{"id":102,"date":"2020-05-16T10:24:39","date_gmt":"2020-05-16T10:24:39","guid":{"rendered":"http:\/\/www.rnm.in\/blog\/?p=102"},"modified":"2025-01-30T10:55:46","modified_gmt":"2025-01-30T10:55:46","slug":"impactful-internal-audit-post-lockdown","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/impactful-internal-audit-post-lockdown\/","title":{"rendered":"Impactful Internal Audit \u2013 Post Lockdown"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Role and position of Internal Audit function in an   organization is going to witness major changes post Covid 19 as its working   environment and expectations are likely to change significantly.  This article is intended to highlight the ways internal   audit can upgrade itself to effectively add value across the organization and   maximize its influence on the company in a sustained manner. There is an attempt   to outline key change drivers which the organizations must focus to prepare   themselves for tomorrow.   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Once\nthe business opens after lockdown, there is a definite and significant change\nin the expectations from Internal Auditors (it is only going to rise) as organizations\nthemselves will be finding themselves working in a changed environment \u2013\neconomically, logistically, demographically and most importantly \u2013\ntechnologically. <\/p>\n\n\n\n<p>When\ncompanies are feeling the pinch of fast changing business methods, regulations\netc. there is opportunity for Internal Audit (IA) to identify and help\ncompanies in managing the transition. <\/p>\n\n\n\n<p>There\nis a challenge for the IA function itself. To be able to provide enhanced value,\nIA must innovate and find opportunities to challenge the status quo to reduce\nrisk, improve controls, and identify potential efficiencies and cost benefits\nacross the organization. Key areas to be focused are:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Automation<\/strong><\/li>\n<\/ol>\n\n\n\n<p>The\nneed for automation of certain (operational) activities is not felt more than\ntoday. One such use of automation is in the field of healthcare &#8211; patients\nbeing served by robots instead of humans. This automation is coming in\nproduction in a big way. <\/p>\n\n\n\n<p>Whether\nmanually or automated, entities must be aware of the risks and governance\nresponsibilities. It is more important in automated environment as a failure here\nwill hit the company with more speed and ferocity than in manual environment. <\/p>\n\n\n\n<p>Well\ndefined automation guidelines help a company in meeting its governance, risk,\ncontrols, and compliance requirements. <\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Examine\nmatching of automation with key goals of the company<\/li>\n\n\n\n<li>Evaluate\nappropriateness of the process for automation and the plans to deal with gaps. <\/li>\n\n\n\n<li>Whether\ncost benefit analysis is giving favorable results (on strategic objectives)<\/li>\n\n\n\n<li>Methods\nof training on automated functions to fully grasp risks<\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Obsolescence\nof conventional methods due to automation. <\/li>\n\n\n\n<li>Increased\nspending on innovation by leaders of respective industry<\/li>\n\n\n\n<li>Widespread\nuse of robot in daily operations <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Data:\nProtection and Usage<\/strong><\/li>\n<\/ul>\n\n\n\n<p>More\nand more transactions and communication are being done (especially during\nlockdown) online leading to unprecedented volumes of data and information. Companies\nare trying to figure out optimizing the value tremendous amount of data housed\nin the business environment, ensuring proper controls around the use and\nstorage of data is critical. Effective governance of such voluminous data enables\na top-down, enterprise-wide view of the data.<\/p>\n\n\n\n<p>IA\nneeds to perform dual role regarding data \u2013 firstly that of ensuring data safety\nand secondly effective usage of data for audit activity. <\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Better\nuse of data analytics in risk assessment process (alongwith direction of\nchanges).