The document discusses an internal audit team developing and implementing a balanced scorecard to achieve excellence. It presents a sample balanced scorecard with objectives in four categories: learning growth, internal processes, customer perspective, and finance perspective. Metrics and targets are identified for monitoring progress over the current and next two years. The scorecard aims to improve audit practices, processes, customer satisfaction, and cost management through quantitative and qualitative tracking.

1. “Audit tips series”
* Do you think Internal Audit can develop a "Balanced Score Card" and effectively implement the same to achieve excellence?
* Our Internal Audit Team thought about it and taken steps towards achieving this.
LEARNING GROWTH INTERNAL PROCESS
OWNER / ACTUAL FORECAST OWNER / ACTUAL FORECAST
SPONSOR SPONSOR
(1)Training days per (1) Achieve full usage of
Team Member on job WEBMARS
related skills
(2)Convene Audit discussions and (2) Make knowledge
other related subjects / warehouse module of
Experience sharing WEBMARS as a
Central Reosurce system
(3) Benchmark ERP Audit practices for Knowledge Management
by learning from other companies in the company
and adopt in our practices /
use of Audit software Tools (3) Adherence to Quality
Standard -ISO 9001:2000
(4) Audit Manual (4) Implementation of IIA's - PPF
Standards
CUSTOMER PERSPECTIVE FINANCE PERSPECTIVE
OWNER / ACTUAL FORECAST OWNER / ACTUAL FORECAST
SPONSOR SPONSOR
(1) Timely submission of (1) Effective manangement of
Audit Reports Cost of operations - IA
function
(2) Involve auditees at every stage (2) Quantify audit value addition
of audit process (Planning Pre, to bottomline (Technical Audit)
Mid audit review Report
discussions, Presentation etc)
(3) Assessing the feedback obtained (3) Facilitate implementation of
from auditees and take cost saving recommendations
appropriate corrective action & quantify realised benefits -
(Customer feedback index)
(4) Facilitate and ensure (4) Promote 'WEBMARS' and
implementation of 'selective key' make it a sustainable
Information System Security revenue model
Policies (Administrative)
Notes on the above four Boxes
1. Learning Growth The left hand top box, the learning growth will focus on effectiveness of Internal Audit Team Member's learning processes
2. Inernal Process This right hand top box will address the structured Internal Audit Processes and Internal Audit Quality requirements, Professional Practice Framework
of IIA and ISO 9000 standards fully address these two.
3. Customer Perspective Left hand bottom corner box focuses on Internal Audit Customers' perspective and therefore will address on how to delight these customers and also get
appropriate feed back from them.
4. Finance Perspective The right hand bottom corner box - the last but not the least is Finance Perspective. This will focus not only on controlling the cost of operations of
the Internal Audit Dept. but also will quantify benefits realised by Business Divisions through Internal Audit recommendations during the review year.
Notes:
* 'Actual' column for the last year and 'Forecast' for the current year and two subsequent years.
* Quantitative / Qualitative notings will be filled in these columns for monitoring this.
Management Audit Function - Balanced Score Card - Year ________
Balanced Score Card Route to excel in Internal Audit Practices!
* Here is our Sample "Balanced Score Card" contents: