Hossam ElShaffei,CFE,FICA CMIIA,CA,CRMA,CCSA,QRD CrSexual harassment Abuse of Authority Investigatr

Comprehensive update for future exam takers

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Dear connections, We are in the process of mapping the potential and available services that external auditors can provide to entities like ours in #Lebanon As part of this initiative, we are conducting a survey aimed at understanding the full available services offered by audit professionals. The purpose of this survey is to gather detailed information about the audit services that firms in Lebanon provides. Your participation is essential to help us gain insights into the diverse range of services available in the market and to identify opportunities for collaboration. The information collected will assist us in evaluating and selecting audit services that best align with our organizational needs and strategic goals. If you know someone who can support us in this, please do not hesitate to share the survey with your connections.   You can easily access the survey via this link: 🌐  https://lnkd.in/dJPn9a94 The survey will take approximately 3-4 min to complete. We assure you that your responses will be treated with confidentiality and will be used exclusively for the purpose of exploring potential services. Appreciate if you can answer this by the end of next week. #ExternalAudit #Audit #survey #services #mapping #Lebanon #auditfirm #auditor

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Internal audit provide useful insights, identify competitive advantage, protect your assets, act as a third line, and guarantee good performance 📈 IIA Norge IIA-The Institute of Internal Auditors #value #performance #thirdline

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⭕Standard 2.2: Safeguarding Objectivity⭕ Internal auditors must: ▶ Identify and Address Conflicts: Recognize and mitigate any actual, potential, or perceived conflicts of interest. ▶ Avoid Undue Influence: Don't be swayed by gifts, favors, or pressure from those in authority. ▶ Stay Independent: Refrain from assessing activities you were recently responsible for. ▶ Disclose When Necessary: If you have a conflict, even a perceived one, speak up! 𝑾𝒉𝒚 𝒕𝒉𝒊𝒔 𝒎𝒂𝒕𝒕𝒆𝒓𝒔: Safeguarding objectivity is non-negotiable. It's the key to maintaining trust and ensuring audit findings are credible, reliable, and ultimately beneficial for the organization. 𝑩𝒖𝒊𝒍𝒅𝒊𝒏𝒈 𝒐𝒏 𝒕𝒉𝒆 𝑺𝒆𝒓𝒊𝒆𝒔 I'm breaking down the new Global Internal Audit Standards! Check out my previous posts: 🔵 Standard 1.1: Honesty and Professional Courage https://lnkd.in/dG4YYa3i 🔵 Standard 1.2: Organization's Ethical Expectations https://lnkd.in/dEcZmRPU 🔵 Standard 1.3: Legal and Ethical Behavior https://lnkd.in/dEpGjwfk 🔵 Standard 2.1: Individual Objectivity: https://lnkd.in/dbxMjz4b #GIAS #GIASSeries #internalaudit #IIA #internalauditmonth #Khattab #Quick_audit_tips

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Audit term #2 – GHOST TICKING (PHANTOM TICKING) In auditing, ghost ticking has nothing to do with Hallowe’en. It refers to an auditor’s deliberate falsification of an audit test. The “ticking” aspect of the term derives from the time of manual work papers, when auditors annotated their work with tick marks to indicate the performance and outcome of testing. Although digital work papers have largely substituted manual work papers, the term has stuck. The “ghost” aspect (or “phantom” aspect sometimes found in British English) refers to the invalid or unreliable nature of the falsified audit work: it involves untruthful claims to have performed audit testing. Ghost ticking has extremely serious implications. Logical analysis in the interpretation of evidence is central to auditing. If evidence is doctored or falsified, the outcome is likely to damage cogent interpretation. This may occur only at the level of a ghosted test. Yet, if the ghost ticking is more widespread, or if the ghosted test is central in importance to the audit, an entire audit might be compromised. Why would an auditor ghost an audit test? There are many possible reasons – the sabotage of an audit by a disgruntled or lazy auditor; a clumsy attempt to meet tight deadlines by cutting corners; or even embarrassment at revealing one’s ignorance when facing audit work beyond one’s comprehension, resulting in a decision to falsify rather than seek assistance. Whatever the reason for ghosting tests, the outcome for the reliability of an audit is severe. Other possibilities that might explain ghost ticking are that (i) overworked auditors might, through tiredness or sleep deprivation, make mistakes, and (ii) poorly trained or inadequately-briefed auditors may simply not understand what they are doing and unwittingly record errors, not realizing that they need support and advice. But here we are not discussing honest mistakes, but rather deliberate falsification. There are ways to mitigate ghost ticking. First is the rigorous supervision of audit work papers. But ghosting is an insidious practice that can be very difficult to detect by a supervisor. Supervision may involve some reperformance of audit tests, but in many time-sensitive cases reperformance might be impossible (e.g., in the context of an audit of quantities of fast-moving inventory). A second mitigating measure is to emphasize the ethics of auditing to all auditors, including novices entering the profession: to audit is a moral act, and to falsify an audit test is immoral. The ultimate mitigation of ghost ticking is ethical self-control. This is the 2nd of a planned, weekly series of quick glances at examples of audit-related terminology. “Ghost ticking”, “supervision”, and many more terms can be found in my “Auditor’s Companion” (Georgetown University Press, 2024). https://lnkd.in/gs6925zg #audit #auditconcepts #auditterms #culture #education #terminology

