As you probably know by now, after a few years of development, ISACA released, on April 10, 2012, COBIT 5, a generic, comprehensive framework that assists enterprises in achieving their objectives for the governance and management of enterprise IT.”
The previous version of COBIT was so popular that it got downloaded more than 100,000 times. What makes then COBIT 5 better?
Between September 20 and October 20 of the current year IIA Canada’s members have voted to establish a Canadian Institute. According to the announcement of the results made by Brian Brown, Chair of Canadian Council on November 1, 2010, only one third of Canada’s members voted, out of which 94% in favour of creating a Canadian Institute. The Ottawa IIA Chapter results were similar to those at the national level: over 36% of Chapter members voted, slightly higher than the Canadian Chapter average.
This post will take you through the transition plan, the expected benefits, and the challenges that lay ahead for the new entity.
Today’s topic came to mind after hearing the Auditor General of Canada (OAG) talk on this past Friday about the current recession-related challenges faced by the Conservative Government of Canada. Ms. Sheila Fraser, speaker at the CMA Eastern Ontario District’s Public Sector Breakfast Session, gave an excellent presentation about past OAG accomplishments and the progress made in the federal public sector as a result of the implementation of numerous recommendations made by her office.
During her speech and as part of her answers given during the Q&A period, she also provided details about the challenges which the OAG (i.e., an Officer of Parliament who audits federal government departments and agencies, most Crown corporations, and many other federal organizations) in particular, and the public sector in general, is facing when it comes to recruiting and retaining financial talent, especially individuals who choose a career in auditing.
According to The Institute of Internal Auditors' (The IIA's) Global Technology Audit Guide (GTAG-3) continuous auditing is defined as “any method used by auditors to perform audit-related activities on a more continuous or continual basis.”
Although automated controls testing has been around since the 1960s, much of the discussion today revolves not so much around the need for it or the “How?” but the “Who (should be doing it)?” Some see its role, among others, as a meta control (i.e., a control of controls), while others consider it a redundant process which, in essence, duplicates management's monitoring function and, eventually, impairs internal audit’s independence. For example, some consider that monitoring key performance indicators (KPIs) should be a key component of the continuous auditing model, while, at the same time, they ask Internal Audit (IA) to “strongly consider periodic reviews or audits of KPI processes” (Beyond Continuous Auditing, Internal Auditor - Vol. 66 Nbr. 6, December 2009).