Skopje, North 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.