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Although auditors play a crucial role in ensuring financial integrity and transparency, communities may sometimes view them negatively. From your point of view give regarding those factors contributing to these negative perceptions, NB: Be Brief

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What do you think of the potential challenges🔍 you might face in implementing a strong internal audit mandate⁉ ⭕Standard 6.1 Internal Audit Mandate⭕ 🔗𝑩𝒖𝒊𝒍𝒅𝒊𝒏𝒈 𝒐𝒏 𝒕𝒉𝒆 𝑺𝒆𝒓𝒊𝒆𝒔 I'm breaking down the new Global Internal Audit Standards! Check out my previous posts: ✅Domain II - Ethics & Professionalism https://lnkd.in/dWnHazGU 🔥#One_Pager_Standard #GIAS #GIASSeries #internalaudit #IIA #Khattab #Quick_audit_tips

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The New IIA Global Internal Audit Standards have plenty to say about internal audit evidence and workpapers. "Considerations for Implementation" of Standard 14.6 goes into excruciating detail about the content and format of workpapers. But how long should we retain them? The standards only tell us to retain workpapers according to laws, regulations, company policies, and our own policies (which we need to set). In the digital era, there is nothing to prevent us from keeping them forever. But is that a good idea? Check out my thoughts on the attached blog. #internalaudit #auditevidence #auditworkpapers #theiia #globalinternalauditstandards

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The 2020s have wrought unprecedented volatility, uncertainty, complexity, and ambiguity in what is becoming knows as an era of permacrisis. For that reason, I re-partnered with Robert Pérez for a new edition of Agents of Change: (Agents of Change: Internal Auditors in the Era of Permacrisis - 2nd Edition)! The new manuscript takes a hard look at how the profession must adapt and change to meet the growing needs of our organizations and stakeholders. Frankly, it sets a high bar that will require us to be agile in updating our processes, cognizant of the cultures in which we must operate, transformational in how we embrace artificial intelligence and other technologies, comfortable in promoting and marketing the value of independent assurance, and advocates for transformational change that enables our organizations to navigate permacrisis. Check out my latest blog to learn more, and thanks to AuditBoard for its sponsorship. https://lnkd.in/eSjxgF3N

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as we enter the last week of international internal Audit Awareness month, I hope you have played your part in clearing the misconceptions about us

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Special message from the President IIA. May 2024 marks the Internal Audit Awareness Month, a dedicated time to emphasize the crucial role of internal auditing in organizational governance, risk management, and control processes. This month presents a unique opportunity for internal auditors to raise awareness about their function's significance and demonstrate its value within their organizations. - Educate Stakeholders: Organize workshops or webinars to explain internal auditing's purpose and value. - Highlight Achievements: Showcase successful audits, process improvements, and risk mitigations. - Promote Best Practices: Share insights through internal channels like newsletters or intranet portals. - Engage with Management: Discuss the internal audit's strategic alignment with organizational goals. - Encourage Professional Development: Advocate for ongoing training and certifications for auditors. - Collaborate with External Partners: Strengthen relationships with external auditors and regulatory bodies. - Reinforce Ethical Standards: Emphasize ethical behavior and adherence to professional standards. - Seek Feedback: Gather input from stakeholders to improve internal audit practices. These actions can enhance internal auditors' role and contribute to organizational governance and transparency.

