How to learn the audit process

This course will teach a non internal auditor on how to perform an audit from start to finish. By the end of the course, the student will be able to understand definitions and techniques on how to conduct an audit.

 

Objective 3

Untitled multiple choice question

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Objective 2

Untitled multiple choice question

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Objective 1

Which phase is incorrect from the list of the audit phases?

The internal audit approach and methodology is comprised of the following four phases:


  1. Engagement planning;

  2. performing the engagement;

  3. communicating results; and

  4. monitoring progress.

    The following is an outline of the planning process:

  5. Notification of audit to the client;

  6. Gather and analyse background information;

  7. Document systems and processes;

  8. Verify information through walkthrough tests;

  9. Perform a risk and control assessment;

  10. Opening meeting with client;

  11. Prepare and submit EAP;

  12. Develop audit programme;

  13. Plan resource requirements; and

  14. Audit engagement approval.

    The following is an outline of the engagement performance phase:

  15. Development of an audit programme

  16. Audit Programme to signed off by CAE before commencement

  17. Development of working papers

    The following is an outline of the communication phase:

  18. Develop findings

  19. Document a report

  20. Communicate to stakeholders

  21. Develop a response for the findings

  22. Discuss the findings

  23. Request management to accept or decline the findings

    The following is an outline of the monitoring phase:

  24. Conduct a follow-up audit

  25. Obtain documentation to monitor progress

  26. Develop a report

  27. Submit to management meetings

  28. Submit to the Audit Committee

  29. Request a written response to whether accept or decline findings

  30. Update the database of findings

  31. Include in new coverage plan

  32. Calculate the number of findings opened or closed

  33. Report to Senior Management the progress of the findings

  34. Request action plan to be signed off by the HOD or Head of Department

  • Engagement Planning
  • Performing the engagement
  • Communicating the results
  • Delegation