Understanding Operational Auditing

Welcome to
“Operations Auditing”
ASSIGNMENT TO BE SUBMITTED
EXPECTATIONS
 Learning outcomes
1. Define operations auditing
2. Recite the scope of operations auditing
3. Identify the different audit approaches to
operational audits.
4. Give examples of performance measures
5. Explain value for money auditing
6. Define and identify the importance of
benchmarking in performing operation audit
Learning
Module 1
Understandin
g Operations
Auditing
Definition
and Scope of
Operations
Audit
CONCEPTS of OPERATIONS AUDIT
 What is operations in the context of
management?
 The way of managing the transformation

or conversion of Inputs (I) to Outputs
(O).
 Each of the I’s and O’s, involves the
consequential processes (of planning,
organizing, leading and controlling)
 In between I and O is the continuous
processes (of communications, problem
or risk identification, problem-solving
and decision-making), monitoring
efficiency and effectiveness. Ferdie Ventura, CPA, MBA
CONCEPTS of OPERATIONS AUDIT
 Involves review of the efficiency,
effectiveness and economy of the
different controls established for each
step of the business processes that
require interfaces within and among the
different segments/units across the
organization.
 Efficiency  Step
 Effectiveness  Business process
 Economy  Interfaces
 Control  Segment/Units
Ferdie Ventura, CPA, MBA

DEFINITION OF OPERATIONS AUDIT -

Broad
What broad aspects does the definition
cover:
 It is an effective tool for managerial control
Compliance with
In previous
(previously years,
known as internal
internalGenerally
audit) that covers:
Accepted
audit is primarily involved with
1. Financial Accounting Principles
INTERNAL
 Assurance financial audit.
CONTROL
that accounts properly
e.g. PAS,ISPFRS,
reflect the
But lately, the concept of
financial NOW
facts CALLED
which is based on Framework,
Conceptual conceptual
internal audit has broadened
framework of accountingto Industry
i.e. faithful
Practices
MANAGEMENT
include review of business CONTROL.
representation (fair presentation), relevance
and processes to aid the
understanding Review, assess,
management
2. Organizational in achieving its
evaluate
objectives effectively and
 Appraisal of policies, procedures, use of
the effectiveness,
efficiently hence called
authority, quality of management,
efficiency and economy
operations audit.
effectiveness of methods, special problems,
with which management
and other phases of operations i.e. functional
is achieving
area, operating unit/segment its own or objectives
business
process
LIMITING FACTORS OF OPERATIONS

AUDIT
What are the limiting factors for
undertaking a broad coverage of
operations audit?
 ability of an enterprise to afford so

broad an audit,
 the difficulty of obtaining people who
can do a broad type of audit, and
 the very practical consideration that
individuals may not like to be reported
upon

INTERNAL CONTROL
 What is the definition of internal control
according to COSO under broad definition
of operations audit?
 The process, effected by the entity’s board of

directors, management and other personnel,
designed to provide reasonable assurance
regarding the achievement of objectives in
the following categories:
1. Effectiveness and efficiency of
operations.
2. Reliability of financial reporting.
3. Compliance with applicable laws and
regulations.
DEFINITION OF OPERATIONS AUDIT –

Narrow
What is another definition of internal
audit according to Institute of Internal
Auditors?
 It is an independent, objective assurance and

consulting activity designed to add value and
improve an organization’s operations.
 It helps an organization accomplish its
objectives by bringing a systematic,
disciplined approach to evaluate and improve
the effectiveness of risk management,
control, and governance processes.

INTERNAL CONTROL
 What is narrow definition of internal
control under the narrow definition of
operations audit?
 That internal control is just one of

the faces of management which
include the others such as:
1. Planning
2. Organizing
3. Staffing
4. Leading
COVERAGE OF OPERATIONS AUDIT
 What should therefore be the coverage of
operations audit? Should it be broad or
narrow?
 Whatever is most appropriate as it depends on the

