Presentation is loading. Please wait.

Presentation is loading. Please wait.

Wayne G. Moore, CIA, CPA Audit Director DuPont Company.

Similar presentations


Presentation on theme: "Wayne G. Moore, CIA, CPA Audit Director DuPont Company."— Presentation transcript:

1 Wayne G. Moore, CIA, CPA Audit Director DuPont Company

2 Dupont Internal Audit Overview Internal Audit Leads in a New Direction

3 Other DuPont brands include Antron® carpet fiber, Dacron® polyester fiber, Mylar® polyester films, CoolMax®, and Cordura® textile fibers. DuPont Business Overview Stainmaster® Carpet, SilverStone® Lycra® Teflon®Kevlar®, Corian®

4 DuPont is a science company, delivering science-based solutions in markets such as food and nutrition, health care, apparel, home and construction, electronics and transportation revenues: $24.7 billion; net income of $4.3 billion. Employees: 79,000. Approximately half work outside the United States. Operating in 70 countries worldwide; 135 manufacturing and processing facilities. 100 Internal Auditors North AmericaEurope Asia South AmericaIT DuPont Business Overview

5 Disclosure Committee - Meets Quarterly VP & Assistant General Counsel, VP & General Auditor, VP & Treasurer, VP - Corporate Strategy, VP - Investor Relations, Corporate Counsel, VP - Finance & Controller, Manager of Corporate Accounting Committee Objectives No Material Omissions Financial Information is Fairly Presented Section 302 – CEO/CFO Certification of Quarterly and Annual Reports The Impact of Sec. 302s Disclosure Controls Requirement on DuPont Internal Audit

6 General Assumptions –Focus on the system of disclosure controls and procedures –Do not duplicate work performed by external auditors –Controller owns process, report sent to Disclosure Committee –Opinion is given on adequacy of disclosure controls What is Covered Flows ThroughMust Be System Certified 10-K 10-K 10-Q 10-Q Proxy 8-K The Impact on DuPont Internal Audit Section 302 – CEO/CFO Certification of Quarterly and Annual Reports

7 Quarterly/Year End Audit of Disclosure Controls & Procedures Audit Steps –Understand Financial Reporting Process –Assess level of risk Various footnotes, businesses, functions –Select sample of footnote and MD&A information Understand and map individual processes Review documentation and test for timeliness and completeness Model Practices observed during our review –Disclosure Checklist from external auditors –Attempt to voluntarily file within accelerated timeline (stress test the new process) The Impact on DuPont Internal Audit Section 302 – CEO/CFO Certification of Quarterly and Annual Reports

8 Challenges –Decentralized financial reporting process –Timing is shortened for future filings –Increased level of detailed disclosure is expected –Same quality of reporting also applies to quarterly reporting –Scheduling interviews with individuals Will begin to interview footnote owners/subsidiaries/businesses throughout the year Perform follow-up within the required 90 day timeframe for any changes in the process YE 0290 Days YE 0375 Days YE 0460 Days Quarters up to 12/31/0345 Days Quarters up to 12/31/0440 Days Quarters up to 12/31/0535 Days The Impact on DuPont Internal Audit Section 302 – CEO/CFO Certification of Quarterly and Annual Reports


Download ppt "Wayne G. Moore, CIA, CPA Audit Director DuPont Company."

Similar presentations


Ads by Google