Taurai P Manyanga,FCCA,CISA

There is NO deadline for conforming to the 2024 Global Internal Audit Standards. None ... I have seen some referring to January 2025 as the DEADLINE to be in conformance with the new Standards. There was no deadline to conform to the previous International Standards for the Professional Practice of Internal Auditing, ... ... and there is no deadline to conform to the new Global Internal Audit Standards. In either case, the goal is to aim for conformance. For some that will be relatively easy, and for others it will take work. And, if you are not in full conformance, the world does not come to an end. Do what you can, and what makes sense in your environment, ... ... and get on with life. There is NO DEADLINE. #internalaudit

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As the public sector in the UK struggles to balance its books, more and more, there are discussions about the value of Internal Audit. Too many are prepared to cut the Internal Audit budget as "other services have had to take cuts". One could argue that is shortsighted (and I agree) but unless we step up and demonstrate our value, who can argue? I attach an article I wrote last year with the excellent Erin Sweeney, I believe it still remains relevant. https://lnkd.in/eKafu2Pk "If you’re not thinking about potential efficiency gains, someone else will do it for you. Our responsibility is to deliver the best services we can — rather than assuming a defensive posture to simply protect jobs. Sometimes we may be over-resourced or lack sufficient flexibility or have shortages in key expertise. We should never reflexively fill a vacancy as soon as it becomes open. Inevitably, there is less wiggle room with smaller teams, and many CAEs may feel they are significantly under-resourced. However, that only makes acute awareness of the value chain even more critical. Regardless of size, we have a finite budget and we must use it wisely to maximise our impact". SWAP Internal Audit Services #agentsofchange #speedofrisk #value #audit #innovation #ai #internalaudit #risk #auditcommittee

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The Financial Reporting Council says its Annual Report and Accounts for 2023/24 highlights the organisation’s proactive approach to using its regulatory powers to drive improvements in audit quality and corporate reporting. What are your thoughts on this? https://bit.ly/4fh5wsR Vinny Basra Sam K. Claire Smith Danielle Gillen Debbie Poole James Kielty Alexandra Martin #ReedAccountancy #Accountancy #Finance #Audit #Reporting

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The #DfE #ESFA has published its 16 to 19 Bursary Fund audit guide for local authorities: 2023 to 2024 academic year. https://lnkd.in/eq5dQs_Y . This is of relevance to those providers in receipt of 16 to 19 #Bursary Fund. It is designed to guide local authorities in obtaining assurance that institutions are administering the 16 to 19 Bursary Fund properly and refers to activity in the 2023 to 2024 academic year. That said, from time to time, clients of Professional Assessment contact our audit and compliance team to discuss and examine their policy and processes and controls seeking to confirm it is compliant and will stand the scrutiny of a funding audit. A very wise strategy and should be part of any provider's risk management approach to safeguarding this funding, especially as it can be instrumental in ensuring inclusion where otherwise certain circumstances could be a barrier to participation and retention. As such, a robust policy and its application has ethical as well as financial implications for providers. The internal controls questionnaire now gives a framework for a review of processes and controls for bursary funds that providers can use. The working paper enables the evidence to be examined for compliance. If you are in receipt of 16-19 Bursary Fund and would like to discuss how we can support your compliance, please email [email protected] or DM me. https://lnkd.in/ev-wspBZ

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Chief Audit Executives play a vital role in preparing a strategic plan for internal auditing as mandated by global standards. This plan sets the direction, priorities, and objectives for the internal audit function, ensuring alignment with organizational goals and effective risk management. #InternalAudit #StrategicPlanning #GlobalStandards

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The (new) AUDIT, REPORTING and GOVERNANCE AUTHORITY (ARGA) … … to replace the Financial Reporting Council (FRC) as the UK’s 🇬🇧 audit regulator. “Following the regulatory principles, ARGA will have new powers to hold PIE directors to account if, in reporting, they do not fulfil their statutory duties as well as powers to monitor the audit market and audit firm resilience more effectively and powers to take action to act against regulatory non-compliance”.