need or requirement of the business entity based
primarily on the corporate objectives, nature of
its business and the way it is organizationally
structured.
 An appraisal of internal control (in all its
component parts, in all operational areas of
the business and at all levels of management)
or
 Other matters that are noted during audit
which should be of management concern but
do not directly have a control dimension.
 What top level categorization/classification
of areas should be subjected to internal audit
or operations review?
This
categorization/classificatio
 n however is for large
management and administration
organization that involve
 financial and accounting
product development,
 personnel and human relations
manufacturing and sales
 procurement activities.
 stock and materials handling
 production/manufacturing
A different model may arise
 marketing and sales for other particular types
 after sales support of organizations with
 businesses involving
research and development
 providing services.
information technology
 contracting.
 Are there specific categorizations
that will be subjected for
operations audit review?
 The top level categorization
Each of these are general
sets of
functions, systems
classifications only.
 Each of these mayand stillactivities
be brokenwill
down to
specific functions,form as your
systems audit
and activities
universeto
that may still be subjected ofapotential
separate
audit projects!
operations audit review.

Please refer to our
AUDIT
book for the detailed
functions, systems and
activities that may be
UNIVERSE
form part of the
specific operations
audit review!
 Is there a guide on how the
operations audit review will be
Please refer to the
undertaken?
Appendix 1 of our
 For each of thereference textbook
specific eactivities,
fordetailed
there is available the SPAG on
Standard
certain functions,
Audit Programme Guide (SAPG)
systems and
which readers can adapt to be more
activities of each
closely applicable
typetoofspecific business
industry
industries and sector
their corresponding
in the
activities. business!

THESE ARE THE
SPECIFIC
THESE ARE THE
HERE IS AN EXAMPLE OF
PROCESSESES/
THE SPECIFIC PROCESS
ACTIVITIES
ACTIVITIES!
IN SPAG INTERFACES!
THAT WILL BE
THE BASIS FOR CREATING
AN OPERATIONS AUDIT
REVIEW PLAN.
M = Primary Activity
S = Secondary Activity

 What is the relevance of the SPAG?
 To determine the approach and degree

or scale of operations audit to be
applied for each specific function,
activity or system specifically on the
interfaces across different operating
segments or business units.
 This will aid in prioritizing the audit
review during audit planning phase.

 What preparations
Are should be
there corporate
undertaken to handle an operations
objectives that
were not met
audit? because
What of internal
are the
controland
general issues?
related
a. accurate appreciation of
specific
Does
the related key
functions,
the auditor
systems and
issues has the appropriate
activities?
Planning the audit
knowledge, skills
b. acceptable level of understanding
activities
and been and
properly
through prior research of theonprocedures
appropriate
trained business
to operations
be responsive to the
processes objectives of the
management?
c. credibility in the eyes of operational
management without
any bias?
management
d. professional and practical application of
audit engagement objectively
Audit
Approach to
Operational
Audits
AUDIT APPROACHES TO OPERATIONAL
Management objectives what
AUDITS
the management wants to
 What must be established in
Audit objectives focus on
know e.g. are business
particular
correctly business
followed and
undertaking operational
activities
operational
audits?
to establish
objectives are
assurance
na l A
accurately
r ud itcompliance to
ofachieved?
te
 Let us read the
B
T
o t h Inmanagement
Planning Phase
eam an
a. Management’s e n
byt sh o
objectives e.g.
d results are expected
what
uld for the
objectives
management.
Manage m
case ag
b. Audit
r
j
study
operations
e e o naudit
engagement
ec t i v e
t
s
he
b ein the
to objectives
ob
estabook!l i s h e d for
b
a k in g t he
under t
i o nal aud it !
operat

ACITIVITY ON THE CASE STUDY (Graded
= 50 Points)
 What are the salient points of the case
study?
a. Statement of problem
b.WeBackground of the case
will be using thisstudy
c. Issues/Challenges encountered by the
Rubrics
audit team to grade
your
d. Areas activity! (Apply the
of consideration
SPAG and expand it if need be)
 What were the objective(s) of the:
a. Management?
b. Auditors?
 What will be the next steps?

ACITIVITIES ON THE CASE STUDY
 What another definition of internal
audit is derived from the case study?
“Internal auditing is the process of

appraising the information flow to the
monitoring function of a system for
its quality and completeness.
It is carried out by checking that the
information is both self consistent
and mutually consistent and by the
irregular generation of test
information flows.”

