Quality Assurance/Peer Review

Audit File Review

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

We can Validate your Internal Assessment - just contact us
For a free, no obligation QAR/Best Practices Review Proposal
Contact Us About a Pre-Review to Determine if You're Ready for a QAR

Best Practices Reviews by Audit Services

For Additional Assistance and Ideas:
Quality Assurance and Improvement Program
Internal Assessments
External Assessments
Surveying Your Internal Audit Staff
Developing a Client Survey
Evaluating the Skills of Your Staff
General Approach Used on External QAR
Developing a "QAR Questionnaire" for Management & Audit Committee

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