08 - 11 April 2019

IACOP Internal Control WG and Audit in Practice WG Meetings

Skopje, Macedonia

The PEMPAL Internal Audit Community of Practice (IACOP) organized its Internal Control Working Group (IC WG) meeting and Audit in Practice Working Group (AiP WG) meeting during April 8-11, 2019 in Skopje, Macedonia.

Objectives of the IC WG:

  • Understand Components 2 and 3 of the COSO - risk assessment and control activities – and how they apply with the related principles to the public sector;
  • Determine criteria to assess these two COSO components in the public sector context;
  • Share good practices and practical tools for applying risk assessment and establishing control activities in public sector organizations;
  • Identify links between the COSO principles and the three lines of defense model;
  • Review the updated discussion paper on the control environment.

Expected Outcomes:

  • Improved understanding of how to apply or adapt Components 2 and 3 of the COSO and related principles to the public sector;
  • Drafted criteria for the assessment of these two COSO components in the public sector;
  • Collected good practices and practical tools for the application of risk assessment and the establishment of control activities in a public sector organization;
  • Extended discussion paper covering risk assessment and control activities, and finalized section drafted on the control environment.

 

Objectives of the AiP WG:

  • Review and approve the audit engagement planning Guide;
  • Explore the next phase of the audit engagement process – the field work: expectations, challenges, methods, results;
  • Receive insights on the internal audit developments in Macedonia;
  • Explore the various roles of the Internal Audit function: from assurance to advice (who, when, why, how);
  • Establish next steps for the AIP WG.

Expected outputs and outcomes:

  • Final version of the Planning Guide, including study cases as examples;
  • Best practices and challenges identified for the second phase of the audit engagement - field work;
  • The Macedonian experience in the internal audit reform learnt;
  • Further proposals for an effective and value adding IA function;
  • Draft objectives established for the next meeting of the AIP WG.