Internal Audit Network Audit
Internal Audit & Revenue Assurance
June, 2013
Overview
Internal Audit
Revenue Assurance
Relations Between Internal Audit & Revenue Assurance
Summary
Internal Audit
Internal Audit
Internal Audit is
• Independent
• Objective
• Consultative
Internal Audit
Internal Audit helps
• Improve Organizational Efficiency
• Accomplish Corporate Goals
• Proactively Identify Risks
• Evaluate effectiveness of controls
• Improve Governance
Revenue Assurance
Revenue Assurance
Revenue Assurance is
• Ongoing Assurance
• Integrated with Operations
• Remedying and Preventative
Revenue Assurance
Revenue Assurance helps
• Improve Profits, Revenue and Cash Flows
• Improve Operational Efficiency
• Accurately capture and collect Revenue
• Improve quality of data and processes
Relations Between Internal Audit & Revenue Assurance
Internal Audit & Revenue Assurance
Commonality
Methodology Business Process Understanding
Risk Assessment
Data Analytics
Controls Recommendation
Internal Audit & Revenue Assurance
Differences
Scope
• Depth and Breadth of Coverage and Focus Areas
Tools
• Automation and Solutions used
Authority
• Influence and Reporting Structure
Periodicity
• Frequency of risk assessment and mitigation activities
Internal Audit & Revenue Assurance
Audit
IA Reviews RA
• Evaluate effectiveness of Risk Management
• Review Controls in place
•Maturity Assessment
Internal Audit & Revenue Assurance
Collaboration
Information Exchange
• Information and Data Sharing
• RA shares experience and revenue leakages discovered
• Updates to existing Systems and Data Sources
• Key Reconciliations executed
Internal Audit & Revenue Assurance
Outcomes
Benefits and Value
• IA Supports RA requirements and builds case with Senior Management
• Increase influence and authority of RA by recommending their involvement in all revenue related processes
• RA guides IA in Revenue related reviews
• RA receives additional support from other Departments due to IA mandate
• IA helps build case for additional RA Budget if applicable
Summary
Summary
• Both functions are critical to business
• Internal Audit & Revenue Assurance Compliment each other
• Co-operation will positively impact top and bottom lines
• Both need appropriate authority and influence to achieve their goals
Thank You
Q & A
