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PRACTICE GUIDE TO AUDITING OVERSIGHT

 * Home
 * Concepts and Context
 * What Is Oversight and How Does it Relate to Governance?
 * What Is 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 GOVERNANCE?

While governance includes oversight, it is a broader concept. Governance refers
to the structures, systems, and practices an organization has in place to:

 * assign decision-making authorities, define how decisions are to be made, and
   establish the organization’s strategic direction;
 * oversee the delivery of its services; the implementation of its policies,
   plans, programs, and projects; and the monitoring and mitigation of its key
   risks; and
 * report on its performance in achieving intended results and use performance
   information to drive ongoing improvements and corrective actions.

A simplified governance framework is presented in Figure 1.

FIGURE 1


A SIMPLIFIED GOVERNANCE FRAMEWORK



Much has been written about what constitutes good governance, and “good
practice” guides have been published in recent years by a number of
organizations, including audit offices. (See, for example, the Australian
National Audit Office’s 2014 Better Practice Guide Public Sector Governance:
Strengthening Performance Through Good Governance.)

While this Practice Guide does not explore all aspects of governance in the
public sector, it is useful to highlight the basic principles that support good
governance, and therefore oversight, too.

The basic principles of good governance are:

 * Accountability
 * Leadership
 * Integrity
 * Stewardship
 * Transparency.

These five principles are briefly defined in Figure 2.


FIGURE 2 – PRINCIPLES OF GOOD GOVERNANCE

Accountability is the obligation of an individual, a group, or an organization
to answer for a responsibility that has been conferred.

Leadership is setting the “tone at the top,” which plays a crucial role in
encouraging an organization’s personnel to embrace good governance practices.

Integrity is acting in a way that is impartial, ethical, and in the public
interest. Integrity is reflected in part through compliance with legislation,
regulations, and policies, as well as through the instilling of high standards
of professionalism at all levels of an organization.

Stewardship is the act of looking after resources on behalf of the public and is
demonstrated by maintaining or improving an organization’s capacity to serve the
public interest over time.

Transparency is achieved when decisions and actions are open, meaning that
stakeholders, including the public and employees, have access to full, accurate,
and clear information on public matters.

SOURCE: MODIFIED FROM PUBLIC SECTOR GOVERNANCE: A GUIDE TO THE PRINCIPLES OF
GOOD PRACTICE, OFFICE OF THE AUDITOR GENERAL OF BRITISH COLUMBIA.

It is also useful for auditors to have a clear understanding of the distinct
roles played by both oversight bodies and management. As a general principle,
the roles of an oversight body should be segregated from those of management. To
illustrate this principle, Table 1 presents the usual roles of boards of
directors and management in public sector agencies, boards and authorities.

Oversight bodies are expected to play their respective roles without getting
involved in the organization’s day-to-day management. Members of oversight
bodies should also be independent from management in order to avoid real or
perceived conflicts of interest.


TABLE 1 – THE SEPARATE ROLES OF BOARDS OF DIRECTORS AND MANAGEMENT

Board’s Roles

Management’s Roles

 * Select, evaluate, and enable the CEO

 * Manage the organization in line with board direction
 * Keep the board informed
 * Seek the board’s counsel

 * Approve strategic organizational goals and policies

 * Recommend goals and policies supported by relevant information

 * Make strategic decisions

 * Frame decisions in the context of the organization’s mission and strategic
   vision, and provide the board with well-documented recommendations

 * Establish appropriate risk tolerance levels

 * Conduct risk assessments, mitigate and monitor risks, and provide the board
   with regular updates on key risks to the organization

 * Oversee management and organizational performance

 * Provide the board with transparent, complete, timely information in concise,
   contextual, or comparative formats
 * Be responsive to requests for additional information

SOURCE: ADAPTED FROM B. S. BADER (2008), “DISTINGUISHING GOVERNANCE FROM
MANAGEMENT,” GREAT BOARDS, VOL. VIII, NO. 3.

 * PreviousWhat Is Oversight and How Does it Relate to Governance?
 * NextThe Importance of Effective Oversight

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