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:
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.
Latest posts by Cynthia Bosotin (see all)
- Six Ways a Quality Assessment Adds Value to Internal Audit: Part 6 - October 29, 2014
- Six Ways a Quality Assessment Adds Value to Internal Audit: Part 5 - October 27, 2014
- Six Ways a Quality Assessment Adds Value to Internal Audit – Part 4 - October 21, 2014