Beyond Audit

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Robert L. Mainardi. Beyond Audit

Table of Contents

List of Tables

List of Illustrations

Guide

Pages

Beyond Audit. Auditing Remotely and Delivering Value

Preface

Acknowledgments

About the Author

CHAPTER 1 What Happened

AUDIT EXECUTION CHALLENGES

UNDERSTANDING YOUR ROLE

CRITICAL MEETING KEYS

CHAPTER 2 Understanding the Remote Approach

TRADITIONAL VERSUS REMOTE AUDIT

RECOGNIZING THE CHALLENGES

Understanding the Business Process

RESPONSIBILITY ASSIGNMENTS

COMMUNICATING CRITICAL INFORMATION

AUDIT PLANNING

AUDIT FIELDWORK

AUDIT REPORTING

AUDIT WRAP-UP

CHAPTER 3 Marketing the Internal Audit Department. CREATING YOUR AUDIT BRAND

DEFINING INTERNAL AUDIT

INTERNAL AUDIT'S THREE PILLARS

EXPLAINING THE AUDIT PHASES

DISPELLING THE MYTHS

CHAPTER 4 Building an Effective Audit Team

BEYOND AUDIT LEARNING MAP

SKILLS FOCUS IN THE REMOTE ENVIRONMENT

Communication

Listening

REMOTE BUSINESS PARTNER MEETINGS

AGENDAS DRIVE THE MEETING

AUDIT STATUS MEMOS

REMOTE AUDITOR SKILLS PROFILE

BEYOND AUDIT DEVELOPMENT PLAN

CHAPTER 5 The Methodology – Objective Recognition. IMPROVING THE AUDIT PROCESS

BEYOND AUDIT – ORC MODEL

Understanding the Business

Identifying and Documenting Business Process Risks and Controls

Developing the Audit Test

IDENTIFYING THE BUSINESS OBJECTIVE

BUSINESS OBJECTIVE IDENTIFICATION CHALLENGE

BUSINESS OBJECTIVE IDENTIFICATION IN A REMOTE AUDIT

BUSINESS PROCESS RISKS

BUSINESS PROCESS CONTROLS

COMPLETING THE AUDIT PLANNING

CHAPTER 6 Audit Fieldwork

FIELDWORK COMMUNICATION

FIELDWORK RESPONSIBILITIES

WORKPAPER REQUIREMENTS

BEYOND AUDIT – BASELINE WORKPAPER COMPONENTS

Purpose

Source

Scope

References

Signoffs

Tickmarks

Testing Exceptions and Conclusion

SUFFICIENT EVIDENCE

WORKPAPER SELF-REVIEW AND KEYS

BEYOND AUDIT – TOP 10 KEYS TO MANAGING FIELDWORK

1. Know the Assigned Objectives

2. Know Your Customer

3. Set Realistic Expectations

4. Be a Leader

5. Understand Documentation Requirements

6. Communicate Constantly

7. Obtain Required Documentation

8. Manage Project Risks

9. Verify Deliverables and Conclusions

10. Evaluate Fieldwork Execution

CHAPTER 7 The Methodology – Partner Results. COMMUNICATING AUDIT RESULTS

UNDERSTANDING THE AUDIT REPORT PHASE

AUDIT REPORT FOUNDATION

BEYOND AUDIT – ISSUE DISCUSSION KEYS

AUDIT REPORTING THROUGHOUT AN AUDIT

EFFECTIVE INTERNAL AUDIT REPORT COMPONENTS

Overall Opinion

Audit Objectives and Corresponding Ratings

Exception Issues Built with the Five Components

Condition

Criteria

Cause

Effect

Recommendation (Action)

Business Process Background Summary

AUDIT REPORT CHALLENGES

CHAPTER 8 Internal Audit Value

DEFINING REAL ACTION

STEPS IN CREATING AN ACTION PLAN

Action Plan Development

Action Plan Implementation

Action Plan Adoption

Action Plan Reporting

ACTION PLAN ADOPTION PROCESS

CA METHODOLOGY OVERVIEW

Foundation

Approach

Execution

ACTION PLAN TRACKING

CHAPTER 9 Internal Audit Dashboards

DASHBOARD DEFINED

BEYOND AUDIT – DDIO METHODOLOGY

DDIO – Define Phase

DDIO – Develop Phase

Flowcharts

Narrative

Six Sigma – SIPOC

Beyond Audit SIPOC Example

DDIO – Implement Phase

DDIO – Operate Phase

AUDIT DASHBOARD FUNCTIONS

AUDIT DASHBOARD – LESSONS LEARNED

CHAPTER 10 Communication Focus

UNDERSTANDING THE COMMUNICATION MODEL

Right Message

Right Person

Right Time

MESSAGE DELIVERY

Don't Get Emotional

Reduce the Noise

Make the Call

Listen with Purpose

THE VALUE OF LISTENING

BEYOND AUDIT ADVISOR APPROACH

Meeting Preparation

Meeting Facilitation

INTERNAL AUDIT RELATIONSHIPS

Beyond Audit – Identify Pillar

Beyond Audit – Build Pillar

Beyond Audit – Maintain Pillar

BEYOND AUDIT – INTERNAL AUDIT MARKETING

BEYOND AUDIT – MEETING FACILITATION KEYS

CHAPTER 11 Analyzing Internal Audit

BEYOND AUDIT – ARB METHODOLOGY

ARB Category One – Foundation

ARB Category Two – Team

ARB Category Three – Precision

ARB Category Four – Data

ARB Category Five – Offerings

ARB Category Six – Value

ARB CONCLUSION

CHAPTER 12 How Good Is Audit?

INTRODUCING THE TOP TEN

1. Defined Audit Methodology

2. Business Process Knowledge

3. Continuous Auditing

4. Implemented Dashboard

5. Effective Technology Usage

6. Visionary Leadership

7. Change Agent

8. Best Team

9. Communication Skills

10. Transparency

CREATING AN ACTION PLAN

CHAPTER 13 Focused on Learning

REMOTE LEARNING

Index

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The second key is mastering the data. While mastering the data may seem like a simple concept, understanding its value is a must. No matter what the audit assignment or task is, most auditors do not take the necessary time to build their business knowledge. Let's be honest with each other. How many times have you been placed on an audit team but you never looked at the planning documentation to understand the business objective or reviewed the program to ensure you completely understand the section or steps you have been assigned? I will admit it. I have made that error. Auditors do not want to ask questions to other team members; there is a fear it will make them look “not smart.” News-flash – questions are one of the greatest tools for an auditor, whether the questions are internal to clarify an assignment, task, test step, or acronym or if it is a targeted question to the business owner. Auditors will not continue to learn unless they ask questions.

So let me get this straight: You are going to enter a business partner meeting without clearly understanding the process, testing, or data you are about to discuss (and question), and you think you will feel confident in that meeting? You think the business partner is going to believe that the audit team is there to provide guidance to assist them in doing their job (achieving the business objective) in the most efficient and effective manner with less rework? Not a chance. When it comes to the data, the auditor must not only understand the details of what information is being questioned (even when the meeting facilitator did not complete the testing in question), but also the source of where the data originated. Too many times, audit and client meetings get sidetracked because the auditor could not explain where the data in question came from.

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