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Truman some tips from my experience on Internal Audit
Posted by
Beaker (aka anniebecca)
Jun 4 '12, 15:53
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- Risk Mgt is always a good talking point. identification, mitigation; usually done on a Probability vs Expected Losses (each usually done on a scale of 1-5 with the company arriving at their values for each range).
- Process documentation, identification of controls, testing controls
- Issue identification and coming up with recommendations that make sense (recommendations will also need an owner and timeline for completion for follow-up)
Typical audit:
- Scoping (background, objectives and scope, who involved, timelines and signoff of a charter)
- Audit Execution (develop process narrative, audit program and perform tests and identify issues)
- Write-up report (for ours we typical cut and paste the first part of the charter to the beginning of the report (background, objectives, scope, how did it) and then a brief description of the issues identified) and then into a more detailed issue log with issues, recommendations, mgt response, who responsible and timeline. Be sure to vete your issues with mgt before finalization as you may have missed a piece of info that would invalidate the issue and it is better to get it at an early stage than during a closing meeting or even worse in front of the Audit Committee.
Phew, that is info for a start. Any more please let me know.
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