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BPO Selection Audit Preparation Lucas College PowerPoint Presentation

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  • Slide 1 - Operational Auditing--Spring 2014 6-1 Today’s Session Engagement overview review BPO selection Engagement planning Emphasis on risk related testing
  • Slide 2 - Operational Auditing--Spring 2014 6-2 Engagement Process Planning: Selecting the BPO Pre-site planning Performing: Conducting the preliminary survey Review internal controls Expanding tests as necessary Generating findings Communicating: Reporting the results Conducting follow-up Assessing the process
  • Slide 3 - Operational Auditing--Spring 2014 6-3 BPO Selection 6 R’s General methodology Resource planning
  • Slide 4 - Operational Auditing--Spring 2014 6-4 Selecting an Auditee “The 6 R’s” Risk Resources Reward Requests Requirements Revisions in operations or mgt.
  • Slide 5 - Operational Auditing--Spring 2014 6-5 Method of Selection Set selection strategy Identify potential BPOs Rank by risk Choose entities
  • Slide 6 - Operational Auditing--Spring 2014 6-6 Sample Selection Strategies Location Financial exposure Operational complexity Staffing Mgt. Interest Functional type Process type Decision center
  • Slide 7 - Operational Auditing--Spring 2014 6-7 Risk Factors Quality of control system Mgt. Competence Mgt. Integrity Size & liquidity of assets System changes Complexity Personnel changes Economic performance Growth rate Systems use
  • Slide 8 - Operational Auditing--Spring 2014 6-8 Risk Factors, cont. Time since last audit Performance pressure Government regulation Employee morale Politics & publicity Geographic location External audit plans
  • Slide 9 - Operational Auditing--Spring 2014 6-9 Risk Analysis Methodology Select top 5 risk factors ID risk on scale of 1 to 5 Total the risk score Rank in order of risk
  • Slide 10 - Operational Auditing--Spring 2014 6-10 Project Prioritization & Selection Rank by risk Rank by hours Compare to resources Re-prioritize as necessary
  • Slide 11 - Operational Auditing--Spring 2014 6-11 Audit Planning Establish purpose, objective & scope KTT--Gather background info Understand the BPO Assess risk and related control Identify and assess potential risks Identify key controls Prepare preliminary program that addresses risks and controls Select resources Report planning Contact BPO Logistics approval
  • Slide 12 - Operational Auditing--Spring 2014 6-12 Purpose/Type of Engagement Financial Control Information technology Compliance Operations All or any of the above
  • Slide 13 - Operational Auditing--Spring 2014 6-13 Nature of Objectives Goal of the engagement Recall the 6 R’s Frame in terms of the S-C-O-R-E model
  • Slide 14 - Operational Auditing--Spring 2014 6-14 Scope Degree of coverage Scope can be based on: Adequacy of controls Effectiveness of controls Quality of performance
  • Slide 15 - Operational Auditing--Spring 2014 6-15 Understanding the BPO Know the BPO’s processes Flow charting Review routine reports Identify relevant metrics Potential for fraud Quickly analyze the processes before assessing risk Consider the “O’Brien 7”
  • Slide 16 - Operational Auditing--Spring 2014 6-16 BPO Analysis—the O’Brien 7 Mission statement Objectives and goals Organization chart Management recap Major processes Resources Constraints
  • Slide 17 - Operational Auditing--Spring 2014 6-17 BPO Process Review Identify the processes Identify the process objectives or desired outcomes Identify the related risks Identify the controls mitigating the risks* Identify the exception reporting process* Ensure that overall monitoring of the process exists* *Test these items!
  • Slide 18 - Operational Auditing--Spring 2014 6-18 Risk and Related Controls Brainstorm nature and nature of risk Risk = anything that gets in the way of the BPO’s objectives Risk of likelihood: RL Risk of impact: RI Ascertain any related controls Design testing based on the results See pps. 13-22 thru 13-35 Low, medium or high
  • Slide 19 - Operational Auditing--Spring 2014 6-19 Program Preparation General segments—see sample workpapers on web site Audit preparation Initial survey Systems review Detailed operations review (TBD) Reporting issues Wrap-up procedures Use Risk  Control  Testing approach
  • Slide 20 - Operational Auditing--Spring 2014 6-20 Resources Business skills Assurance skills Language/cultural skills Technical skills Consider SME’s and virtual BPP’s
  • Slide 21 - Operational Auditing--Spring 2014 6-21 Expected Outcomes and Reporting Anticipate findings Financial misstatements Control weaknesses BPO objective issues Inefficiencies Compliance failure Type of report Report distribution
  • Slide 22 - Operational Auditing--Spring 2014 6-22 Contact BPO Alert BPO, unless it is a surprise review Remember, we are guests in their location
  • Slide 23 - Operational Auditing--Spring 2014 6-23 Final Logistics Make sure all is “go” for the review Get final department approval

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