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Internal Audit's conformance to the IIA's Standards AuditBoard recently conducted polling on the IIA Standards to understand past and present conformance. Here's a peek into your peers' activities regarding the IIA Standards. A flash poll conducted on June 13 asked 814 Internal Auditors about their team's past conformance to IIA Standards. - 50% stated they conformed to the IIA Standards through internal and external QARs - 16% stated they conformed to the IIA Standards through internal QARs, but not external - 27% stated they conform to the IIA Standards, but have not had internal or external QARs to prove conformance - 6% stated they do not conform to the IIA Standards Another flash poll conducted on June 6, 1630 auditors provided a status up on where they are as it relates to conforming to the new IIA Standards. - 26% haven’t read the Standards yet - 37% have read the Standards, but not too much else - 26% have started a gap assessment for changes from the old to the new Standards - 9% have completed the gap assessment, not implementing needed changes - 2% have completed the gap assessment and needed changes While only half of internal audit teams truly conform to the Standards, it's notable that the vast majority (94% of 814) show significant interest in trying to align with them. However, only 37% of the surveyed internal auditors have taken significant action to start conforming to the new Standards. For those intending to conform but haven't started yet, it might be a good idea to begin now. - You can estimate it will take 50 - 60 hours for you or your team to read through the Standards and to do an initial gap assessment. - Many Internal Audit teams have taken a team approach - divvying up domains or standards to different team members to think through, and to present and discuss initial gap assessment results during team meetings. - To be in conformance by the target date of January 2025, many teams are aiming to complete action plans from their gap assessment by Sept / Oct, with an additional 2 - 3 months as buffer. - For those who use AuditBoard, we are releasing a gap assessment template so your team can perform your gap assessment in AuditBoard. It will be available starting July 15, and we will share more information about this soon. - Many teams enlist the help of service providers (Protiviti, KPMG, Deloitte, RSM, and EY, among others) for an independent review of their completed gap assessment, and to participate in strategy sessions for ideas, perspectives, and inspiration to up-level Internal Audit’s performance. Conforming to the Standards not only assists your team in meeting the minimum requirements for your key stakeholders, but it can also be used as an opportunity to unite your team, build a stronger business case to secure the resources you need, and enhance the value that Internal Audit brings to your company. And IMO, it is worthwhile to invest and allocate the time needed to be in conformance.

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The Institute of Internal Auditors (IIA) revised its Global Internal Audit Standards in 2023 to help organizations address today’s complex risk landscape. Click to learn how we can help your team implement the new standards while driving transformation and value from your Internal Audit function.

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Day two of the conference begins with very relevant topic. All audit firms are required to adhere to ISQM 1 standards to maintain high quality, achieve audit objectives and meet stakeholders expectations. #isqm1 #mgimena #mgiworld #auditingstandards #omanauditors #fsaoman #cmaoman

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🔥🔥Building resilience in internal audit🔥🔥 👨🏽‍🏫 Guiding principles for thriving in a time of remote internal auditing and beyond With COVID-19 impacting every aspect of the work environment, Internal Audit (IA) should reassess the manner in which it delivers services to the organization. During this time of unparalleled change, IA may continue to provide assurance over the most consequential risks, while simultaneously increasing its role in advising management and the board on the shifting risk and control landscape, including anticipating new emerging risks. Now, more than ever before, IA should consider deploying enabling digital technologies, beyond analytics and automation, with the objective of becoming more resilient, cost-conscious, and smarter about providing services that make an impact. But how can IA become an adaptive team player and high-value contributor when every aspect of service delivery is disrupted? To this end, Deloitte has compiled a set of guiding principles across a standard IA lifecycle as an immediate response, enabling internal auditors to adjust to the “next normal” of remote internal auditing. They have also highlighted transformational digital technologies and methodologies that can be utilized to drive change and increase long-term organizational resilience. #internalaudit #governance #technology #remote #governance #audit #AI #riskmanagement

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