Internal audit and corporate risk management

Field audits completed in 2004 risk management ratings and estimated audit staff person days per audit

Table 2 Audit observations by level of risk, 2003 and 2004

Previous positions include Law Interpretation Division and Audit of all areas of income tax.

The Office identified specific risk areas by carrying out a risk management review when compiling the audit workplan.

Given the role internal audit should play in evaluating and improving risk management and control systems the UNHCR Audit Service embarked, in late 2004, on a risk management pilot project.

Medium and high risk observations are issued by the Director, OIA in audit reports.

Satisfactory and unsatisfactory risk management ratings are not determined by the specific number of medium and high risk observations issued in an audit.

At the operational level, the Office of Audit and Performance Review has already started adopting a preliminary risk based audit planning methodology with the purpose of improving the country office audit coverage (para.

A key change had been the adoption of a risk assessment methodology in the audit planning process. A concerted effort had been made when developing the 2005 audit workplan to implement the risk methodology in all missions.

Also, the Office of Audit and Performance Review has been reviewing its audit planning methodology with a view to adopting a more formal risk based approach.

Urges UNDP and UNFPA to base their oversight and accountability activities on a corporate risk model and develop risk assessment functions in their audit offices

(a) Audit coverage below the standard indicated by risk analysis for many areas of United Nations operations

With Europe in a cyclical upswing, tax revenues should start rising even without higher tax rates, so why risk strangling the continent s nascent recovery in the cradle?

With regard to the regularity audit, detailed risk assessments have been completed to ensure that in performing the financial and compliance audit work, our resources will be appropriately focused.

Peacekeeping United Nations peacekeeping activities continued to be a significant risk area covered by internal audit (see paras.

During the reporting period, UNHCR's Audit Service had embarked on a risk management pilot project in collaboration with PricewaterhouseCoopers which aimed to develop a culture of risk awareness and active risk management within the Office.

The Office of Audit and Performance Review will continue to expedite the filling of vacancies in the Office (para. 419), align resource levels according to audit risk assessments (para. 423) and plan and implement the audit of headquarters offices (para.

A preliminary risk analysis was undertaken in OII, using a common assessment instrument for audit, monitoring, evaluation and inspection activities.

These audits are risk oriented and are designed to ensure the collection of any tax due. However the audits will also take into account the risk of terrorist financing.

He noted that defining a risk universe was difficult, and concurred that audit analysis should not be restricted to financial impact.

Additional areas were selected for audit following a review of the office's performance data to identify areas of potentially significant risk.

Comment by the Administration. The Audit Services Branch has established a risk based database which will be updated on a regular basis.

The post is required for the conduct of risk assessments and audits in the peacekeeping missions covered from the resident audit office.

The UNHCR Audit Service and the Inspector General's Office conducted a joint risk assessment of the 2005 tsunami relief project in Sri Lanka.

Underlining the need for sound financial management, there was an appeal to analyze audit shortcomings in future reports enhance internal control mechanisms step up audit coverage at headquarters and conduct high risk profiling exercises, especially in country offices.

This group includes recommendations relating to internal audit management (11), non governmental organization national execution (NGO NEX) audits (five), and corporate risk management (four).

Audit procedures and results of the additional audit scope

For example, audit, entry and annual fees, tax on business profit, prudential requirements such as minimum capital, bank guarantee and minimum managerial experience as required in some States.

Internal audit

Audit Recommendations

Audit opinion

Audit process

Internal audit

Audit opinion

External audit

Internal audit

Audit costs

Internal audit

Audit Division

Audit service

Audit services

Audit services

Audit services

Audit services