Finalize

Pre-Audit

Site Arrival and Audit initiation

Schedule and Agenda

Verify receipt of information as per Checklist

Substantiate risk for identified exposure

Audit and assess compliance

Interview People to obtain understanding

Review Documents and Information gathered

Audit Process Flowchart

No Prepare Initial draft report Submit to IT Audit Manager Yes Accept Submit to Senior Management Attendees: CEO/CFO/ IT Manager Senior Management Review No Submission of Report to Senior Management

Send to IT Audit Manager

Interim Closing Meeting

Accept Yes

Publish report to Unit Business Owners

Remedial measures from Unit Business Owners

Audit follow-up procedures and dates

Final Closing Meeting

Submit to Senior Management

Submit to IT Audit Manager

Attendees: CEO/CFO/ IT Manager

Our Methodology
Gather Information and Plan

Knowledge of Business and Industry Prior Years Audit Results Regulatory Statutes Inherent Risk Assessments

Obtain Understanding of Internal Controls

Control Environment

Control Procedures Control Risk Assessment

Perform Compliance Tests

Test Policies and Procedures Test Segregation of Duties

Perform Substantive Tests

Analytical Procedures

Other Substantive Audit Procedures

Conclude Audit
Make recommendations after correctly evaluating the controls for improvements within each of the five interrelated areas like: Control environment. Risk assessment. Control activities. Information and communication. Monitoring. Submit an Audit Report that is: Accurate Objective Clear Concise Constructive Complete Timely

Sample Audit Report

To: _______________ _________________ From:___________________________ Date: EXECUTIVE AUDIT SUMMARY I. INTRODUCTION AND SCOPE Entity Name: _________________________ Segment : ________________________

Location: _______________________

Assets: (USD million) ______________ Bud. Ann. Sales: (USD million)__________________ Bud. Ann. EBIT: (USD million __________________________ Business Description: (Provide information about the business and its links to other businesses or corporate office. Give list of services offered and how these are executed) ________________________________________________________________________________ ________________________________________________________________________________ Scope: (Write about scope of the audit in terms of areas covered) ________________________________________________________________________________ ________________________________________________________________________________ Audited Period: ________________ II. AUDIT RESULTS Critical __________________________________________________________ __________________________________________________________ Important
Minor

Executive summary of our audit findings:

Compliance Findings Critical Important Minor Total Financial Reporting Operational Efficiency & Effectiveness -

The table below details Audit findings:

Area

Issue Specific Rating

Findings & Root Causes

Finding: Root Cause:

Impact

Recommendation

Management Response
Agree: (Yes/No) Responsible Party (Person, Title): Corrective Action Plan: Target Date: Audit Follow Up Date:

Based on the overall audit strategy, we undertake medium term and annual Audit programmes to provide the required assurance. These will be drawn up by Internal Audit in consultation with the Concerned Authority and the approval of the Audit Committee. The programmes are meticulously designed to: Appraise progressively the soundness, adequacy and application of the internal control systems; Ascertain the extent to which the system of internal control ensures compliance with the policies and procedures and State laws and regulations; Ascertain that the system of internal control promotes the efficient and effective use of resources; Ascertain that the system of internal control operates to ensure that the assets of the Organization are properly controlled and safeguarded from losses arising from fraud, irregularity or corruption; Ascertain that there are adequate controls to ensure reliability of accounting and other information as a basis for producing accounts and for financial, statistical and other returns; Ascertain that there is an adequate internal control system to ensure the integrity and reliability of financial and other information provided to the Governing Authority; and Confirm compliance with laws, regulations and Government Guidelines.