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Internal Audit Management Skills (Systematic Audit Approach)

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

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Internal Audit Management Skills (Systematic Audit Approach)

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

  2. 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

  3. Systematic Audit ProcessAnnual 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 ITuniverse • Consider current legislation (e.g. KYC in Financial Services & OHS in Mining Industries)

  4. Risk Based Internal AuditAnnual 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

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

  6. 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

  7. Questions?

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