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🔵8️⃣ - Why don’t auditors find fraud? - 🔵8️⃣ Is it time to strengthen the hand of the auditors? Article by Stephen Foley of the FT - approx 4min read https://lnkd.in/dMpzM9jS #auditors #compliance #investigations

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📝 Quick Tips for Auditors When Writing Your CV! 📝 Auditors, your CV is your first impression for your next contract opportunity. Here are essential tips to ensure your experience stands out: - Highlight Your EA Codes: List the relevant EA codes alongside your audit experience to showcase the industries you've worked in. - Specify Key Industries: Mention sectors like Aerospace, Construction, Oil & Gas to help employers assess your fit for their client base quickly. - Certifications and Standards: Display certifications like ISO 9001, ISO 14001, ISO 45001, and your Lead Auditor status prominently. - Keep it Concise and Detailed: Focus on recent roles and key achievements to demonstrate the value you have added in your audits. Employers seek auditors with expertise in specific industries. By clearly stating EA codes and key sectors in your CV, you simplify their decision to hire you.

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Standing Out in Accounting Job Applications Looking to make a mark in the accounting field? ✔ Tailor your CV: Highlight specific skills relevant to the job. ✔ Showcase your certifications: ACCA, CIMA - let them shine. ✔ Be clear on software expertise: Mention tools like Sage, QuickBooks. ✔ Quantify achievements: Use numbers to showcase your impact. ✔ Stay updated: Continuous learning shows commitment to growth. Remember, personalisation and precision are key. Let's get the conversation going - how do you stand out? Share below! armstrongknight.co.uk #Accounting #CareerTips #JobHunt

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Standing Out in Accounting Job Applications Looking to make a mark in the accounting field? ✔ Tailor your CV: Highlight specific skills relevant to the job. ✔ Showcase your certifications: ACCA, CIMA - let them shine. ✔ Be clear on software expertise: Mention tools like Sage, QuickBooks. ✔ Quantify achievements: Use numbers to showcase your impact. ✔ Stay updated: Continuous learning shows commitment to growth. Remember, personalisation and precision are key. Let's get the conversation going - how do you stand out? Share below! armstrongknight.co.uk #Accounting #CareerTips #JobHunt

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This report by the IIA into the state of Internal Audit in Local Authorities is really interesting! 35% of survey respondents felt that it was likely the local authority would have financial difficulties in 2024/25 year which would impact significantly the delivery of statutory services 26% felt that their audit committee did not have a good understand of the role of internal audit 71% felt that their audit committee understood the purpose of internal audit 88% of respondents had not fully completed their internal audit plan for the 2023/24 financial year If you're having issues completing your internal audit plan for the year, and are thinking you may have to rely on an expensive co-source solution, reach out to the team at Audit & Risk Recruitment to discuss our Professional Interim Consultant solution that not only saves you significant money over co-source, but also gets you an extremely high level of talent into your team to get that plan over the line Email: [email protected] Tel: 07825 628544

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Learn from Audit Inspection Results (Take 2) The UK audit regulator published findings this summer. This 1-page synopsis helps you understand the key takeaways… Whether you're in the scope of the FRC’s UK audit regulation, or not, there is always something to learn. Areas where the regulator found common findings: -Estimate and judgements, -Journal entry testing, -Going concern, and -Revenue. No surprises there really… Other interesting observations: -The number of audits and extent of regulatory review is increasing, -Review findings are down, and -The number of PIE registered audit firms is increasing. These are the inspection results from the Tier 2 and 3 firms. Check out my post last week for the results of the larger, Tier 1 firms - https://lnkd.in/eAKmfzkj

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The Audit Quality Monitoring Report 2024 published today summarises our findings from the quality reviews we carried out between 1 July 2023 and 30 June 2024. Our review found the audit quality of reporting entities remains strong, though some inconsistencies in execution are holding back the ability to produce stronger evidence and support for audit opinions.  Our reviews help improve audit quality standards and ensure audit opinions are reliable. These reviews also help us to achieve our strategic goal of ensuring that investors have access to resources that help them make better-informed financial decisions. Read the report here https://lnkd.in/gHAskxDU

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Our director Lee Glover has written an article for the ACCA to explore how Internal Audit can align its efforts with other assurance providers to create a cohesive and comprehensive assurance framework. This is the second of a three-part series of articles looking at risk management, integrated assurance and the Chief Audit Executive's Annual Report. #internalaudit #ukauditors #assurance #riskmanagement Read the full article on our website. https://lnkd.in/e5Fu7zp6

