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  • Internal Controls Engagement Framework

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    Dexter Tadeo
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    AUDIT ENGAGEMENT FRAMEWORK February 2012 AGENDA Audit Engagement Types Introduction Engagement Timeline Engagement General Work Processes Standards Overview Break-Out Session Special Engagement Type Tools and Techniques Engagement Level Risk Assessment Sampling Fraud Questionnaire Engagement Types ASSURANCE Traditional Audits (Internal Controls Dept., External, ICFR: Internal Controls over Financial Reporting) Integrated Business audits Assessment) Follow-up Audits Unannounced 'Surprise'

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    AUDIT ENGAGEMENT FRAMEWORK February 2012 AGENDA Audit Engagement Types Introduction Engagement Timeline Engagement General Work Processes Standards Overview Break-Out Session Special Engagement Type Tools and Techniques Engagement Level Risk Assessment Sampling Fraud Questionnaire Engagement Types ASSURANCE Traditional Audits (Internal Controls Dept., External, ICFR: Internal Controls over Financial Reporting) Integrated Business audits Assessment) Follow-up Audits Unannounced 'Surprise'

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    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    53 views9 pages

    Internal Controls Engagement Framework

    Uploaded by

    Dexter Tadeo
    AUDIT ENGAGEMENT FRAMEWORK February 2012 AGENDA Audit Engagement Types Introduction Engagement Timeline Engagement General Work Processes Standards Overview Break-Out Session Special Engagement Type Tools and Techniques Engagement Level Risk Assessment Sampling Fraud Questionnaire Engagement Types ASSURANCE Traditional Audits (Internal Controls Dept., External, ICFR: Internal Controls over Financial Reporting) Integrated Business audits Assessment) Follow-up Audits Unannounced 'Surprise'

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    AUDIT ENGAGEMENT FRAMEWORK

    February 2012

    AGENDA

    Audit Engagement Types Introduction Engagement Timeline Engagement General Work Processes Standards Overview Break-Out Session Special Engagement Type Tools & Techniques

    Engagement Level Risk Assessment Sampling Fraud Questionnaire

    Engagement Types

    ASSURANCE Traditional Audits

    (Internal Controls Dept., External, ICFR: Internal Controls over Financial Reporting)

    Integrated Business Audits


    Assessment)

    (Joint Controls Self-

    Follow-up Audits Unannounced Surprise Audits CONSULTING/ADVISORY Pre-Implementation Emerging Risk

    Sample Engagement Timeline


    WEEKS FROM FIELDWORK Engagement Planning (-7 WKS) Announcing Communication (-5 WKS) Pre-Work (-1 WK) Internal Kick-Off Fieldwork (WK 0) Business Kick-Off Testing/Validation Wrap-Up Engagement Close-Out (WK +1-3) Documentation (Findings/Workpapers) Calibration/Scoring Report Release

    Work Process Standards


    Internal Audit Charter & Roles & Responsibilities Engagement Types Standards Engagement Timelines Assurance Planning Engagement Planning Sampling Fraud Red Flags Documentation (Workpapers) Audit Communications (Reports & Distribution Lists) Calibration & Evaluation (Issue Identification & Classification, Scoring) Conducting Meetings Quality Assurance (Engagement Checklists, Audits) Remote Audits Audit Standards Update & Maintenance Risk Acceptance & Mitigation

    Special Engagement Types

    Surprise/Unannounced Audits

    Planning can be limited vs announced audits Effectiveness Barriers i.e. language, documentation Use of technology i.e. meetings, documentation Handling of issues identified beyond original scope Balancing efficiency with independence considerations

    Remote Audits

    Follow-up Audits

    Joint Audits with Business

    Tools & Techniques

    Engagement Level Risk Assessment Business Landscaping/Profiling Preliminary Survey Financial Auditing Controls History Scoping & Prioritization Resourcing

    Tools & Techniques

    Sampling Methodology Statistical Discovery Definition Population Sample Results Interpretation i.e. incident threshold for
    outages, extrapolation

    Documentation i.e. Test Templates

    Tools & Techniques

    Fraud Questionnaire Controls Environment Sensing Assess & Build Organizational Capability Red Flag Identification & Escalation

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