Purpose of Reviewing Audit Files - to Evaluate

Audit Planning Process

Process of Conducting Audits

Audit Reporting Process

Follow Up Procedures

Planning the Audit (Review 5 Key Activities)

Relevance of Background Information Obtained

Survey Conducted of the Relevant System of Internal Controls

Opening Conference with Customer

Audit Plan - Scope, Objectives, Time Budget, Staffing, etc.

Audit Program

Audit Scope (5 Assurance Standards)

Reliability & Integrity of Information

Compliance (with laws, regulations, policies, etc.)

Safeguarding Assets

Economical & Efficient Utilization of Resources

Established Goals & Objectives

Examining & Evaluating Information - for example

Audit Work Meet Scope & Objectives

Conclusions & Recommendations Supported

Explanation for Audit Findings Not Reported

Changes to Audit Program Procedures

Working Paper Preparation

Due Professional Care - auditing for fraud

Evaluate & Test Controls from Fraud Perspective

Alert to Fraud Opportunities

Additional Testing, etc. Performed When Appropriate

Supervision

Staff Input

Appropriateness of Audit Objectives

Supervision Involvement

Completion of Audit Program

Completeness Working Papers

Audit Findings, Conclusions, Recommendations Appropriate & Supported

Closing Conference Adequate, Timely, etc.

Communicating Results

Interim Reporting Necessary

Closing Conference Discuss Findings & Recommendations (before report issued)

Report Correctness & Timeliness

Report Clear, Complete, Accurate, Objective

Report on Positive Findings

Report on Significant Issues

Follow Up

Follow Up Done on Prior Audit

Management Action Plan Received

Management & Board Assume Risk if Action Not to be Taken

Follow Up Scheduled

For a free, no obligation QAR/Best Practices Review Proposal - we just need 4 pieces of information:

1. Number of internal auditors on staff.

2. Number of internal audit office locations.

3. Percent of staff performing IT/EDP type audits.

4. Distance executive and key operating management located from internal audit offices, if not in same general area.

About a Pre-Review to Determine if You're Ready for a QAR

We can Validate your Internal Assessment

Related Subjects:

Pre-QAR

Quality Assurance & Improvement Program

Quality Assurance/Peer Review

Evaluate Staff Skill Sets

Training Program

Internal Audit Policies & Procedures

Seminars/Training

Internal Audit "Tool Box"