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内部审计工作的未来展望外文翻译
外文翻译
原文
TheFuturePerspectiveofTheInternalAuditFunction
MaterialSource:
http:
//oeconomica.uab.ro/upload/lucrari/1120091/19.pdf
Author:
CristinaBota-Avram,AtanasiuPop,FlorinBota-Avram
(4)Thecontextofcurrenteconomiccrisis
Thefirstsignsofthisglobaleconomiccrisiswerefeltinthesummerof2007,whenfinancialinstitutionsbegantorecognizethattheywerefacingwithgrowinglossesrelatedsignificantsubprimemortgages(knownashavingahighrateofrisk).Theresultwastheinvestorsweretryingtoescapethefinancialderivativesbasedonsubprimemortgagesystem,redirectinginvestmenttospeculationbasedonthepriceofbasicgoods.Atthesametime,thesystemrealestateintheUnitedStatesisfacedwiththesituationbecomingmorecritical,embodiedindramaticdecreasesinthepriceofthepropertytransactionsweremade.Gradually,thevolumeofliquidityavailableontheglobalcreditmarkethasexperiencedsuddenandsignificantdecrease,whichfurtherledtoadecreaseinconfidenceinthefinancialsystem,increasingthecostofcredit,theavailabilityofincreasinglyreducedresourcesincreditmarkets,materializedintothesowellknownalready"creditcrunch"(creditcrunch),whichlaterturnedintoaglobaleconomiccrisisaffectingthenationaleconomycascadewithdifferentdegreesofeconomicdevelopment.
ArecentreportpublishedbyACCAonthefinancialcrisis,hasidentifiedtwomajorcategoriesoffactorsthatgaverisetotheonsetofthecreditcrunchintheU.S.,namely:
1.Mainfactors:
●Thefailureofcorporategovernance(tobeactingintheinterestsofshareholders,ifnotaconflictofinterestariseswhichrequiresprofessionalismandethicsatthecompanylevel);
●Failureinstitutionstoproperlyassesandmanageinherentrisksbetweenthebusinessandpaysystemandgrantingincentives,whichwerenotdesignedforthebenefitofallshareholders;
●Errorsinidentifyingandmanagingrisk;
●Influenceofloworevenaminimumoutputofriskmanagementdepartmentsofthebanks;
●Weaknessesinfinancialreportingandregulatorysystems.
2.Secondaryfactors:
●Toogreatcomplexityoffinancialproducts,withlittleexperienceofmanagersacrosstherisksassociatedwiththeseproducts;
●Humanerrorsembodiedinfailuresinassessingculturalinfluencesandmotivationalfactorssuchasrigidityinthinkingandunwillingnesstoadapttochange;
●Lackofproperunderstandingbythemanagementindesigningbusinessmodels,leadingtopoormanagementoversight;
●Thelackofstrictsupervisionofthenonexecutivedirectors,onepossiblecausebeingthepoorunderstandingofthecomplexityofbusinesses;
●Unhealthyhabitsacquiredasaresultofamarketthatwastoolonginapositionenablingenvironmentforrunninghedgetransactions.
Themajorimpactofthecrisisontheglobaleconomyhasledmanycommitteesandbodiesinvestigatewhichwerethemaincauseswhichledtheoutbreakandspreadofthisglobalonomiccrisis.Agroupoflegislators(SeniorSupervisorsGroup,2008)fromUnitedStates,itain,France,Germany,andSwitzerlandhaveissuedareporthighlightinggapsandshortcomingsriskmanagementprocesses,promotingtheideathatriskmanagementwasakeycontributorficientingeneratingthiscurrenteconomiccrisis.Analyzingseveralcompaniesintheareathataremoreandmoreaffectedbytheconsequencesofthecrisis(especiallycompaniesprovidingancialservices),thereportaimstohighlightwhichweretheelementsthatcharacterizedmpanieslessaffectedbyeconomiccrisisandcharacteristicsofcompaniesmoreaffectedbytheessioneconomiccrisis.Anegativeelementidentifiedintheareaoftheaffectedcompanieswasthefailureofriskmanagementintheidentifyingandmanagingriskeffectivelyduetotheincreasingcomplexityofservicesofferedandtheriskynatureofbusinessconducted.Oneoftheconclusionsofthisreportisthataffectedcompanieswillhavetoreviewproceduresregardingthefunctioningoftheriskmanagementprocesssothatefficiencyissignificantlyimproved.
Analyzingpotentialcausesoftheglobaleconomiccrisis,frominternalaudit’spointofview,weconsiderthegenerationofthesenegativephenomenawasoccurredbyatleastfollowingsituations:
1.Internalauditdepartmentwasnotinterestedinrespectingandensuringcompliancewithinternalauditstandards,thisdisregardbeingmanifestedbytheinternalauditcustomers(managementandauditcommittee).
2.InternalAuditDepartmentcarriedoutitsassessmentregardingtheriskmanagementprocessandthefinalreportsoverthepotentialrisksthatcouldthreatthenormalcourseofbusinessweresubmittedtothemanagementofthecompanies,butinternalauditorswerenotsufficientlyabletoidentifyandreportdeficiencieswithinareasonabletimefortheoperationofsignificantchangesintheprocessofriskmanagement.
