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Auditing Process

Internal auditing can be an invaluable asset in helping improve business processes and control environments. Internal auditors typically work in teams, which requires strong communication and interviewing skills as well as having a structured procedure in place so all auditors follow uniform guidelines when conducting an audit.

First step of an audit should be identifying areas that need to be audited – this could range from as simple as listing all departments to conducting an enterprise-wide risk analysis.

At an entrance conference, clients describe the unit being reviewed and available resources (personnel, facilities, equipment and funds). At this point, auditors discuss scope and timing with management.

At this stage, auditors gather evidence through interviews with employees and reviews of documents. Once collected and analyzed, this data is then presented at an exit conference where audit team members present summaries of observations, gather cause statements from management, and draft an audit report.

Auditing Policy

No matter your reason for making changes in your internal audit department or trying to increase its efficiency, having policies in place is key to its success. These policies help set the direction for how it should operate while outlining requirements; additionally they enable you to identify issues regarding proficiency, expertise and growth opportunities for auditors.

Policies must be revised periodically, taking into account changes in regulations, industry standards and organizational objectives as well as feedback from audit staff and stakeholders.

The Institute of Internal Auditors offers several position papers that provide more details on how to develop and implement effective internal auditing procedures. These include risk-based approaches and internal control frameworks; all accessible via our knowledge center as excellent resources for internal auditing professionals. In addition, The IIA also has various tools and resources available at their website that may prove invaluable when developing audit procedures.

Auditing Report

Internal audits can be invaluable resources for any organization, helping assess risks, ensure compliance and enhance operations to reach business goals. In contrast to external auditors, they look at all aspects of a company’s reputation, growth and environmental impact – not just compliance issues.

Internal auditors must be impartial, providing leadership with objective information. Furthermore, they must communicate results effectively and work well within teams. When performing audits, internal auditing teams will identify areas for investigation as well as test requirements to validate controls before compiling a draft report which includes these components:

After meeting with management to review their draft report and consider any ramifications of its findings, a final draft is sent off to management and the audit committee for consideration and approval.

Auditing Opinion

As soon as an internal auditor completes an audit, their findings are summarized in a report for presentation to their client and to ensure accuracy and clarity of information in it. A quality assurance check as well as multiple reviews should be completed prior to issuing their final report in order to minimize errors and inconsistencies.

An audit opinion with an ideal rating would be “clean”, which signifies financial statements free from material misstatements that adhere to generally accepted accounting principles (GAAP). A qualified opinion indicates some material misstatements but none that are widespread or material.

An adverse opinion can send red flags soaring and lead to investor distrust or regulatory scrutiny, so it’s crucial that these issues are quickly addressed. There are various specialized certifications for internal auditors – Certified Internal Auditor (CIA) being the prime example; each certificate comes with its own set of requirements.