THE THREE (3) E’s of AUDITING
Involves review of the

efficiency, effectiveness
What are
“Auditors must
and economy of the
1. controls
ensure that alldifferent Efficiency
the threeestablished 2.
three separately for Effectiveness
each step of
the business processes that
are addressed
(3) E’s of 3. Economy
require interfaces
when undertaking within
operational and among the different
audit.’
Auditing? segments/units across the
organization.

What is Best“doing them cheap”

considered in
with, forof
terms instance, unit costs
the ratio
economy? for labor, materials, etc.
between what we
being under control.
planned to spend on
each unit of
Economy is resource
the ratio
of given planned
between quality,inputs
and
and
what actual inputs in terms
we actually
of unit costs of given
spent.
quality.


“doing things
quality
Input ofvs.well”
raw – smoothly,
materials
Output
What is  for instance with good
quality
Relates
The ratio of labor
toofthe (human
usable
affects
efficiency? systems which
resource) avoid waste and
conversion
outputs to the
processes
rework. actual
efficiency?  the design of processes
resources
that
the turn
quality the
input
of actual
into the
technology
Efficiency is theprocess.
ratiointo
of actual
conversion
inputs
othersavailable
inputs to actual outputs.
actual outputs.

What is Effectiveness is relative to

effectiveness? the accomplishment of the
set plans and achievement
of goals/objectives.
Effectiveness is measured
by the ratio of actual outputs
against planned outputs (i.e.
planned objectives).

(Efficiency)
ACTUAL ACTUAL
INPUTS OUTPUTS
How do the three (3) E’s
relate to each other since all
of these must be addressed by
(Economy)
the auditor when undertaking (Effectiveness)
an operational audit review?
PLANNED
INPUTS PLANNED OUTPUTS

ACTUAL
Inimportant
It is strategic
ECONOMY, EFFICIENCY AND
EFFECTIVENESS
management,
therefore tothis
setisyour
ARE MEASURED
called
targets at your
reasonable
AGAINST
“SCORE CARD”
levels i.e. “SMART”
TARGET/PLANNED
ECONOMY, EFFICIENCY AND
EFFECTIVENESS

HOW CAN YOU

benchmarking against other
ESTABLISH
organisations for indications
 REASONABLE
comparing with other parts
ofLEVELS
our organisation;
OF
 measuring and interpreting
TARGETS OR
trends over time;
PLANNED
 aiming for GOALS?
continuous
improvement

But wait! There’s

 Equity—avoidance of
more!!!
discrimination and unfairness;
There areand
acceptance additional
promotion of
three (3) E’s as a
diversity.
consequence of auditinofan
 Environment—acting
governance process!
environmentally responsible way.
 Ethics—legal and moral conduct
by management and staff.

Resourcing
the Internal
Audit of
Technical
Activities
Resourcing of Technical Activities
Our Guide
The topic
Standard 1210refers
of ThetoInstitute
the of
Internal Auditors onrequired
PROFICIENCY “Proficiency”
from the internal audit
“Internal auditors must possess the
individually
knowledge, andand
skills, as aother
team in needed
competencies relationtotoperform
the their
individual
business responsibilities.
operations to be
audited.
The internal audit activity collectively
must possess or obtain the
knowledge, skills, and other
competencies needed to perform its
responsibilities.”

Our Guide
“1210.A1”
The chief audit executive must obtain
competentWhat happens
advice if the
and assistance if the
internal auditors
internal lack theor
auditor(s) knowledge,
the
skills, or other competencies needed to
internal
perform all or audit
part ofteam lacks
the engagement.
the proficiency required?
“1210.C1”
The chief audit executive must decline
the consulting engagement or obtain
competent advice and assistance if the
internal auditors lack the knowledge,
skills, or other competencies needed to
perform all or part of the engagement.”

 It must be sufficient for the

 TheDoes
audit audit
that team
team mean
to be must
that
able theto
What does
internal it entail
audit team for
must the
collectively
determine possess
whether thean
be audit team
experts in who will
technical
understanding
governance
undertake of the risk
processes,
the internal
aspects of the operations
technical
management activities that are
and internal
audit?
of the business
control give entity to
reasonable
relatedbe toaudited?
the business
assurance in
processes of the
the operations
achievement
of objectives and, if not, to
of the entity.
rectify the situation.

