The Institute of Internal Auditors Presents: All Things Internal Audit

In this episode, Pam Strobel Powers and Mark Maraccini discuss The IIA's recently updated Global Practice Guide Auditing Procurement in the Public Sector. They walk through the three pillars that make public sector procurement unique, explain how to distinguish a vendor from a subrecipient, and share why fraud risk in procurement deserves its own lane in your audit approach.

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• HOST:
  • Pamela Stroebel Powers, CIA, CGAP, CRMA, CPADirector of Professional Guidance, Public Sector, The IIA

• GUEST:
  • Mark Maraccini, CIA, CPA Partner, Crowe LLP Member, International Internal Audit Standards Board

KEY POINTS:

• Introduction [00:00:02 - 00:00:30]

• What Makes Public Sector Procurement Unique [00:01:07 - 00:04:16]

  • Transparency in Procurement [00:01:37 - 00:02:42]

  • Fairness and Equity in Procurement [00:02:42 - 00:03:31]

  • Legal and Regulatory Compliance [00:03:31 - 00:04:16]

• Vendor vs. Subrecipient: Key Differences [00:05:24 - 00:08:44]

• Applying the Procurement Lifecycle [00:09:34 - 00:10:54]

• Using Risk and Control Matrices [00:11:23 - 00:12:54]

  • Manual vs. Technology-Driven Risk Assessment [00:11:48 - 00:12:33]

• Fraud Risk in Procurement [00:13:24 - 00:15:31]

• Equity and Supplier Diversity Programs [00:17:49 - 00:20:11]

• Auditing Program Effectiveness vs. Compliance [00:20:47 - 00:21:28]

• Final Thoughts [00:21:28 - 00:21:50]

IIA RELATED CONTENT: Interested in this topic? Visit the links below for more resources:

• Global Practice Guide: Auditing Procurement in the Public Sector, 2nd Edition
• Online Exclusive: AI in Public Sector Procurement
• Audit Tool: Procurement Risks and Controls for the Public Sector Examples
• Third-Party Topical Requirement
• Global Internal Audit Standards
• Knowledge Centers: Public Sector
• Certifications May Sale

Visit The IIA's website or YouTube channel for related topics and more.

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