LINKING AUDIT REPORT TO BUSINESS PERFORMANCE
Date: 29 Dec 2008 7 CPD Hrs
» Who needs the audit report?
» Who owns the audit report?
» Who uses the audit report?
» What value is in the audit report?
Both Internal Control and Auditing are key components of Enterprise Governance.
» Which is responsible for business performance?
» Who is responsible for enterprise governance?
» Who is responsible for auditing?
» Is audit an expense or an investment?
Audit Report is the Product of Auditing.
The Performing Audit Report reveals whether:
1. the audit report is thorough and complete?
2. the audit is adequate and effective?
3. the auditor is qualified, committed and professional?
4. the Internal Control System is adequate and effective?
5. the audited process contributed to value add?
6. the audited activity contributed to profit or loss?
7. the customers are draining cash and capital from the company?
8. the vendors are contributing cash and capital to the company?
9. the investments are assets or liabilities?
10. the management is creating value?
The Asian Financial Crisis 1997 for all the banks and many other individual cases were caused by failures in all three areas: Enterprise Governance - Audit Reporting - Credit Control
The World Financial Tsunami in 2008 showed similar failures in totality.
» What happened to the audit report in the banks?
» Why was audit report not linked to business performance?
» Can audit report be effectively linked to business performance?
» How to link audit report to business performance?
» How to determine the financial valuation of an audit report?
Programme Outline
» Enterprise Governance Overview
Introduction to the Enterprise Control Need / Status / Future
» Audit Role Transformation
Understanding the Role of audit from evolution to transformation
» Classic Performance Gap
The Stakeholders’ Perception of Audit
» Innovative Audit Reporting
The form and substance of Audit Report for business value-add
» Audit and Business Connect Reflection
Deliberation on the Impact of Audit and Business Connect
Professor Teo Yeok Tee MAcc; MBus(I.T.); Grad.Dip.PM; Grad.Cert.MC; Bbus(Tpt); PNA; CIA; CFE; CMA; CPA; FCPA; FChFP; CTM; SAP Certified Consultant; ISO9000 Quality Management System Lead Auditor.
Prof Teo had acquired an in-depth knowledge in multi-disciplinary academic qualifications and professional certifications internationally. During the 1997 Asian financial crisis, he has achieved high growth of over S$100 million annual turnover, super profits as well as excessive cash liquidity as MNC Senior Regional Management Head of strategic business unit.
He has accomplished a 5-Year Long Service Teaching Award for university post-graduate management modules, researched and developed a Strategic Management Assurance Review Technique (Dr. SMART®) Model for innovative corporate governance, a Strategic Talent Achievement Reconcilement System (STARS) for innovative talent development, Value For Money, (VFM) P@M Business Mastery System, STAR Excellence Five-Dimension Learning Paradigm (SELP), STAR Excellence Memory Paradigm (SEMP), and Wealth CARE Program. He introduced the Dr. SMART® Enterprise Control & Risk Management Model and the COSO ERM Framework into a world leading China conglomerate. The Enterprise Information & Communication System (EICS) was initiated as the COSO Kickoff.
He is academically endowed with a Master of Accountancy, Master of Business in Information Technology, Graduate Diploma in Personnel Management, Graduate Certificate in Management Consultancy, Bachelor of Business in Transport, Advanced Diploma in Export & Shipping, Advanced Diploma in Computer Studies, Advanced Diploma in Business Administration, Higher Diploma in Auditing, Higher Diploma in Economics, Professional Diploma in Management, Professional Diploma in Financial Accounting, Advanced Certificate in Marketing Studies, Oxford Professional Certificate in English Proficiency. In 1995, he topped the Charles Sturt University Master of Accountancy Examinations for ACC 515 Accounting & Finance Module. His expert professionalism is internationally benchmarked to Professional National Accountant; Certified Internal Auditor; Certified Management Accountant; Certified Public Accountant; Certified Fraud Examiner; Fellow Chartered Financial Practitioner, Competent ToastMaster, SAP Certified Consultant, IRCA ISO 9000 Quality Management System Lead Auditor, UK Certified Ballroom Dance Teacher.
In 2005, he was awarded the prestigious membership of the WALTON ELITE Club.
