Talk to an accounting manager, a senior level executive, CEO, or business owner

Question

Talk to an accounting manager, a senior level executive, CEO, or business owner regarding his/her company’s performance measures. This person could be in your current organization, previous organization, or one that you research. Indicate the company, employee, his/her role in the company, and the questions that you used in your interview. Develop 6-8 performance measure related questions that pertain to sales, production, profitability, or another area. Determine a list of performance measures that this person uses for direct reports. Describe each performance measure used within the organization. Summarize your findings and evaluate each method on its perceived usefulness and/or effectiveness.

Explanation / Answer

The following is the KRA of a audit manager in the finance function.

KRA No. KRA Impact Goal No. Goal Action plan Peformance indicator Resources 1 Internal Audits and Compliance High 1 To plan and execute internal Audits as per the Annual Audit Plan during FY To understand the activities and prepare and finalise audit programme including scope and checklists before start of the audit -Identify areas of audit including High Risk areas - Check the process and ensure that internal control system is adequate - Identify non Value added activities -To ensure that audits are executed as per the audit time plan /audit calendar and deviations are explained - Where an audit not initially forming part of the plan is executed, to ensure that audit scope , audit plans and timelines for the same have been approved within timelines - To use PC/ ACL/ Flowcharting etc. as a tool of audit to improve /increase the area of coverage, reduce audit time and enhance audit quality - To ensure that audits are conducted as per the audit programs and checklists made - To ensure that the standards of Internal auditing issued by ICAI are adhered to - To ensure that the time sheets are entered in the system atleast weekly and preferably daily showing audit work done in detail Meet Planned timelines -No. of High risk areas identified -No. of non value adding activities identified - no. of inputs provided for improvements in internal control systems, processes, value of cost savings and profit maximization - completion of audits wihin timelines MIS, MIS code guide, Trial Balance, Previous audit reports, Annual Reports 2 Reporting of all Internal Audits executed in IA System for records and further action for FY To ensure the audit findings are correctly and factually reported as per the prescribed format as per the timelines in audit plan - to ensure that audit findings are reported under the eight objectives specified - To ensure that audit reports bring out recommendations for improvements in internal control systems, processes, avenues for cost savings and Profit Maximization - To ensure the recommendations and views of auditee are mentioned adequately - To prepare a summary of the audit findings for the audit committee on a quarterly basis - To report on audit areas planned versus executed on a quarterly basis - To collaborate with process owners and discuss the audit and include best practices followed by auditee in audit reports - To have opening and closing meeting with process owner - To take inputs from the process owners during the audit - To consolidate summary of audit reports for senior management (MD,ED, Division /Business / Functional / Departmental Heads) on monthly basis by 10th of every month - Incorporate suggestions & share the same with all concerned No. of Audit Findings reported -No. of recommendations on improvements in internal control - No. audit areas planned versus executed - No. of observations for Audit Committee presentation -no. of IARs issued and recommendations acccepted by auditees - Judicious and impartial reporting, - - The report should correctly convey the audit observations and should create desired impact on the reader. - Timely receipt of proper responses from the auditees - Opening meeting based on engagement letter - Closing meeting with auditee after receipt of responses - Auditee feedback report on a yearly basis LARS, Executive summary, Best practices followed by process owner and inputs from process owner 3 Track, Monitor and follow up the action plans to be implemented for closure of audits in system for FY Follow up / periodical meetings with auditees for implementation of audit suggestions - Review the follow-up through the audit software and keep a track of the actions based on automated reminders from LARS - verifications of suggestions implemented and closure of audit findings by target date of implementation given by the auditee - obtaining/ recording reasons for non implementation of audit findings wherever applicable, before target date for implementation - No. of IARS issued and recommndations accepted - No. of audit suggestions implemented - No.of times target date extended for pending observations Internal audit reports with agreed target dates and reponsibility for each audit finding agreend upon for