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									Audit Program – Fieldwork Steps AUDIT/REVIEW _______________________________________
Audit Procedures Gather Process/Background Information Collect and review policies, procedures, organizational charts, and other background information. Review Global Best Practices. Gain an understanding of the typical risks, controls, and measures in a best process. Tour Audit Area Interview Management/Personnel Conduct interviews to obtain detailed understanding of the process. Draft High Level Process Map Identify key risk and control points in process map. Consider preparing more detailed process maps for the critical processes in the audit area. Update Process Map During follow-up interviews and throughout the audit, confirm the process map with process owners. Responsibility Joe Smith Timing 2 weeks prior to beginning of fieldwork 2 weeks prior to beginning of fieldwork Deliverable Audit Binder

Budgeted Hours_______________
Status Complete Comments

Understand the Process

Nancy Riley

Update Audit Binder

In Process

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Audit Program – Fieldwork Steps

Assess Business Risk in the Process
Identify Process Level Risk Consider the potential risks in the audit area. Measure and Prioritize Risks Determine the significance of the risk and likelihood of the risk causing damage – measure each identified risk seperately.. Source and Define Risks to be Audited Determine the sources of business risks identified and modify tests to evaluate process in areas of risk.

Assess Process Performance and Control Gaps
Evaluate Process Performance Obtain and assess performance measures. Benchmark measures against other divisions or companies. Assess Business Controls Evaluate existing internal controls. Identify Improvement Opportunities Identify control gaps, practice improvement opportunities and potential “quick wins.” Determine Acceptable Level of Risk

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Audit Program – Fieldwork Steps

Validate Process Measures and Controls
Determine Type and Extent of Tests Design & Perform Verification of Tests Design tests to evaluate the effectiveness of key controls. Obtain data for a few transactions to verify the attributes to be tested and ensure availability of data. Perform Testing Procedures…

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Audit Program – Fieldwork Steps

Identify Root Causes and Solutions to Process Performance
Define Control Gap to be Analyzed Identify and prioritize process performance issues. Identify All Possible Causes of Gaps Consider potential reasons for control weaknesses or process failure. Identify Possible Solutions to Gaps Brainstorm and document potential solutions. Formulate Solutions and Develop Plans Establish consensus on the easiest and most effective solution to issues.

Develop Audit Report
Draft Proposed Recommendations Document proposed action plans. Seek Consensus on Action Plans Discuss proposed recommendations with process owner and/or management. Solicit Engagement Team Feedback Perform quality control reviews of audit report. Finalize Audit Report

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