1. GFOA Municipal Accounting and Auditing Best Practices Workshop
Internal Audit in Local Government
Gail Stephens, CEO BC Pension Corporation

2. 1. Leave every place a little better than you found it.

3. 2. You can’t stomp your feet when you are on your knees.

4. 3. Know the objectives.

5. 4. Nothing ever happens until somebody sells something.

6. 5. Every deficiency is rooted in the violation of some principle of good management.

7. 6. Never believe what the first person tells you.

8. 7. The best question is: “As manager, how do you satisfy yourself that…..”

9. 8. Politics and culture will usually win over rules and regulations.

10. 9. When you point your finger, make sure your fingernail is clean.

11. 10. Murphy was an optimist.

12. Independence Internal Auditor Reporting to Council
Internal Auditor Reporting to Management

13. Role of the Audit Committee is a Critical One
Oversight of financial reporting and disclosure
Review of internal and external audit findings
Evaluation of the adequacy and effectiveness of internal controls
Assessment of the organizational risk and risk mitigation strategies

14. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit
The Audit Committee plays a key role in monitoring and oversight of management.

15. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit
Independent communication and information flow between the audit committee and the internal auditor is important.

16. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit
Independent communication and information flow between the audit committee and the external auditor is important.

17. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit
Candid discussions with management, the internal auditor, and the external auditor regarding issues implicating judgment and impacting quality is required.

18. Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit
Finally, and equally important to the first four principles, is that committee members be diligent and knowledgeable.

19. Reporting to Council Keep it simple Do not over dramatize Be prepared
Gain perspective
Win management over

20. Media and the Public Have a communication strategy
Work with management
Practice, practice, practice

21. As Katherine Graham once said: “To love what you do and feel that it matters, how could anything be more fun.”

22. Questions