FRSGlobal

Chief Audit Executive / VP of Audit

As a CAE or VP of Audit in a financial services firm, your role has become even more of a corporate priority as the financial crisis and concerns within financial services companies have become more frequent and more visible. You are responsible for planning, designing, implementing, and maintaining enterprise-wide audit programs, policies, and procedures that promote a corporate culture that fosters ethical and compliant behaviour and provides the basis for ensuring adequate internal controls and compliance with all laws and regulatory requirements. You are responsible for the development, dissemination, and implementation of policies, compliance and audit standards, and administrative systems in areas that may include, but are not limited to: accreditation and licensure; tax status; prevention of management fraud and illegal acts; unauthorized use of assets; improper or inadequate documentation and billing; and adherence to regulatory requirements. Your work also provides a basis for independent assessments of the organization, controls, and procedures. Communicating with executive management and your Board is a top priority. Maintaining effective relationships with line management is essential to success.

Key Challenges

As financial firms are pressured for higher performance, regulators increase their oversight, and the need for both a more comprehensive as well as a deeper understanding of internal practices and compliance becomes more important, you may be experiencing some or all of these typical challenges:

• developing and recommending annual internal audit program priorities and work plans while ensuring that your team is responding to changing business conditions
• performing more work with no additional staff resources
• effectively leveraging technology to gain needed efficiencies
• aligning your value proposition with stakeholders’ expectations
• ensuring that you are focusing on critical risks and issues
• maintaining flexibility in audit planning in a rapidly changing world
• promoting quality improvement and innovation
• managing up to the highest levels of an organization while ensuring cooperation of line managers.

How We Help

Wolters Kluwer/FRSGlobal recognizes the unique challenges of the CAE and VP of Audit. Our solutions are designed and proven enterprise systems, with over 15,000 customers worldwide. Specifically, we can help through all of these key elements of our product and service offerings:

• industry-leading solutions that have been deployed globally to 2,000 enterprises
• our understanding of your need to increase staff efficiency and to help drive productivity in the face of expanding assignments and Audit Committee requests
• COSO-compatible risk assessment tool that allows you to generate audit plans with graphical representations across all your lines of business
• powerful scheduling tool with detailed deployment by audit team member or project
• a tracking database for every audit finding and key statistics for all projects
• support for issue follow-up, trend analysis, prior audit reviews, and committee reporting
• documentation support system that drives helps auditor efficiencies
• time and expense capture and reporting systems

Next Steps

For more information, check out Audit Management in the Solutions section, or contact us for more information for more information