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Presenting your internal audit update to the audit committee Audit committee reporting needs to be simple and to the point, yet contain sufficient information that it can easily stand up on its own. Its a tricky balance to get right, but once the right level of detail is included and all audit committee members are satisfied, the next challenge is the preparation of the audit committee deck. Preparation can often take an excessive amount of time, require a lot of manual input

Timesheets, whilst painful, can offer a lot of benefits. We spoke about these benefits in a recent blog post (Time for timesheets). Whilst they also have a number of benefits, we need to be careful on how we introduce timesheets back into an audit team, particularly for those audit teams who have not previously had timesheets. A good timesheet system can also be expensive. Whilst there are specific tools available, and teams can even purchase add on's such as Timesheet for Mi

How we have attempted to make our templates meet the criteria of the IIA’s International Standards for the Professional Practice of Internal Auditing (Standards) Over the past year, I have been uploading a variety of templates covering all aspects of the audit process. The templates are a way for me to share my audit knowledge, skills, and templates; whilst also providing an opportunity to help other auditors not only become more diligent and efficient, but also help others m

If you want to know how well you have truly done on an audit, its best just to ask those you have audited. Enter, the audit satisfaction survey. Internal Audit satisfaction survey's are often overlooked, or seen as a tick box exercise, however if done well, can provide real value to any internal audit team. Additionally, it is quite common for business area's or clients to not respond to feedback requests, and internal audit don't necessarily follow up on this, further demons

Harnessing the power of Microsoft Office Documentation is the one critical component of any internal audit, and for those who have worked with me, will cringe at the phrase "its not done if it's not documented". But its how we document our audits that varies between organisations, Internal Audit departments, and individuals. This can vary for a number of reasons. Some teams are bound by strict documentation and audit methodology guidelines, others are more lax, or certain ind

It’s amazing that in today’s age, with the amount of technology, security and surveillance in place, that someone thinks they can get away with fraud, absolutely blows my mind. Nonetheless, its situations like this which keep us auditors in a job, and on our toes. For background, a JetBlue gate attendant was using her position to essentially upgrade flights for family and friends. You can read the full article here, but essentially, it cost the airline an estimated US$785,000

Audit Reporting is one of the most crucial parts of the audit process. Its the final output from the audit and the main deliverable which is presented to management, the audit committee, and possibly even the Board or external auditors. The quality of your final report is a direct reflection of the effort put into your review. It's my opinion that a final report should not tell the business what they already know, but instead, add value to the area being reviewed, and the bus

You've done the planning, you've done the fieldwork, and now you have to deliver the outcomes of your work to the business area. How you go about delivering your audit observations is important, particularly to gain the buy in from management. Whilst sometimes referred to as a Close Out meeting, I much prefer the term "Findings and Actions Workshop". Whilst essentially the same thing, the term workshop come across as being much more collaborative than "close out". In my opini

Prior to conducting a Findings and Actions Workshop with the business and key audit stakeholders, its important to make sure all components of the audit have been covered, workpapers have been reviewed, and preliminary issues have been discussed to make sure they are reasonable, or not mitigated by other items from across the business. Because of this it is important that there is a Team Wrap Up Meeting. The purpose of the Team Wrap Up Meeting is to: Discuss the Potential Iss

As we progress through an audit, there will be a number of observations / findings / issues, which may warrant being included in the final report, or at a minimum, followed up to verify whether the issue exists or not. To ensure audit teams keep abreast of the issues which have been identified throughout the audit, it is beneficial to maintain a Potential Issues List. The template should be saved in a central location and should be accessible by all team members, allowing the