(ROOM N106) C.S 6.2. Providing reassurance through overall Audit opinions
11:15 - 12:05 (05/10/2018)
Why attend this session?
Internal Auditors are increasingly being challenged by their organisations' stakeholders (Audit Committees, Senior Management, other Stakeholders) to move beyond compliance and to add greater value by providing sound insight and giving their professional viewpoint on areas of governance, risk management and internal control processes. The Internal Auditor may use the overall opinion to summarise and emphasize his/her work in these areas.
In addition, the overall opinions allow Internal auditors to maintain a higher level of visibility, of staying more relevant to the business and earning a seat at the top table!
What will I learn?
Participants in this concurrent session will learn about this assurance tool and may then themselves consider planning such an undertaking!
The following questions, among others, will be addressed during this interactive session by the Internal Auditor of the European Commission.
1. What is an Overall Opinion?
• Briefly, an Overall Opinion is an assurance or opinion at a broad level for the organization as a whole (macro-level opinion) or on individual components of the organization’s operations (micro-level opinion).
• The IIA Standard 2450 on Overall Opinions was approved because of the recognition of the growing interest in such Opinions given by internal auditors across the world.
2. What is the Internal Auditor of the EU Commission's Overall Opinion?
• It is presented annually as of 2011. It focuses on the state of the European Commission's financial management and is based notably on work conducted over a period of 3 years by the Internal Audit Service (IAS) and takes into account the reports by the EU's Supreme Audit Institution (EU SAI) – the European Court of Auditors.
3. What's the added value of an Overall Opinion? How does it help the European Commission?
4. What burden is imposed? On Internal audit services? On Auditees?
5. What's the difference between the Overall Opinion and all the other reports produced every year?
6. What comparisons can be made with the audit opinion of an external auditor and, notably, in the public sector, that of a Supreme Audit Institution (SAI)?