What if there
OPTIONS
isindependence
still an inadequate
 When
 Applicable
declineExamplesOPTIONS
such
to include
for include:the or
long-term/future
balance between technical
 Outsourcing
 Even
objectivity
ISO
audit forif
planningtheis
of internal
impaired,
internal
management audit
such
audit
operation
engagement
systems
limitation
within
complexity
and is the
of future
outsourced,
its audited
impact andon the
engagement
 adjust
thethe
operation the
toservices
becompetencies the of
audit
IT
scope
buy-in plan,
overall
audit
of the for responsibility
computing
internal technical
temporarily
available, relevant audit
the to be
technical
the internal
however still audit
remains function
with so
 competence
systems
toexpertise
approach
undertaken must
tothe
of the
work engagement
be disclosed
alongside
in-house internalby
in-
 the that
Taxthe all
Chief the
compliance
CAE Audit
to principal
the Executive
audit for
Senior
with
housea
auditors, limited
technical
tax
internal
what scope
auditors
other
(CAE)!!! options
disciplines
risk management so as
soare
as
which
toto
Management
available
buildround toand
their competence the the
CAE? BOD.to perform
skirtare core the challenging
to the operations of
audits in particular technical
technical
the
areas.
aspects
business are of the
represented
operation
within the audit team

Responsibilities of the CAE

So what
1. The chief is the
audit executive is
responsibilities
responsible for allof the the
internal audit
Chief Audit Executive
engagements, whether
(CAE)!!!
performedby or for the internal
audit activity, and all significant
professional judgements made
throughout the engagement.

So what is the
responsibilities
Responsibilitiesofofthe
thethe
CAE
Chief Audit Executive
2. The CAE also adopts suitable
(CAE)!!!
means to ensure this
responsibility is met.

 Suitable means include policies and

procedures designed to:
 minimize
So whatthe risk that internal
is the
auditors or others
responsibilities ofperforming
the the
work
Chieffor the internal
Audit audit activity
Executive
(CAE)!!! judgements or
make professional
take other actions that are
inconsistent with the CAE’s
professional judgement such that
the engagement is impacted
adversely.

 Suitable means include policies

and procedures designed to:
So differences
 Resolve what is the in professional
responsibilities
judgement between ofthe
the theand
CAE
Chief audit
internal Audit Executive
staff over significant
(CAE)!!!
issues relating to the engagement.
 Such means may include discussion
of pertinent facts, further inquiry or
research, and documentation and
disposition of the differing viewpoints
in engagement working papers.

 Suitable means include policies

and procedures designed
So what is the to:
responsibilities
In instances of aofdifference
the the in
Chief Auditjudgement
professional Executiveover an
(CAE)!!!
ethical issue, suitable means
may include referral of the issue
to those individuals in the
organization having responsibility
over ethical matters.

OPTIONS
 Programme of Control Self
Assessment (CSA) Seminar
 Another approach to obtaining
assurance about highly
technical activities is to rely, to
a greater or lesser extent, on
workshops facilitated by
internal audit together with the
in-house experts on the specific
technical operations.
PRODUCTIVI
TY AND
PERFORMAN
CE
MEASUREME
Productivity and Performance Measurement
Systems
Why is there a
In general,
Therekey is aperformance
Specifically, need
Key for the
Performance
need for
measures
Organizations
business are bound
are
entity used
are established
Measures toto:
by their
to establish
measurement of

identify
assesswhether
strategic the
plans there
achievement
that is any
originate offrom
productivity and realistic
initial potential
thetheir
corporate
measurement
forand
goals
objectives and objectives.
goals,
performance? standards and methods

improvement,
assess their and then andthat
progress,
 arealso
This responsive
subsequently
compare goes down
used
relative tothe
to theunit
toperformance
monitor
levels
the within the organization
organization’s
that strategy and to
ensure that
required across
levels ofthe organization,
performance
all units andposition.
employees are steered
are maintained.
and directed toward achievement of
common goals and objectives.

Audit Implications for Measurement
What measurement
methods should the Initially, the auditor should use
auditor use in whatever is already established
measuring as measurement standards and
performance? methods currently adopted by
the business entity so that there
is a commonality and
compatibility with the
management especially when
communicating results and
findings.

