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Harnessing the Power of Continuous Auditing: Developing and by Robert L. Mainardi PDF

By Robert L. Mainardi

"In order to make sure that the constitution surrounding the operational setting is sound, auditors and controllers want counsel on how one can take non-stop auditing from suggestion to truth. Drawing at the author's 20 years of auditing adventure, this e-book is a 'how to' for construction, advertising and marketing, and dealing with a continual auditing method for firms. It presents step by step guide concerning non-stop auditing goals, a guide for execution, and tips for attaining greater SOX paintings. utilizing documented, confirmed recommendations, non-stop Auditing is a necessary textual content for these concerned with regulating monetary information"-- learn more... Preface -- Acknowledgments -- 1. Defining non-stop Auditing -- 2. the place to start -- three. non-stop Auditing method improvement -- four. getting ready for a continuing Audit -- five. non-stop Auditing: starting place section -- 6. non-stop Auditing: procedure part -- 7. non-stop Auditing: Execution section -- eight. Root reason research -- nine. non-stop Auditing Reporting and subsequent Steps -- 10. motion Plans -- eleven. non-stop Auditing stipulations -- 12. promoting non-stop Auditing -- thirteen. non-stop Auditing demanding situations -- 14. non-stop Auditing makes use of and clients -- 15. non-stop Auditing classes discovered -- APPENDIX: non-stop Auditing suggestions -- concerning the writer -- Index

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Extra resources for Harnessing the Power of Continuous Auditing: Developing and Implementing a Practical Methodology (Wiley Corporate F&A)

Example text

1 Client Relationship Score Relationship Statement 1. IAD has a specific marketing plan. 2. IAD creates a relationship on every assignment. 3. IAD is knowledgeable of the company operations. 4. IAD is technically proficient. 5. IAD communicates constantly throughout the audit. 6. IAD validates all issues before the exit meeting or draft report. 7. IAD consistently applies ratings. 8. IAD issues reports in a timely manner. 9. IAD uses client surveys after each project. 10. IAD completes audits with minimal client disruption.

0 require the audit department to analyze each statement and determine which ones represent the biggest opportunity for improvement. The analysis should include a ranking of the relationship statements from most to least critical. When performing this ranking, consider the objective of the audit department and the steps needed to meet them on a consistent basis. Once the ranking is completed, develop specific action plans with the business process owner to address each opportunity for improvement.

The lack of a fully developed continuous auditing objective can and will cause confusion for the individuals performing the work and any clients involved. Now that we have clarified the definition, let’s discuss the objectives. First and foremost, the objective of continuous auditing is to conclude on the efficiency and effectiveness of selected controls through targeted testing performed on a recurring basis for a specified time period. In simpler terms, continuous auditing is a strategic testing approach to verify that selected controls are working.

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