2.

Forming a cross-functional project team with representatives from various

departments.

3. Conducting comprehensive COSO training for the internal audit team and key
stakeholders.

4. Assessing the current internal control environment and identifying gaps against
COSO principles.

5. Developing a robust action plan with timelines, responsibilities, and milestones.

6. Implementing and monitoring the COSO-based internal audit process.

Slide 7: Implementing the Control Environment

 Offer detailed insights into creating a strong control environment:

 Setting a positive tone at the top, emphasizing ethical values, and fostering a culture
of accountability and compliance.

 Ensuring adequate segregation of duties and clear delegation of authority.

 Establishing formal policies, procedures, and codes of conduct.

Slide 8: Risk Assessment and Control Activities

 Dive deep into risk assessment methodologies, including qualitative and quantitative
approaches.

 Illustrate how to identify, evaluate, and prioritize risks to effectively allocate resources for
control activities.

 Provide real-world examples of control activities that can address identified risks.

Slide 9: Information & Communication

 Explore the importance of reliable and timely information in making informed decisions.

 Discuss how to establish effective communication channels to share vital information across
the organization.

 Showcase the significance of information technology and data analytics in enhancing the
internal audit process.

Slide 10: Monitoring Activities and Continuous Improvement

 Emphasize the need for ongoing monitoring of controls to ensure continuous effectiveness.

 Discuss the role of internal audit in independently evaluating control performance and
reporting to the audit committee.

 Illustrate how a COSO-based internal audit strategy enables a culture of continuous

improvement and best practices.

Slide 11: Conclusion

 Recapitulate the benefits of adopting a COSO-based internal audit strategy for [Automobile
Company Name].