implementation; LARS 4 Documentation of all audits executed for FY Audit evidence (internal and external with proper referencing to audit findings in audit report ) - Audit work papers prepared / uploaded in LARS during audit activity after review of audit with auditor's L 1 - Relevant policies and procedures collected prior to / during the audit - Documents showing analysis of control charts for key business processes and critical processes with a view to to identify weaknesses - Taking periodic back ups or files created in LARS on a daily basis (automated) and by auditor in external hard disk on a monthly basis - The internal audit and internal control checklist based on learnings - the internal audit plan and programs based on audit findings,audit history sheet -Final Internal Audit reports issued by IA Head after review by L 1 and L 2 - Draft internal Audit report with responses reviewed by L 1 and L 2 - Documenting in LARS how the queries have been resolved by target date given by auditee - Documentation done within timelines -Report preparation within timelines -- Neat, referenced, complete and easily retrievable documentation LARS 2 Review of Internal Control and Risk management framework High 1 Evaluate, Review and improve Internal Controls for FY Identify Areas of improvements based on internal audit recommendations - Highlight the requisite observations to the internal controls department for their review and action on a monthly basis -Assist & participate in systems improvements necessary for establishing better internal controls - Review the Internal controls implemented. No. of improvement areas identified - No. of system improvements done - No. of internal controls reviewed -Assessment of the Internal Controls in place and plug loop holes if any - Ensuring critical areas are highlighted and actioned upon Process flowcharts, Standard operating procedures, Authority matrices 2 To evaluate whether internal controls have been put in place based on risks identified in Divisions where ERM is in place and review whether internal controls are operating as intended Review the internal controls implemented in response to the risks identified Assessment of internal controls and ensuring whether internal controls put in place for mitigating critical risks are operating; number of internal controls reviewed Process flowcharts, Standard operating procedures, Authority matrices 3 To plan and execute CSA reviews as per the Annual Audit Plan during FY To test the internal controls based on the CSA questionnaire (generated though the risk control matrix) in Laser Internal Control Manager (LICM), record the findings under the categories (design effectiveness and operating effectiveness) and compare the same with the responses given earlier by the process owners concerned for the processes under review; to report on the same using the LARS module Number of internal controls tested for design effectiveness & operating effectiveness; number of controls identified for improvements Risk control matrices, process flowcharts, LICM, LARS 4 To plan and execute statutory compliance tool reviews as and when required To test the statutory compliances selected by comparing the comments recorded in the tool with actual physical evidence and report on the deviations, if any, identified ; to review compliances, compliances with exception and non compliances in context of liability for non compliance. Number of deviations Statutory compliance tool 3 Organization Effectiveness and Knowledge Management High 1 Sharing and documenting Knowledge for best practices observed during audits executed for FY To share information collected during audits on a monthly basis - to share best practices observed during audit & reviews on a monthly basis - Documentation & Record keeping and Knowledge management of all audit findings on completion of Audit - Encourage sharing of best practices amongst the teams with relevant suggestions inputs to the concerned DIV/Depts No. of initiatives for information sharing -Timelines of Uploading Records on KM Portal - No. of presentations made in team meets - No. of articles contributed in Audit Newsletter / KM portal Knowledge management portal, team meet presentations, audit newsletter 2 Continual learning & knowledge enhancement To keep oneself abreast about developments in the internal audit field Attend seminars / training programs to improve personal skills To continuously enhance knowledge through extensive reading Undergo certification course in the field of Audit. Joining study circle in the vicinity Improved performance and understanding of the topic ; Better coverage of areas / processes during audit ; Obtaining certification; No. of Books read and discussed; No. of seminars attended; Training/Knowledge session conducted of the Auditees Training material of courses attended; presentation material 3 To participate in any one PMO, Kaizen CSR activity To undertake and participate in any PMO, Kaizen or CSR To identify, take initiative and participate in PMO, Kaizen or CSR -

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