<\/li>\n\n\n\n<li>Incorporate\ndigitalization the process of auditing<\/li>\n\n\n\n<li>Support\nthe management in drafting policies and processes of data governance<\/li>\n\n\n\n<li>Identify\nsecurity gaps in data management<\/li>\n\n\n\n<li>Support\nin standardization of MIS report especially on CSA areas. <\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Evolving\nbusiness demands for huge data<\/li>\n\n\n\n<li>Enhanced\nregulatory data requirements<\/li>\n\n\n\n<li>Usage\nof mass data management technology and methodologies to improve audit quality at\nreduced audit costs, and wider audit scope<\/li>\n\n\n\n<li>Real-time\nidentification of risks with data<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Change\nin Technology <\/strong><\/li>\n<\/ul>\n\n\n\n<p>To\nsustain in the Covid 19 scenario, there are many experiments being done and technology\nis being adopted in haste. Companies are considering technological advancements\nwithout proper assessment of suitability for their business nature and target customer.\nThese changes in technology would have huge impact on companies which is likely\nto continue in foreseeable future. In most cases, the technological\ntransformation is forced onto the organizations. <\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Check\nalignment of existing and planned technology changes with broader goals of the\ncompany. <\/li>\n\n\n\n<li>Examine\neffectiveness of new system implemented in terms of its contribution to company\ngoals<\/li>\n\n\n\n<li>Timely\nassessment of control environment in high-risk areas <\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Find\nkey areas for any technological changes<\/li>\n\n\n\n<li>Create\na realistic technology change plan <\/li>\n\n\n\n<li>Avoid\noutlay on unwarranted technology<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cybersecurity<\/strong><\/li>\n<\/ul>\n\n\n\n<p>With\nuninterrupted connectivity needed today, cybersecurity is an extremely\nimportant area to not loose focus. For instance, in the Work from Home scenario,\nlot of office meetings and files exchange is being done on platform like Zoom,\nMicrosoft Meeting etc. Many concerns faced recently have increased attention\npaid to cybersecurity issues (like changes in the cyber threats, frequent changes\nin technology, new regulatory requirements, changes in society and corporate environment\nand enhanced competencies and techniques used by hackers. <\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Examine\ncomprehensiveness of entity\u2019s cybersecurity risk assessment, the processes and\ncontrols deployed for risk mitigation, and provide realistic recommendations <\/li>\n\n\n\n<li>Evaluate\neffectiveness of technology security arrangements \u2013 working on prevention or\ndetection<\/li>\n\n\n\n<li>Review\neffectiveness of trainings the employees for a comprehensive cyber protection framework<\/li>\n\n\n\n<li>Evaluating\nthe extent to which third-party security providers can address completely and\nsufficiently the most current risks<\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Proactive\nidentification of cybersecurity threats and their possible impact on the organization<\/li>\n\n\n\n<li>Need\nto avoid costly implications of data breaches (like investigations, fines, responsibility\nfor customer losses, diversion of time \/ focus of management and loss of\ncustomers \/ business<\/li>\n\n\n\n<li>Availability\nof the organization\u2019s cybersecurity program and preparedness accordingly<\/li>\n\n\n\n<li>Protecting\nintellectual property and other key information<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Regulatory\nCompliance<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Under\nthe regime of NDA, we are seeing a trend towards more regulations and\nimplementation of old laws. Also, global regulations in other partner countries\nare impacting local companies. Companies operating in India are required not\nonly on Indian Law but also on global regulation to remain focused on\nmaintaining compliance standards.<\/p>\n\n\n\n<p>On\none side, new laws and regulations are being developed and updated; on the other\nside, compliance is getting expensive. As such there is need for internal controls\nto manage the regulatory risk effectively. It is not wrong to say that there is\nenhancement in cost of compliance as there even more severe impact of non \u2013\ncompliance. <\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Review\nthe list of regulations applicable on the company and its readiness for their compliance<\/li>\n\n\n\n<li>Examine\nthe compliance activities are integrated with regulatory requirements of other companies\nunder the group<\/li>\n\n\n\n<li>Examine\ninstances of significant non-compliances to evaluate effectiveness of the mechanism\nfor reporting \/ escalation of non-compliance issue<\/li>\n\n\n\n<li>Evaluate\nappropriateness of compliance trainings provided to employees <\/li>\n\n\n\n<li>Review\nthe mechanisms in place to ensure compliance with data regulations<\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ensuring\ncompliance with increasing number of regulations, both domestically and abroad<\/li>\n\n\n\n<li>Mitigating\nthe increasing costs of complying with an ever-growing number of regulations<\/li>\n\n\n\n<li>Developing\na strategy to lessen the restraining effects of compliance on business operations<\/li>\n\n\n\n<li>Ensuring\ncompliance operations are aligned following a merger or acquisition<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Dependence\non Third Parties<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Companies\nare increasingly relying on third parties to carry out vital business functions.