How do you conduct a follow up audit?
How do you conduct a follow up audit?
[1] Follow-up Audit
- Monitoring follow-up of the initial response to the audit.
- Reviewing and evaluating the corrective action response of the Client.
- Confirming the content on the “when, who, where, and how” to the response.
- Monitoring and reviewing the Client‟s actions to address the deficiencies and recommendations.
What are 5 phases of internal audit process?
Internal audit conducts assurance audits through a five-phase process which includes selection, planning, conducting fieldwork, reporting results, and following up on corrective action plans.
Why follow up is important in internal audit process?
Why does Audit and Consulting Services do follow-up auditing? Audit standards require that a follow-up process is implemented to monitor the disposition of audit results and ensure that action plans have been effectively implemented.
Which of the following is part of the follow up process to monitor and ensure that management actions have been implemented?
The Chief Audit Executive (CAE) is required to establish a follow-up process (see Note 1) to monitor and ensure that management actions have been effectively implemented to address audit recommendations or that senior management has accepted the risk of not taking action.
When following up on audit recommendations the internal auditor should?
Follow up engagements Internal audit should perform sufficient work in order to provide objective assurance to senior management and the audit committee that management’s response to risk is satisfactory.
What are the 14 steps of auditing?
The 14 Steps of Performing an Audit
- Receive vague audit assignment.
- Gather information about audit subject.
- Determine audit criteria.
- Break the universe into pieces.
- Identify inherent risks.
- Refine audit objective and sub-objectives.
- Identify controls and assess control risk.
- Choose methodologies.
What are the 3 phases of audit?
Audit Phases Audit engagements are performed in three general phases: planning, fieldwork & review, and reporting.
What should you do after an internal audit?
Must-Dos. No matter what your audit outcomes, it is a must to document from start to finish. By that I mean, document your audit rationale, the audit process, corrective actions and process improvement or changes you have made to systems, policies or procedures.
How does follow up helps internal audit effectiveness?
The purpose of follow up is to ensure that management has implemented the action, and that it has addressed the issue. In practice, this is often easier said than done! Managers who do not implement agreed actions arising from internal audit findings expose the organisation to risk.
What role if any should the internal audit activity have in the process of following up on observations and recommendations made by the external auditors?
What role, if any, should the internal audit activity have in the process of following up on observations and recommendations made by the external auditors? A. The internal audit activity should have no role in this process in order to ensure independence.
