Internal Audit Management Skills (Systematic Audit Approach)

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Presentation transcript:

Internal Audit Management Skills (Systematic Audit Approach) Prepared by: Mr. L.A. Smidt (CIA, CRMA)

Systematic Audit Process Step 1 = Development of the Annual Plan Step 2 = Determination of Assignments to be performed resulting from the Annual Plan Step 3 = Assignment Planning (Preliminary Survey) Step 4 = Risk and Control Analysis Step 5 = Fieldwork Step 6 = Reporting Step 7 = Follow-Up

Systematic Audit Process Annual Plan Key things to remember during the Annual Planning process: Refer to the IIA standard 2010 Completeness of the plan (i.e. The risk or audit universe) Coordination of efforts (i.e. Combined Assurance) Understand the business environment Understand the key performance indicators (i.e. What must go right in order for the business to be successful) Thorough understanding of the ERM framework Obtain a complete view of the Business Universe as well as the IT universe Consider current legislation (e.g. KYC in Financial Services & OHS in Mining Industries)

Risk Based Internal Audit Annual Plan Refer to the following documents: Annual Plan (slides) – Source: Knowledgleader.com (Protiviti) Risk Based Internal Audit Holistic view on Risk The role of Internal Audit in ERM

Systematic Audit Process (Assignment Execution & Reporting) Assignment Execution and Reporting Assignment Planning Risk and Control Analysis Fieldwork Audit Reporting Follow - Up

Systematic Audit Process (Assignment Execution & Reporting) Planning the Assignment - Refer to IIA Standard 2200;2201;2210;2220 Risk and Control Assessment Fieldwork - Refer to IIA Standard 2240;2300;2310;2320;2330 Reporting - Refer to IIA Standard 2400 Follow-Up - Refer to IIA Standard 2500

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