meetings with EMT Materiality determination 12
Creating the IA Function vvgg 13 VS.
Creating the IA Function Audit Program Sources ACUIA Interactive Audit Guide NCUA AIRES Checklists Subscription Services 14
Creating the IA Function Employee Relations CU existed before They may not like us SC assistance 15
Creating the IA Function 16
Creating the IA Function 17
Creating the IA Function First Audit! Prior CAE communication of process Audit Report format Grading system 18
Managing IA 19
Managing IA SC performing IA tasks? Duplication of efforts Transition out SC’s decision 20
Managing IA SC Meetings Frequency (New?) Format Who sets agenda 21
Managing IA SC Monitoring CAE Goals SC – CAE ongoing communication Open lines of communication 22
Managing IA Reports to SC IA Reports/Responses System Reports External Audits Others? 23
Managing IA RFP’s External Financial Statement Audits System Vulnerability Assessments Other outsourced IA research SC approval 24
Evaluating IA 25
Evaluating IA CAE Performance Evaluation Whose responsibility Management input? Goals establishment NCUA/External Audit IA comments 26
Evaluating IA Status Updates Quarterly status of plan vs. actual Action item status 27
Evaluating IA Audit Plan Annual presentation to SC SC approval 4 th quarter materiality assessment 28
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