3.InternalAuditDepartmenthasmadeassessmentsofriskmanagement,buttheseresultswerenotcommunicatedtothemanagement.
4.InternalAuditDepartmentfullyrespecttheinternationalstandardsforinternalauditbydoingtheassessment,monitoringandreportingtomanagementtheresultsontheeffectivenessofriskmanagement,butmanagementandtheauditcommitteehadignoredallthesereports,consideringthemtoolessimportant.
LeechT.,adistinguishedmemberoftheCanadianInstituteofInternalAuditorsandInspectorsAssociationofCertifiedFraudExaminersintheU.S.andinternationallyrecognizedbecauseofhisknowledgeinmanagementrisk,riskassessment,developmentofinternalauditandpreventionanddetectionoffraudevents,hadbeenconductedalotofmanysurveysinmanyorganizationsinseveralcountriesfromdifferentsectorsofactivity.Theresultsofthesestudies(Leech,2009)determinedLeechtoappreciatethatoneofthemostfrequentlyencounteredsituations(whichcouldactuallybeconsideredoneofthecausesofthecrisis)wasthesituationwhentheinternalauditorshaveachievedtherequirementsforassessingandreportingonriskmanagement,buttheywereunsuccessfulinidentifyingandreportingwithinareasonabletimethedeficienciesthathadbeenthreatentheefficiencyofriskmanagement.
ThenewversionoftheinternalauditstandardsadoptedbytheInstituteofInternalAuditors(IIA),revisedinOctober2008andapplicablefromJanuary12009,presentcertainsubstantivechanges,whicharedesignedtoenhancetheroleandcontributionofinternalauditinmonitoring,assessingandreportingontheeffectivenessofconductingofriskmanagementprocess.Inthiscontext,itbecomesabsolutelynecessarytoestablishareferenceframeworkinassessingandreportingontheeffectivenessofriskmanagement,themainobjectiveofthisframeworkbeingthetransmissionofthenecessaryskillsforinternalauditorstoensurecompliancewithIIAstandards,particularlyinthecontextofanenvironmentsothreatenbytheglobaleconomiccrisisphenomenathatgeneratedsuchunimaginablenegativeconsequences.
(5)Economiccrisis:
keythemesforrefocusinginternalauditactivity
Itbecomesmorethanobviouslythiscurrenteconomiccrisis,whichischaracterizedbysomeexpertsasunprecedented,willhaveasignificantimpactonthedevelopmentofseveralareas,oneofthesebeingtheinternalauditactivity.Proposingtodeterminethecoordinatesthatwilldeterminethefutureevolutionofinternalaudit,Ernst&Youngconductedastudyin2008amonginternalauditdirectorsfrom348companiesin35countries.Theresultsobtainedwereinteresting:
ØThescopeofinternalauditwillexpandsignificantlyintheforthcomingperiodandtheroleofinternalauditinitseffortsofimprovingtheactivitiesandtheprocesseswithinthecompanieswillbecomemoreandmorefocusedonstrategicaspects;
ØSignificantchangeswillhavetobemadeinsomeofthefollowingcategories:
governance,humanresourcesinvolved,theinfrastructureactivitiesperformed;
ØInternalauditwillhavetofocusoverthedevelopmentofinternalauditskills’necessaryintheprocessofriskmanagementthathavetobefocusedmoreandmoreovertheoperationalandstrategicrisks.Inthesametime,internalauditwillhavetodevelopbetterskillstoidentifyawiderrangeofrisksspecifictodifferentbusinesssectors;
ØTheexpectationsofmanagementandauditcommitteesvis-à-visinternalauditorswillincreasesignificantly,giventothefactthatimportanceofinternalauditanditsabilitytocombatthenegativeeffectsinthecontextofcurrenteconomiccrisisisbecomingmoreandmore.
Inordertoevaluatetheextenttowhichtheglobaleconomicandfinancialcrisishasimpactedinternalauditactivities,IIAandIIAResearchFoundation(IIARF)conductedasurveyinearlyMarch2009,askingtheparticipantsabouttheoverallimpactoftheeconomicslowdownontheirorganizationsand,subsequently,overtheirinternalauditefforts.Therespondentswereaskedalotofquestionsinordertodeterminetheimpactofthecurrenteconomiccrisisontheirinternalauditactivity.So,onefirstquestionaskedrespondentswastoidentifyiftheirbudgetshavechangedduringthepast12months.Although41percentofrespondentsstatedtheirbudgetshavestayedaboutthesame(asshowninFigureno.1),51percentstatedtheirbudgetshavedecreasedanywherefromlessthan10percenttomorethan50percent.
Figureno.1
TheimpactofCurrentFinancialCrisisonInternalAuditBudgets
Itisobviouslythatcurrenteconomiccrisiscontinuestoaffectorganizationsatdifferentlevels.Inthiscontextmanyinternalauditactivitiesaregoingtochangethefocusoftheiractivities,transformingasignificantpartofmoretraditionalauditworkandconcentratingmoreontheemergingrisksthathavesurfacedfromthechangingbusinessandeconomicenvironment