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Audit road map

Course intro


on 9 March 2017

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Transcript of Audit road map

High impact audit
Cost savings and efficiencies
Improved service delivery
Reduced risk
Better compliance with authorities, policies and legislation
Good governance, oversight, and control
Positive reassurance of performance
Increased knowledge sharing
Acceptance and action on recommendations
Public, media and Parliamentary attention
High Quality Product
Professionalism and professional judgement
Due process and quality audit design
Conformance with standards
Adoption of good / best practices
Quality review
Communicates our work
Significant observations and findings
Sufficient appropriate evidence
Plain language
Media coverage
Parliamentary tabling and support
Conclusions and Recommendations
Conclusion against objectives
Recommendations relate to the underlying causes of audit findings
Clear, broadly stated, results oriented, positive in tone, and attainable
Cause and Effect Analysis
Underpins audit report and recommendations
Identify significant deficiencies
Determine the underlying cause and the related failed control/system
Leads to summary of findings
Tools: Root Cause Analysis; The 5 “Why’s”; Evidence Analysis Summary template
Standards require the auditor to consult when faced with difficult or contentious matters
Improves the quality of professional judgements
Document the nature and extent of consultation as well as its disposition
Subject matter experts or expertise to complement team
Engage early to assist in audit planning
Document selection of specialist (and consult with audited department)
Document ‘reasonableness review’ of specialist’s methods and results
Evidence Collection
A plan for collecting evidence
Links audit objectives, criteria, data/information needs, and collection methods
Detailed audit programs describe nature, extent, and timing of the work to be carried out by assigned auditors
Develop sampling strategy
Tools: Audit Logic Matrix; Evidence Collection Plan; Examination Plan; Audit Programs
Audit Criteria
Suitable criteria relevant to the audit objectives
Relevant, reliable, neutral, complete, understandable
Sources for audit criteria identified
Attempt to obtain management’s acknowledgment of criteria’s suitability
Audit Objectives
Established clear, specific, and measurable audit objectives for each area or Line of Enquiry
The three "E's"
Is about the acquisition of resources (appropriate quality and quantity) at reasonable cost
Is about using resources to maximize outputs (at minimum cost) or to minimize inputs (to achieve outputs)
Is about whether goals and objectives are achieved
Areas for Audit
Acquire and document knowledge of business
Identify significant activities
Assess risks
Results Chain - shows a logical sequence of outputs and outcomes
Logic Model shows results relationship for each program activity
Working paper completed for each of the audit criteria
Aggregates and corroborates evidence
Supports conclusions against criteria – met, not met, partially met
Tools: Results Analysis template
Result analysis
The right competencies
General technical competencies
Professionalism, professional judgment, project management, supervision and review
Audit Phase competencies
Enabling competencies
Leadership and strategic thinking
Analytical thinking
Relationship management
Examination phase
Reporting phase
Validating facts
Balanced and fair
Follow up
Determine whether recommendations have been implemented
Formal or informal
Role of Public Accounts Committee
Timing and reporting flexible
Full transcript