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Effective URL: https://www.caaf-fcar.ca/en/oversight-concepts-and-context/what-is-oversight-and-how-does-it-relate-to-governance
Submission: On June 29 via api from CA — Scanned from CA
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PRACTICE GUIDE TO AUDITING OVERSIGHT
* Home
* Concepts and Context
* What Is Oversight and How Does it Relate to Governance?
--------------------------------------------------------------------------------
* Introduction
* Concepts and Context
* What Is Oversight and How Does it Relate to Governance?
* What Is Governance?
* The Importance of Effective Oversight
* Oversight Bodies and Functions
* The Hierarchy of Oversight Responsibilities
* Oversight Bodies
* Oversight Functions
* Oversight of Public Agencies, Boards and Authorities
* Oversight of Major Initiatives in Departments and Ministries
* Audit Methodology
* Introduction to Auditing Oversight
* Selecting an Audit Topic
* Determining the Degree of Focus on Oversight
* Planning an Audit of Oversight of a Public Agency, Board or Authority
* Acquiring Knowledge of Business and Assessing Risk
* Acquiring Knowledge of Business
* Assessing Risk
* Determining the Audit Approach
* Drafting Audit Objectives
* Selecting Audit Criteria
* Planning an Audit of Oversight of a Major Initiative in a Department
* Acquiring Knowledge of Business and Assessing Risk
* Acquiring Knowledge of Business
* Assessing Risk
* Determining the Audit Approach
* Drafting Audit Objectives
* Selecting Audit Criteria
* Conducting the Examination Phase
* Documentary Evidence
* Testimonial Evidence
* Physical Evidence
* Analytical Evidence
* Reporting the Results of an Audit of Oversight
* Setting the Context
* Audit Observations
* Recommendations
* References and Links
* Glossary
* Acknowledgements
* Download PDF
* Comments & Questions
* Access All Our Guides
WHAT IS OVERSIGHT AND HOW DOES IT RELATE TO GOVERNANCE?
Definitions of “oversight” and “governance” vary across public and private
sector organizations, but they share many similar elements. This Practice Guide
recognizes that oversight is a component (or subset) of good governance and
adopts definitions of these terms suited to public sector organizations.
Oversight refers to the actions taken to review and monitor public sector
organizations and their policies, plans, programs, and projects, to ensure that
they:
* are achieving expected results;
* represent good value for money; and
* are in compliance with applicable policies, laws, regulations, and ethical
standards.
Oversight is a critical governance function performed by boards of directors,
committees, councils, and external bodies.
Oversight is composed of “over,” meaning above, and “sight,” meaning looking,
but not touching. Indeed, those in charge of oversight functions are asked to
look at a process, program, or project from above, but not to get involved in
its day-to-day management.
In other words, oversight (or watchful care) is a safety net to ensure the
following:
* Due diligence takes place before key decisions are made.
* Policies and strategies are being implemented as intended.
* Key risks are identified, monitored, and mitigated.
* Business processes and systems are working well.
* Expected results are being achieved.
* Value for money is obtained.
* Activities comply with policies, laws, regulations, and ethical standards.
* Developing areas of concern are being dealt with.
* Assets are being safeguarded.
* Continuous improvement is taking place.
In practice, oversight can be conducted through various functions, including:
* Planning
* Defining information needs
* Challenging
* Advising
* Approving
* Deciding
* Monitoring
* Reviewing
* Taking corrective actions
Different oversight bodies will fulfill different oversight functions, in
accordance with their specific mandates. Some oversight bodies will play a more
active role in guiding management than others, while still staying away from
day-to-day management of the organization’s activities.
* PreviousConcepts and Context
* NextWhat Is Governance?
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