Audit Planning: A Risk-Based Approach by K. H. Spencer Pickett

By K. H. Spencer Pickett

Extra now than ever prior to, auditing is within the highlight; legislators, regulators, and most sensible executives in all kinds of companies become aware of the significance of auditors within the governance and function equation. formerly regimen and formulaic, inner auditing is now high-profile and high-pressure! Being an auditor in contemporary complicated, hugely regulated enterprise atmosphere consists of greater than crunching the numbers and balancing the books-it calls for making sure that applicable tests and balances are in position to control chance in the course of the organization.Designed to assist auditors in any form of enterprise advance the basic knowing, functions, and instruments had to arrange credible, defensible audit plans, Audit making plans: A Risk-Based process is helping auditors plan the audit strategy in order that it makes a dynamic contribution to higher governance, strong threat administration, and extra trustworthy controls.Invaluable to inner auditors dealing with new calls for within the place of work, this e-book can be a "hands-on" reference for exterior auditors, compliance groups, monetary controllers, experts, executives, small company vendors, and others charged with reviewing and validating company governance, chance administration, and controls.The moment publication within the new useful Auditor sequence, which is helping auditors get right down to company, Audit making plans: A Risk-Based technique supplies new auditors ideas and methodologies they could practice successfully and is helping skilled auditors increase their talents for achievement within the quickly altering enterprise international.

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By K. H. Spencer Pickett

Extra now than ever prior to, auditing is within the highlight; legislators, regulators, and most sensible executives in all kinds of companies become aware of the significance of auditors within the governance and function equation. formerly regimen and formulaic, inner auditing is now high-profile and high-pressure! Being an auditor in contemporary complicated, hugely regulated enterprise atmosphere consists of greater than crunching the numbers and balancing the books-it calls for making sure that applicable tests and balances are in position to control chance in the course of the organization.Designed to assist auditors in any form of enterprise advance the basic knowing, functions, and instruments had to arrange credible, defensible audit plans, Audit making plans: A Risk-Based process is helping auditors plan the audit strategy in order that it makes a dynamic contribution to higher governance, strong threat administration, and extra trustworthy controls.Invaluable to inner auditors dealing with new calls for within the place of work, this e-book can be a "hands-on" reference for exterior auditors, compliance groups, monetary controllers, experts, executives, small company vendors, and others charged with reviewing and validating company governance, chance administration, and controls.The moment publication within the new useful Auditor sequence, which is helping auditors get right down to company, Audit making plans: A Risk-Based technique supplies new auditors ideas and methodologies they could practice successfully and is helping skilled auditors increase their talents for achievement within the quickly altering enterprise international.

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Qxd 12/2/05 10:47 AM Page 27 Why Risk-Based Audit Planning? 27 Audit strategy feeds into audit plans, while audit plans determine the types of audit products to be delivered. If this equation is ignored, the final result may well be an audit service that is substandard and poorly thought out. The audit strategy also provides a framework that defines the auditors’ input into the risk management process, and the balance between audit assurance and consulting services will have to be carefully planned against the risk maturity concept discussed earlier.

The CAE should communicate that overall judgment about the organization’s risk management process and system of controls to senior management and the audit committee. 15 It is always a good idea for the CAE to work toward the best audit plan and, therefore, the best audit result possible. RISK-BASED AUDIT-PLANNING MODEL: PHASE TWO So far our model has been built on the framework that represents the change in audit’s role, in response to the development of ERM from the changing role. 2 in recognition of this fact.

Much depends on the type of organization and business sector in question. An oil company may well have a 15-year plan of exploration and penetration, while a software company may predict a product life span in months rather than in years. In the past, audit teams tended to resource a cycle of audits that ensured each part of the organization was audited over, say, a three-year period. Many argue that the audit approach has been developing over the years to move the definition of risk from: The chance that audit will not visit parts of the organization where noncompliance and poor performance is happening unbeknown to head office management.

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