Beyond Audit: Auditing Remotely and Delivering Value (Wiley Corporate F&A)

✍ Scribed by Robert L. Mainardi

• Publisher: Wiley
• Year: 2021
• Tongue: English
• Leaves: 259
• Edition: 1
• Category: Library

✦ Synopsis

Your game plan for strategic success in today’s remote audit department

Beyond Audit is your guide to taking advantage of this unique moment to review and enhance your audit methodology to improve execution, operations, and audit product. Change has been thrust upon the audit industry, and every company must adapt to business interruptions and remote work environments. Now is the perfect time for audit departments to step back and turn a critical eye on their own operations. We have an opportunity to identify new ways of increasing product offerings and building more effective and efficient operations, ultimately creating better results for our partners and clients.

This book will take you from a foundational understanding of the business environment through to a reflective review of your own operational effectiveness and efficiency. You’ll gain access to the Audit Risk Barometer (ARB), an innovative self-assessment tool that scores audit department strengths and opportunities for improvement. This book also includes a detailed methodology for working with your business partner to ensure clear identification of business objectives. You’ll also learn how to identify “true process risks” to ensure that testing remains focused and adds value. Finally, you'll learn critical skills and team development ideas for every level.

• Gain a fundamental understanding of today's business environment and how traditional and remote auditing fits into the new business puzzle
• Use the exclusive Audit Risk Barometer to conduct a valuable self-assessment and uncover your team’s strengths and weaknesses
• Learn how to effectively and efficiently work with your business partner to identify objectives and value-add opportunities
• Access online resources, including video summaries and interactive tools to revamp your audit department

Beyond Audit incorporates links to online video summaries, templates mentioned throughout the book, interviews with experienced professionals, and an audit tracking software tool. This book is an enormously valuable resource for audit teams of any size and shape.

✦ Table of Contents

Cover
Title Page
Copyright
Contents
Preface
Acknowledgments
About the Author
1 What Happened
Audit Execution Challenges
Understanding Your Role
Critical Meeting Keys
2 Understanding the Remote Approach
Traditional versus Remote Audit
Recognizing the Challenges
Understanding the Business Process
Responsibility Assignments
Communicating Critical Information
Audit Planning
Audit Fieldwork
Audit Reporting
Audit Wrap‐Up
3 Marketing the Internal Audit Department
Creating Your Audit Brand
Defining Internal Audit
Internal Audit's Three Pillars
Explaining the Audit Phases
Dispelling the Myths
4 Building an Effective Audit Team
Beyond Audit Learning Map
Skills Focus in the Remote Environment
Communication
Listening
Remote Business Partner Meetings
Agendas Drive the Meeting
Audit Status Memos
Remote Auditor Skills Profile
Beyond Audit Development Plan
5 The Methodology – Objective Recognition
Improving the Audit Process
Beyond Audit – ORC Model
Understanding the Business
Identifying and Documenting Business Process Risks and Controls
Developing the Audit Test
Identifying the Business Objective
Business Objective Identification Challenge
Business Objective Identification in a Remote Audit
Business Process Risks
Business Process Controls
Completing the Audit Planning
6 Audit Fieldwork
Fieldwork Communication
Fieldwork Responsibilities
Workpaper Requirements
Beyond Audit – Baseline Workpaper Components
Purpose
Source
Scope
References
Signoffs
Tickmarks
Testing Exceptions and Conclusion
Sufficient Evidence
Workpaper Self‐Review and Keys
Beyond Audit – Top 10 Keys to Managing Fieldwork
1. Know the Assigned Objectives
2. Know Your Customer
3. Set Realistic Expectations
4. Be a Leader
5. Understand Documentation Requirements
6. Communicate Constantly
7. Obtain Required Documentation
8. Manage Project Risks
9. Verify Deliverables and Conclusions
10. Evaluate Fieldwork Execution
7 The Methodology – Partner Results
Communicating Audit Results
Understanding the Audit Report Phase
Audit Report Foundation
Beyond Audit – Issue Discussion Keys
Audit Reporting throughout an Audit
Effective Internal Audit Report Components
Overall Opinion
Audit Objectives and Corresponding Ratings
Exception Issues Built with the Five Components
Business Process Background Summary
Audit Report Challenges
8 Internal Audit Value
Defining Real Action
Steps in Creating an Action Plan
Action Plan Development
Action Plan Implementation
Action Plan Adoption
Action Plan Reporting
Action Plan Adoption Process
CA Methodology Overview
Foundation
Approach
Execution
Action Plan Tracking
9 Internal Audit Dashboards
Dashboard Defined
Beyond Audit – DDIO Methodology
DDIO – Define Phase
DDIO – Develop Phase
DDIO – Implement Phase
DDIO – Operate Phase
Audit Dashboard Functions
Audit Dashboard – Lessons Learned
10 Communication Focus
Understanding the Communication Model
Right Message
Right Person
Right Time
Message Delivery
Don't Get Emotional
Reduce the Noise
Make the Call
Listen with Purpose
The Value of Listening
Beyond Audit Advisor Approach
Meeting Preparation
Meeting Facilitation
Internal Audit Relationships
Beyond Audit – Identify Pillar
Beyond Audit – Build Pillar
Beyond Audit – Maintain Pillar
Beyond Audit – Internal Audit Marketing
Beyond Audit – Meeting Facilitation Keys
11 Analyzing Internal Audit
Beyond Audit – ARB Methodology
ARB Category One – Foundation
ARB Category Two – Team
ARB Category Three – Precision
ARB Category Four – Data
ARB Category Five – Offerings
ARB Category Six – Value
ARB Conclusion
12 How Good Is Audit?
Introducing the Top Ten
1. Defined Audit Methodology
2. Business Process Knowledge
3. Continuous Auditing
4. Implemented Dashboard
5. Effective Technology Usage
6. Visionary Leadership
7. Change Agent
8. Best Team
9. Communication Skills
10. Transparency
Creating an Action Plan
13 Focused on Learning
Remote Learning
Index
EULA