Thursday, October 30, 2014

Example Of Audit Procedures

Audit procedures, while not directly related to Income being, can eminently correct operations. The internal audit programme of any school should manage a user comradely and centrally located allot of policies and procedures that plain internal audit functions.


Basics


Smaller institutions create not wish the alike of formality required in larger institutions regarding audit procedures; but, all procedures should cover a undertaking or animus statement outlining objectives.

Audit Plan

The audit plan is detailed within the procedures and includes audit goals, schedules, staffing needs, accountability and reporting. In general, audit plans are written every 12 months and formally approved by an audit committee.



There are two formal risk assessment methodologies used by both authority and industry; they are maintained by the Internal Organization for Standardization (ISO; see Resources) and International Association of Auditors (IAA). Both systems provide examples of audit procedures. These boilerplate procedures are specific to the industry.


As well, care objectives and principal responsibilities of the audit staff, audit governance and audit comittee (board). There should besides be a intersect outlining audit procedures for Everyone contour of employment.

Sections


Internal auditors report the plan against the actual audit results and changes are made.


Updates


Update the risk assessment at least annually or more, depending on the nature of risks within your industry. This is particularly relevant on a year with major shifts in political cycles. Updates should also reflect any changes to internal control or work processes. Requirements for documentation of all work performed and the follow-up process to determine next steps on significant deficiencies should be outlined in procedures.