Objectives:

Assist you in developing a Quality Assurance & Improvement Program (QA&I Program) that provides reasonable assurance your Internal Audit Department resources and mission are directed towards:

Adding value, and

Improving the operations of Your Organization

This QA&I Program is designed to provide sufficient evidence the Internal Audit Department is:

• Operating in compliance with professional expectations, including the International Standards for the Professional Practice of Internal Auditing;

• Meeting the expectations of executive management and the Board of Directors of Your Organization

• Striving to improve upon the efficiencies and effectiveness of Department operations – resources, technology, and best practices; and

• Monitoring the effectiveness of the QA&I Program.

 

Our action plan:

Benchmark Your Department policies and procedures against the International Standards for the Professional Practice of Internal Auditing (Standards).

Evaluate compliance with professional expectations (Standards) based upon examination of evidence provided and a review of selected audit files.

Evaluate the appropriateness and completeness of the Internal Audit Department Charter.

Evaluate evidence of communications with executive management and the Audit Committee of the Board of Directors for appropriateness, completeness and frequency.

Evaluate the appropriateness of internal audit services you provide to Your Organization.

Evaluate how the Department measures and monitors internal audit effectiveness, including “best practices.”

Evaluate the coordination of activities with other internal and external providers to ensure proper audit coverage and minimize duplication.

Evaluate the appropriateness and completeness of the Risk Assessment Methodology used in developing the Audit Plan.

Evaluate the MACRO/Global Audit Plan to determine:

• Appropriateness and completeness.

• Communication of the Audit Plan for approval to executive management and the Audit Committee of the Board of Directors, including resource limitations.

• Adequacy of resources to achieve the Audit Plan.

Evaluate the tools/checklists/audit programs, etc. you use to provide guidance in the successful completion of an audit engagement.

Review and evaluate selected audit files representative of the different types of audits performed for the following:

• Audit Planning process, including risk assessment, scope of work and staff selection

• Process for conducting audits (fieldwork), including interim communications and closing conference

• Documentation – completeness, appropriateness, adherence to the rules of audit evidence, etc.

• Audit Report

• Follow Up procedures

• Exercising Due Professional Care

• Supervision

• Performance Evaluation

Provide guidance in preparation for an external peer review, including:

• Listing of information to be accumulated for the review.

• Assistance in preparing a proposal for an external peer review.

Provide guidance in performing a self evaluation for the purpose of preparing for an external validation (if this alternative to an external peer review is selected), including:

• Listing of information to be accumulated.

• Providing examples of questionnaires and surveys used in (a) soliciting client, executive management and audit committee comments, and (b) obtaining internal audit staff input

 

Access

Access to our on-line internal audit manual (www.auditmanual.org) will be provided to all members of your Internal Audit Department staff for one year to assist in the implementation of an effective Quality Assurance & Improvement Program.

 

Reporting

Possible improvements/enhancements noted during our review will be adequately detailed to permit necessary corrective action.  Additionally, if deemed appropriate, “tools” to assist the Department in implementing a comprehensive QA&I Program will be developed and provided to the Chief Audit Executive.

Our report at the conclusion of the engagement will summarize our observations, including possible opportunities for improvement and acknowledge Department accomplishments. 

Specifically excluded from the scope of this engagement:

• Evaluation of the appropriateness of information technology internal audit services you provide to Your Organization. (Although outside the scope of this engagement, we offer this IT audit evaluation service).

• Solicitation of comments/input directly from executive management, the Audit Committee of the Board of Directors and members of the Internal Audit Department staff.

 

Estimated timing of engagement:

Three days on-site at Your Organization to review selected audit files, following the examination of Department information provided by Internal Audit.

Examination of requested information within approximately 14 days following receipt.

Final report issued within 14 days after completing on-site review of audit files.

 

Tool - Your 1 Stop Internal Audit Shop

					Risk Based
					Scope
					Audit Program

This tool can assist you in several ways - for example:

• Benchmark Your practices and policies against professional expectations - identify the "gaps" before that external peer review

• Becoming more efficient and effective by bringing together, by subject, all of the "pieces" relating to your audit objective

  • Professional Expectations

  • Your particular requirements - department policy & procedure manual, etc.

  • Your tools - audit programs, checklists, working paper techniques, etc.

  • Outside resources - listing by subject/topic with quick & easy "click and go" capabilities

For more information about this Tool, click here.

 

Services offered by:

Audit Services ^Tel:615-790-9858 ^Fax: 775-256-4946 ^{PO Box} 681387, Franklin, TN 37068

For Additional Information, including fee proposal, contact roger@auditservices.com