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The principle objective of the assignment planning stage is to obtain background information on the area being audited, plan the scope of audit coverage and appraisal, and inform relevant University management of the planned audit.
Every endeavour is made to clearly define the boundaries of the audit,
carefully identifying what is to be included and what is to be
excluded. A plan is presented which includes broad audit guidelines,
and expected time frame, and a starting date. Each activity area
has a specific purpose and objectives to be achieved, and will result
in specific audit documentation being established and maintained.
The "opening interview" is also included in this stage. This means that
a meeting is held between the internal auditor in charge of
the specified audit and the relevant management personnel. The objective
is to inform management of the planned internal audit and to create an
opportunity for them to provide input to the audit plan and to finalise
administrative arrangements for the audit. It also provides audit staff
with an opportunity to gain a brief overview of the system or process being
reviewed, and to obtain indications of any system changes and any perceived
problem areas.
The principal objective of the review stage is to gain a familiarity with, and a detailed understanding of the area being audited, and to provide a basis for evaluating the auditable area.
The principal objective of the evaluation stage is to assess the operational adequacy and effectiveness of the systems of control.
The Internal Auditor will benchmark performance against a "conceptual model" of what controls should be present and/or adopted in the auditable area against what controls are actually in place.
The Internal Auditor identifies:
The principal objective for the Auditor at this stage is to carry out
audit tests designed to evaluate the audited area. The purpose of
testing is to reveal where existing controls are not functioning as
intended. It provides substantive grounds on which to base
evaluations, conclusions and recommendations that will subsequently
be formally reported to management.
This stage is the final phase of the audit. The Auditor formally communicates
the results of the audit to University management,
identifying areas requiring attention, and submitting audit comments
and recommendations to improve operations.
A "closing" interview is made with the Director, the Auditor responsible
for the audit and the relevant management personnel. This
enables management to give opinions of the audit findings and recommendations,
which in turn, are discussed prior to finalising
recommendations. A final report is given to relevant management involved
in the audit.
A "follow-up" audit is conducted around six to twelve months after the
final audit report is distributed. The objective of the follow-up audit
is to ascertain whether agreed appropriate corrective action has been taken
by management to address the matters highlighted in the original audit
report.
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Web information: Webmasters' Resources URL: http://www.rmit.edu.au/departments/ia/whatoccurs.html Last Modified 9 September 1998 by Kieran Dell |
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