Does should
What this meanbe
thatbasis
the auditor
for
cannot introduce
introducing a new
any method
improvement?
of If there
The useare
of compelling
the methodreasons
must
performance betofounded
change oron introduce a new
both accurate
assessment? standard or a more acceptable
and reliable data and a
(scientific) and objective method
proven method,assessment,
of performance otherwisethe
the credibility
auditor of internalthis
may communicate
audit will suffer.
with the CAE.

What is the
1.
3.
4.
5.
2. ItIt poses
can
can be
beaused
used
challenge
to
to remove
investigate
establish
frameto the
and
any
implications of
where
clear
ambiguity
auditor
support understanding
management’s
toaudit
identify
associatedtheand
with
lack
mostof
using the
response
common
the
appropriate
recommendations
requiredinterpretation
to an
and
level
adverse
meaningful
of
and of
measurement
measurement.
data
performance
corrective
and how action(s).
and
measures
to use
expected
suchto
methods to results

 “Un”achieved
data.
level
utilize,
Noofmonitoring
whether
associated ortargets
and
not suchhave
of audit?
achievement.
criteria
not
evaluation
been
are already
acted
of performance
upon
applied
so
withinthat
against
the
improvement
organisation.
targets. may be
introduced.

Examples of Performance Measures
1. Workload/
Examplesthe volume of output,
Indicate
Demand

whether
Numberservices,
of users
products or
Performance

other,
Number
and when
of units
linked
produced
to
Measures

measures
Numberofofinput
booksof in
resources,
a library

give
Percentage
useful information
of first class
on
quality
degrees
or quantity
in a university
Matters.

2. Economy
Performance
These may highlight waste in the
Measures provision of resources indicating
that the same resources may be
provided more cheaply or that
Examples
more
Costenterprise may inbecomparison
of actual input
conducted at the
with planned same cost.
input
 Cleaning costs per hour worked
 Maintenance costs per unit area
 Cost of the finance function per
100 staff
 Cost of the chief executive’s
department per 1000 clients.

3. Efficiency
Examples
Performance Theseof may highlight
 Ratio actual inputpotential
to actual
Measures opportunities to convert given
output
resources to end product with less
Breakdown per production day
waste.
 Accidents at work per 1,000
personnel
Many performance measures will
 Degree
point tosuccess in comparison
either uneconomic or
toinefficient
school examination
practices, or grades
both.
It is often not possible to distinguish

between one and the other.

4. Effectiveness
Examples
Performance
 Actual output in comparison to
Measures
planned output
These performance measures
 Degree
focus onsuccess (in a college
how objectives are or
university)
being achieved regardless of
 economy,
Research output per or
efficiency 100equity
research staff the objectives
(except where
 relate
Ratio specifically
of customertocomplaints
economy,
to sales
efficiency and equity).

VALUE FOR
MONEY
(VFM)
AUDITING
Value For Money (VFM) Auditing
What is the basis for

VFM?
The definition of internal

auditing is designed “to
add value and improve
an organization’s
operations”.

What is value in this

context?
Value is provided by improving
opportunities to achieve
organizational objectives,
identifying
operational improvement, and/or
reducing risk exposure through
both assurance and consulting
services.

When does
operational audit “add
value”?
The internal audit activity
adds value when the
organisation and its
stakeholders benefit
from the results of internal
audit work.

What is benefit in
this context?
Benefit arises when the internal
audit activity provides objective
and relevant assurance, and
contributes to the effectiveness
and efficiency of governance,
risk management and control
processes.

Remember that key
What is another
performance indicators which
are the basis
context of VFM? It willfor performance
answer a question such as
measurement is applicable
“how
Refers tomuch
amacro does
style it cost thethat
oflevel
auditing
not only on the
company
(corporate)makes to accomplish
but extensive
to the microuse goals
of keyand
achieveoperating
level or individual objectives”.
performance indicators to
unitsThese
and requires
explore individualextensive use of
the cost of achieving
statistical
employees. data to derive ratios and
standards of interpreted
subsequently efficiency &to
effectiveness and whether
evaluate performance and these
the
costs represent
related a good
costs over value.
a specific
timetable (T in SMART).

What is another
context of VFM?
While VFM takes into account
the E’s of internal auditing,
quality and performance
achievement factors are also
important considerations.
“VFM here means that you must
get your money’s worth for the
price you pay.”

