If your audit department has a Quality Assurance Program, how are you selecting audits to review? Additionally, does anyone complete horizontal reviews, e.g. doing a full-scope review of the issue management process, scoping process, work papers, etc.? If so, how are you going about sampling or selecting for the years QA reviews?

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Director of Finance in Consumer Goods8 months ago

For Quality Assurance Audit, we have a UAT( User Acceptance Testing) and SOX compliance which looks after SLA/KPI's timelines and error free accounting and reporting. If standards are met it passes out Quality Assurance Program.

India Head and Director of Global Finance Shared Services in Hardware8 months ago

One should conduct a thorough risk assessment to identify potential areas of risk within the organization. This involves understanding the business processes, identifying vulnerabilities, and assessing the impact of potential risks. One should take inputs from key stakeholders, including management on areas that should be included in the audit scope. This ensures that the audit addresses relevant concerns and covers high risk areas. The high-risk areas should be in audit scope every year. The medium ones once in 2 years and low risk ones can be covered once in 3 years so that all processed of your organization get covered in a cycle of 3 years.

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Audit Practices Senior in Banking8 months ago

Thank you! Yes we currently do this with our audit planning (actual audits we are going to test). We are more looking for a way to scope from that plan into our Quality Assurance and Improvement Program testing. Historically we have done this based on resources (getting a good sample of resources throughout the year), but are looking into maybe doing this a different way. I think we might try to go through a risk assessment of the processes in the department to see if there are higher risk processes that we can scope from a horizontal perspective (e.g. issue management, scoping, testing workpapers, etc.) vs. doing full scope on a single audit.

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Vice President - Internal Audit and Enterprise Risk Management in Healthcare and Biotech8 months ago

We select approximately 15% of our audits to review per year, and utilize a combination of judgmental and random selection, to ensure thorough coverage across all of our team. Our review covers the complete audit life cycle from risk assessment/planning through the issuance of the final audit report. We don't currently include issue management, although will be assessing and updating our program to incorporate the requirements from the new standards.

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Audit Practices Senior in Banking7 months ago

Great to hear. Currently, we are also benchmarking for 15% of the audit plan for full-scope QA reviews. We are currently looking to expand our reach into some other ways of doing things to maybe save time and resources. I appreciate your input!

SVP Corporate Audit in Energy and Utilities7 months ago

We have a 3 stage approach. At the end of each audit the auditees receive a satisfaction questionnaire which asks about the process, the communication throughout the audit, and the quality of the findings and recommendations. In addition the VP of each area goes through a quality gate with the auditor at the end of each audit to get and give feedback on the quality of the audit, reviewing the working papaers and how they relate to the eventual findings. Finally twice a year all executives are asked to complete an iNPS rating for the department as a whole.

Team Lead Quality Assurance in Energy and Utilities7 months ago

1 completed audit per quarter and making sure that all lead auditors were selected for QA for the year. We leveraged the IIA QA Manual to assess the performance standards from planning, execution, reporting and follow up.

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