Six Ways a Quality Assessment Adds Value to Internal Audit: Part 6

In previous posts, we covered five of the six key areas that should be considered for Quality Assessments (QA). You can read those blog posts by clicking the links below:

Part 1:  Audit Structure

Part 2:  Risk Assessment & Audit Planning

Part 3:  Staff Proficiency

Part 4:  Information Technology

Part 5:  Completion of the Audit Plan & Value Added

The final area to consider is Engagement Planning, Execution, Workpaper Review & Reporting. Did appropriate planning and risk assessment take place for each engagement? Did the steps in the audit work programs achieve the engagement’s objectives? Were all the audit’s conclusions and results adequately supported in the workpapers? Did appropriate results reporting occur in a timely manner during the audit and after its completion?

A formal methodology and approach is required to ensure all work is properly planned and reviewed. Most internal audit (IA) departments are good at exercising basic procedures to review the quality of supporting workpapers for specific audits. Occasionally, exceptions are noted in relation to the evidence or timeliness of audit management signing off on the work as well as the ability of a reviewer to re-perform work to validate its completeness and accuracy.

Once the independent reviewer has assessed the six areas covered in this series, a report is issued that opines on the IA team’s conformance to the standards. Also included in this report are observations and recommendations to improve the IA department’s structure, staffing and deployment of resources and add value.

How BKD CPAs & Advisors Can Help

BKD’s Enterprise Risk Solutions (ERS) division provides specialized resources that deliver the right combination of expertise and skills to achieve integrated results. Our ERS division features experienced professionals who provide Quality Assessment services to organizations seeking to improve their IA activity’s effectiveness and value. Contact us to learn more.

Print Friendly, PDF & Email
The following two tabs change content below.

Cynthia Bosotin

Cynthia is a member of BKD’s Enterprise Risk Solutions division with more than 25 years of internal audit experience. She helps clients prepare annual risk assessments and internal audit plans and assists with the execution of the plans. Her experience also includes a range of operational reviews, internal control assessments, Sarbanes-Oxley implementations and consulting services.

Leave a Reply

Your email address will not be published. Required fields are marked *