How is VFM?
achieved?
3. In a formal environment, a
2. 1.The
detailedThis
usual
involves
approach
feasibility studythe is
as part
ofto
anmake
assessment
overallcomparisons
projectof an
appraisal
withappropriate
a range
process. Theof range
options
financial of
projection
or possiblewill solutions
show the value
performance to
of the money to be spent and its
the
measurement
principal
return.
problem.
criteria.

What is the role of the

How is this function
audit function in
in VFM achieved?
VFM?
By identifying
Internal audit all
willofbethe
probable options
required (orand the
most suitable
indeed basis on
obliged)
which they should
independently be
to assess
measured
such VFM andmatters
assessed onin
behalfvalue terms.
of management.

How will a conflict on

this with management
be avoided? Auditors must consider :
a. Discussing proposed
assessment and measurement
criteria with management at the
outset
b. Obtain the agreement of
management on the applied
methodology.
c. If existing, not necessary to
develop their own process.

BENCHMARK
ING
BENCHMARKING
What is benchmarking?
Benchmarking is a
comparison of one’s own
performance in a specific
area with that applied by
others in compatible
circumstances.
As a technique it is
founded on the premise
that there may be viable
performing a process and
fulfilling a requirement.

BENCHMARKING
What is required to
make benchmarking
meaningful? It is necessary to
understand fully the
existing processes,
systems and activities
as a firm basis for
subsequent comparison
with external points of
reference (such as
industry or professional
standards).

BENCHMARKING
What are the objectives

of benchmarking?  maintaining a competitive
advantage in the
appropriate market;
 establishing current
methods, best practice and
related trends;
 ensuring the future survival
of the organisation;
 maintaining an awareness
of customer expectations
(and being able to address
them);
 ensuring that the
organisation has the
appropriate approach to
quality issues.

BENCHMARKING
What is the focus of

benchmarking? The focus depends on
the fundamental
justification and
objectives of process (of
benchmarking).
1. 2.Examine the existing
To determine the
processes
strengthswithin
andthe
organization
weaknesses of
 Tocompetitors
identify common
factors
 involve and best
one-to-one
practices
competitor to apply
benchmarking,
industry, benchmarking
throughout the or
best-in-class
company benchmarking
(downward
methods
and(outward
inward) looking)
BENCHMARKING
How will audit benefit

from benchmarking? Participation
Participation to to
benchmarking
benchmarking can can
contribute
contribute to to their
their
understanding
understanding of: of:
b.
c.
a. the
the validity
implications
internalof theand
auditing
potential
participant’s
trends and of practices
the
own
findings
stance on
as appliedforinternal
the
by the
participant’s
auditing
companies in relation
own
surveyed
organization
to that apparent
from the survey data

BENCHMARKING
What is the expectation

from undertaking a
benchmarking?
Enable participants to
take a view of the need
for change or review of
their own organization’s
approach to internal
auditing in light of the
survey data.

BENCHMARKING
In summary……
Benchmarking is one of
the many platforms that
can be used to identify
and subsequently
launch the required or
necessary processes of
change within a
department, function,
activity, process or
organization.

Understanding Operational Auditing

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Welcome to

 The way of managing the transformation

Ferdie Ventura, CPA, MBA

 ability of an enterprise to afford so

Ferdie Ventura, CPA, MBA

 The process, effected by the entity’s board of

 It is an independent, objective assurance and

Ferdie Ventura, CPA, MBA

 That internal control is just one of

 Whatever is most appropriate as it depends on the

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

 To determine the approach and degree

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

“Internal auditing is the process of

Ferdie Ventura, CPA, MBA

Involves review of the

Ferdie Ventura, CPA, MBA

What is Best“doing them cheap”

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

What is Effectiveness is relative to

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

HOW CAN YOU

Ferdie Ventura, CPA, MBA

But wait! There’s

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

 It must be sufficient for the

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Responsibilities of the CAE

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

 Suitable means include policies and

Ferdie Ventura, CPA, MBA

 Suitable means include policies

Ferdie Ventura, CPA, MBA

 Suitable means include policies

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

It is often not possible to distinguish

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

What is the basis for

The definition of internal

Ferdie Ventura, CPA, MBA

What is value in this

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA

Ferdie Ventura, CPA, MBA