Slide 1: Introduction

 Title: Adopting COSO-Based Internal Audit Strategy for [Automobile Company Name]

 Introduction to the presenter as a seasoned consultant with over 10 years of experience in

COSO and internal audit.

 Outline the objective of the presentation - to propose the adoption of the COSO (Committee
of Sponsoring Organizations of the Treadway Commission) framework for a comprehensive
and effective internal audit approach.

Slide 2: Current Internal Audit Assessment

 Provide an in-depth analysis of the current internal audit approach utilized by the
[Automobile Company Name].

 Discuss the strengths and limitations of relying on traditional methods, experience, and
common sense.

 Highlight specific audit areas where the incorporation of a structured framework like COSO
can yield substantial benefits.

Slide 3: Need for Transformation

 Delve into the unique challenges faced by the automobile industry in India, such as evolving
regulatory landscape, technological disruptions, and supply chain complexities.

 Emphasize the critical role of internal audit in mitigating risks, improving operational
efficiency, and safeguarding the organization's reputation.

Slide 4: Introduction to the COSO Framework

 Provide a comprehensive overview of the COSO framework, its history, and its global
acceptance as a leading internal control framework.

 Explore the five interrelated components of COSO: Control Environment, Risk Assessment,
Control Activities, Information & Communication, and Monitoring Activities.

Slide 5: Benefits of Adopting COSO-Based Internal Audit

 Present an extensive list of benefits derived from implementing a COSO-based internal audit
strategy:

 Improved risk identification and management.

 Enhanced control effectiveness and efficiency.

 Strengthened corporate governance and decision-making processes.

 Increased transparency, accountability, and trust among stakeholders.

Slide 6: COSO Implementation Roadmap

 Provide a detailed step-by-step roadmap for the transition to a COSO-based internal audit
strategy:

1. Gaining executive buy-in and support from the audit committee.

 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].
  Reiterate the value of incorporating COSO principles in achieving strategic objectives and
enhancing risk management capabilities.

 Request full support and endorsement from the audit committee, including CEO, CFO, and
directors, for a successful implementation journey.

Note: This detailed presentation offers a comprehensive understanding of the COSO framework,
internal audit, and its impact on the automobile industry. The presenter should be well-prepared to
address any specific queries from the audience and tailor the presentation as per the company's
unique requirements.