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SSG Internal Audit - turning defence into goals, Rome 20 Nov 2013

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steven weatherley

on 12 December 2014

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Transcript of SSG Internal Audit - turning defence into goals, Rome 20 Nov 2013

Internal Audit, Risk and Compliance - supporting the goal-scorers
Internal Audit -
Turning Defence into Goals!

Reminder about Internal Controls and Internal Audit
The Big Picture

In business to make money
Know the risks
Stock Czech- key business processes
Stock Italia - key business processes
Procurement - general review
Running Order

Quick reminder about internal controls
and internal audit

2. Internal audits so far - key findings

3. Internal audits starting soon

4. Internal audits proposed for 2014 - discuss

5. Audit Committee feedback

Good Business
Legally Required
UK Companies Act
Stock Exchange Rules
UK Corporate Governance Code
Agency Theory – Asymmetric Information and Alignment of Interests

Our Stakeholders

Risk is the chance something bad might happen
Humans have strong primitive risk response systems
Never ignore a gut-feeling...but never believe that it's enough.
Risks in modern world are often more complex
Hard-wired to fear first and think second
Even rational thinking is often distorted by biases: confirmation, group-think, anchoring, framing, small sample fallacy and over-confidence
Fear and stress about Chernobyl caused more harm to people than the radiation itself.

Audits so far...
1. Stock Polska - Key Business Processes
Key findings:
General Ledger
Revenue & Receivables
Purchases & Payables
Inventory & Distribution

General theme: master data control
Proposed for 2014
Anti-Bribery Compliance
- work in progress but main findings likely to be:

focus on areas of real risk

Audits so far...
Why are internal controls needed?
What are internal controls?
What does Internal Audit do?
Starting soon...
See handout
Audit Committee feedback
Audits so far...
Hot off the press -
Baltic Distillery
Putting it all together
Full transcript