Loading presentation...

Present Remotely

Send the link below via email or IM

Copy

Present to your audience

Start remote presentation

  • Invited audience members will follow you as you navigate and present
  • People invited to a presentation do not need a Prezi account
  • This link expires 10 minutes after you close the presentation
  • A maximum of 30 users can follow your presentation
  • Learn more about this feature in our knowledge base article

Do you really want to delete this prezi?

Neither you, nor the coeditors you shared it with will be able to recover it again.

DeleteCancel

Make your likes visible on Facebook?

Connect your Facebook account to Prezi and let your likes appear on your timeline.
You can change this under Settings & Account at any time.

No, thanks

Audit road map

Course intro
by

CCAF FCVI

on 9 March 2017

Comments (0)

Please log in to add your comment.

Report abuse

Transcript of Audit road map

1
16
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
Reporting
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
Consultation
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
Specialists
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
Economy
Is about using resources to maximize outputs (at minimum cost) or to minimize inputs (to achieve outputs)
Efficiency
Effectiveness
Is about whether goals and objectives are achieved
Compliance
Areas for Audit
Acquire and document knowledge of business
Identify significant activities
Assess risks
Tools:
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
Selection
Planning
Examination
Reporting
Follow-up
Enabling competencies
Leadership and strategic thinking
Analytical thinking
Relationship management
Communications
Clearance
Examination phase
Planning
Reporting phase
Validating facts
Balanced and fair
context
Follow up
Determine whether recommendations have been implemented
Formal or informal
Role of Public Accounts Committee
Timing and reporting flexible
Full transcript