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With 88% of Councils recently reporting that that they will not complete their audit plan, and half saying a drop in the number of internal audit staff was to blame for this, the pressure on internal audit teams has never been greater. And the coverage of these shortfalls is increasing in national media. Council 'lost track' of £1.8m in cash transactions - BBC: 22nd July 2024 Local authorities are at greater risk of scandal than ever - Prospect Magazine: 9th August 2024 Council allows use of purchase cards by staff without receipts - Guardian: 29th July 2024 Council staff face quiz over standards shortfall - The Times: 28th July 2024 As a result lots of Councils are turning to expensive co-source arrangements with the Practice firms to address the shortfall. But there is a better way. Over the last 12 months, we have helped countless Local Authorities save 10's of thousands of pounds in consultancy fees, placing Professional Interim Consultants directly with Council as opposed to them going to the consultancy firms. These consultants are highly experienced internal auditors, ranging from managers to former heads of audit for Local Authorities, into traditional "doing" roles, providing unrivalled value to Council. If you would like to learn more about this offering, and how we can help resource your team and save you money, then please reach out!

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According to AuditBoard's Internal Audit's Expanding Role - The Foundation for Connected Risk research report, 15–20% of survey respondents' time is allocated to advisory-type services. According to The Institute of Internal Auditors Inc. and Internal Audit Foundation Vision 2035 report, survey respondents stated the ideal future balance between advisory and assurance services is 40% to 60%, respectively. And even yesterday at AuditBoard's Connected Risk Summit in Toronto, Richard Chambers proposed that generative AI might eventually replace a substantial portion of assurance work, leaving Internal Audit to primarily focus on advisory services in the future. For those looking to adopt this trend in the near future, here's a framework highlighting the types of assurance and advisory services Internal Audit can provide. This framework is based on your organization's awareness of the risk in focus, and the maturity of its related processes. - If a key risk is known and processes already exist to manage it, Internal Audit can audit those processes. - If a key risk is known and processes are being established to manage it, Internal Audit can provide assurance that the processes will be designed to manage the risk as intended. - If a key risk is known and relevant but there are no plans to manage it, Internal Audit can advise and help establish governance processes if needed. This includes advising on and documenting a pilot program and roles and responsibilities, as well as monitoring and reporting on the performance of the pilot program. - If a risk could be key, and it is unknown to the company, Internal Audit can research, create awareness of, and understand if the risk could have significant impact on the companies success through interviews with key personnel internal and external to the company. Research reports included in the comments below. AuditBoard #InternalAudit #EnablingPositiveChange

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📄 Stakeholder Notice ⚕️ The Council for Medical Schemes (CMS) has announced that the authorisation standards for auditors and IFRS advisors remain unchanged for 2024. - All previously authorised audit firms, individual auditors, and IFRS advisors will have their accreditation automatically extended to include the audits for the financial year ending 31 December 2024. No new application forms or annual declarations are needed! - New authorisation submissions for new audit firms, individual auditors, and IFRS advisors about the 2024 financial year are due by 5 September 2024. - The approval of scheme auditors, as required by Section 36(2) of the Medical Schemes Act 131 of 1998 (MSA), will run concurrently with the authorisation process. For more information, click at https://bit.ly/3WKKLNG #⃣ #SAICAMiB #MedicalSchemes #SAICATechnical #AuthorisationofAuditorsandIFRS Mthokozisi Sibisi

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I think that audit firms are going to get the correct, higher-quality audit outcomes they're looking for, because they're going to be able to look at data at scale, and they're going to be able to see a wider range of patterns in data, because they're not using as much random sampling anymore, as they are going to be able to see trends in data, and that's only achievable when you have curated data at scale.  That's a key value proposition we bring to the table for audit firms: moving away from the sampling and hoping that all things being equal in the sample is the way to extrapolate to the health of the corporation.  Now we're going to be able to verify and validate a larger amount of data for the client, and that's the key, important construct there. #vigilantai #financialaudit #aiaudit #auditdata

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Interested in data analytics? Looking for 21 CPE points for the end of the year? The next Chartered Institute of Internal Auditors Data Analytics for Auditors course starts on 10 October and there are a 4 spaces left! This 6 x 3-hour session course will cover: - How to implement Data Analytics in your team, and the implications for your audit methodology - Understanding data and data terminology - Key data analytics techniques - How to use Excel for data analytics #IIA #Audit #dataanalytics For full details of the course, please visit:

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