Seminar Overview
A Half Day Overview on Creating Truly Effective Audit Findings and an Audit Follow-Up Process
This half-day course takes attendees through an overview of the audit process, end to end, and how to create value-added findings. Additionally, to create value-added findings, auditors must be able to complete a detailed root cause analysis and components of a finding, which will be discussed. Finally, the means, timing and method of follow-up will be discussed, including tracking and efficient follow-up procedures.
Who Should Attend
Financial, Operational, and Information Technology Auditors with any level of audit experience.
Objectives
- Learn the importance of audit follow-up and the increased value audit can provide
- Learn how to perform effective audit follow-up
- Learn how to effectively communicate findings and analyze and understand root cause analysis
Agenda
I. Introduction and Background
a. What is Audit Follow Up
b. How to Add Real Value
c. When does the Audit Process stop?
d. Why is Follow Up Necessary
e. What do the Standards say?
II. Writing Recommendations and Action Plans
a. Overview b. Exercise
III. Audit Report Finalization
a. How can we help to facilitate completion of the audit report?
b. What issues arise?
c. What are the main challenges?
d. Agreement on Action Plan and Recommendations
e. Appropriate Ownership of Action Plan
f. Importance of Implementing Recommendations
IV. Root Cause Analysis
a. Foundation
b. Condition
c. Cause
d. Effect
e. Recommendations
f. Action plans
V. Audit Follow Up Policy
a. Importance of a Policy
b. Contents of a good Follow Up Policy
VI. Timing/Method of Follow Up
a. Which Findings
b. Tracking Findings
i. Overall Reporting
ii. Tracking
iii. Realism of Dates
iv. APMM
c. Follow-Up Methods
i. Inquiry
ii. Observation
iii. Sample of One/Walkthrough
iv. Full Testing of Audit Issue
v. Full Testing of Auditee
VII. Effective Communication of Audit Findings