Performance results—ISED's internal audit function

As per the Directive on Internal Audit, Departments must meet public reporting requirements as prescribed by the Comptroller General of Canada including performance results for the internal audit function.

The objective of publishing performance results for the internal audit function, in the form of key compliance attributes, is to provide pertinent information to stakeholders i.e. Canadians and parliamentarians, regarding the professionalism, performance and impact of the function in Departments.

For more information, see Why Publish Key Compliance Attributes of Internal Audit

Innovation, Science and Economic Development Canada (ISED)
Key Compliance Attributes
Compliance Attributes
(answers questions that stakeholders may have about the oversight of public resources)
Key Compliance Attributes Results for ISED
  1. Do internal auditors in Departments have the training required to do the job effectively? Are multidisciplinary teams in place to address diverse risks?
1(a) % of staff with an internal audit or accounting designation (Certified Internal Auditor (CIA), Chartered Professional Accountant (CPA)) 1(a) 62%
1(b) % of staff with an internal audit or accounting designation (CIA, CPA) in progress 1(b) 21%
1(c) % of staff holding other designations (CGAP, CISA, etc.) 1(c) 14%
Note: An internal auditor may possess more than one designation.
  1. Is internal audit work performed in conformance with the international standards for the profession of internal audit as required by Treasury Board policy?

2(a) Date of last comprehensive briefing to the Departmental Audit Committee (DAC) on the internal processes, tools, and information considered necessary to evaluate conformance with the IIA Code of Ethics and the Standards and the results of the Quality Assurance and Improvement Program (QAIP).

2(a) External validations are conducted by the Department every 5 years. The ISED Departmental Audit Committee (DAC) was briefed on the results of the External Validation of the Department's 2022–2023 Practice Inspection on March 24, 2023.

 Additionally, the DAC was briefed on the results of the 2022-23 QAIP of the Audit and Evaluation Branch's Internal Audit Function on June 28, 2023. A briefing on the results of the 2023-2024 QAIP is planned in May 2024.

2(b) Date of last external assessment

2(b) The last external assessment was presented to the DAC on March 24, 2023 and is in the process of being approved by the Deputy Minister.

  1. Are the Risk-Based Audit Plans (RBAP) submitted to audit committees and approved by deputy heads implemented as planned with resulting reports published? Is management acting on audit recommendations for improvements to departmental processes?

3. RBAPs and related information:

3(a) name/status of audit for the current fiscal year of the RBAP

3(b) date the audit report was approved

3(c) date the audit report was published

3(d) original planned date for completion of all management action plan (MAP) items

3(e) status of MAP items

The ISED Risk Based Audit Plan (RBAP) for 2022–2023 to 2024–2025 was presented to the Departmental Audit Committee on June 29, 2022. The Deputy Minister approved the RBAP on July 7, 2022.

3(a) to (e) For this compliance attribute, see Status of Internal Audits and Management Action Plans. This requirement applies only to internal audits that began in 2018–2019 or after.

  1. Is internal audit credible and adding value in support of the mandate and strategic objectives of the organization?
4. Average overall usefulness rating from senior management (ADM-level or equivalent) of areas audited. 100% of senior management rated the overall usefulness of audits as "Satisfied" to "Very Satisfied".