\nFor instance, during lockdown, restaurants are fully dependent on delivery channels\nowned \/ operated by third parties. However, engaging third parties exposes the companies\nto new risks and potential compliance failures translating into fines, lawsuits,\noperational bans and reputational damage.<\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Review\nthe process of engaging and managing third-party <\/li>\n\n\n\n<li>Assess\ncontract management processes <\/li>\n\n\n\n<li>Examine\ncompliance to regulatory requirements related to and by third parties<\/li>\n\n\n\n<li>Regular\naudit of third parties &nbsp;<\/li>\n\n\n\n<li>Help\nimplementation of Control Self &#8211; Assessment mechanism for third &#8211; parties<\/li>\n\n\n\n<li>Review\nthe compliance of third-party contracts <\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Risks\nof engaging more third &#8211; parties<\/li>\n\n\n\n<li>Net\nincremental profit <\/li>\n\n\n\n<li>Improvement\nin contract and vendor management <\/li>\n\n\n\n<li>Creating\neffective CSA <\/li>\n\n\n\n<li>Prevent\nor timely detect risk management failures at third &#8211; parties<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trade\nRestrictions<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Protectionist\ntrade policies poses a significant risk to businesses. For quite some time, China\nand US were engaged in a tit-for-tat over the trade competitiveness through\ntariff.<\/p>\n\n\n\n<p>In\nlatest development, the Chinese Government is not permitting teams to visit\nWuhan Lab and WHO advocating for China had complicated the matter and giving a\nbasis for US to protect its industries even more. Expected exodus of companies\nfrom China may take any turn to the situation. <\/p>\n\n\n\n<p>Added\nto this burden is an increase in trade sanctions (selective as well blanket) that\ncarry heavy penalties (like on Iran). As the world\u2019s two biggest economies face\noff with tariffs and continues and added with Covid -19, global economies will\ninevitably feel the squeeze and shifts.<\/p>\n\n\n\n<p>Role\nof internal audit:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Examine\nthe company\u2019s compliance and procurement function and assess impacts on market\npricing and competitiveness<\/li>\n\n\n\n<li>Assess\nthe process of evaluating strategic decisions and reacting to political risks <\/li>\n\n\n\n<li>Examine\nwhether the operational impacts on the supply chain are being considered<\/li>\n<\/ul>\n\n\n\n<p>Management\nFocus:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Inter-national\ntrade scenario especially the sanctions by US or WTO on countries like China<\/li>\n\n\n\n<li>Status\nof suit filed by US on China regarding loss incurred due to spread of Covid \u2013\n19<\/li>\n\n\n\n<li>Possible\nescalation between China and Russia<\/li>\n\n\n\n<li>Other\npolitical disputes having significant unintended consequences that go beyond\npaying heavy penalties for non-compliance<\/li>\n<\/ul>\n\n\n\n<p>The\nabove is for general discussion purpose only. Please contact RNM for any organization\nspecific issues and solutions.<\/p>\n\n\n\n<p>Sovan\nSingh, Partner \u2013 Internal Audit, RNM<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Role and position of Internal Audit function in an organization is going to witness major changes post Covid 19 as its working environment and expectations are likely to change significantly. This article is intended to highlight the ways internal audit can upgrade itself to effectively add value across the organization and maximize its influence on the company in a sustained [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":114,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[17,14],"tags":[19,13,18],"class_list":["post-102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-assurance","category-general","tag-audit","tag-covid-19","tag-internal-audit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Future of Internal Audit in a Post-COVID World<\/title>\n<meta name=\"description\" content=\"The COVID-19 pandemic has had a significant impact on the role of internal audit. 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