ASSURANCE IN FINANCIAL AUDITING Table of contents_part11 pptx

A Handbook 241Appendix 5D INDIVIDUAL FINDING RECORDING FORM AT THE FINANCIAL AUDIT LEVEL FINDING RECORDING FORM AT THE FINANCIAL AUDIT LEVEL Name of Reviewer Reviewing object name

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A Handbook 241

Appendix 5D

INDIVIDUAL FINDING RECORDING FORM AT THE FINANCIAL AUDIT LEVEL

FINDING RECORDING FORM AT THE FINANCIAL AUDIT LEVEL

Name of

Reviewer

Reviewing object name

Name of audit

manager/ Director

Conducting Financial audit phase

(circle please)

Planning/ Conducting/ Reporting

Observation:

Insert the observation here

Cause

Effects:

Write down impact of observation

Feedback from the Audit manager/ Audit director

Insert the feedback here

Recommendation

Insert recommendation

INDIVIDUAL FINDING RECORDING FORM AT THE FINANCIAL AUDIT LEVEL

Write the reason of observation including the sub element reference

This is trial version www.adultpdf.com

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A Handbook 242

FINDING RECORDING FORM AT THE FINANCIAL AUDIT LEVEL

Name of

Reviewer

Reviewing object name Agency of secondary education

Name of audit

manager/ Director

Conducting Financial audit phase

(circle please)

Planning/ Conducting/ Reporting

Observation:

INTOSAI Standards paragraph 3.1.3 (k), International Auditing standards 300 paragraph 2, 8

& 9 and International Standards of Supreme Audit Institution 1300 require working papers

to include a planning memorandum

Although the SAI methodology requires the preparation of planning memorandum, there was

no planning memorandum on file There was no indication that a plan was prepared before the execution of the audit

Cause

Effects:

Objectives of the audits may not be achieved due to lack of planning and this may result in wastage of resources

Feedback from the Audit manager/ Audit director

The observation is noted and we make all the necessary effort to prepare audit plans and

place them on file

Recommendation

The SAI should develop an operational plan that considers all resource requirements and

allocates sufficient resources to enable audit teams to conduct their audits efficiently and

effectively Adherence to the operational needs should be monitored by the supervisors

During the period under review the SAI was under pressure to meet the statutory deadline and teams were going out for audits without preparing audit plans and there was no proper supervision Last year the report was produced six weeks after the deadline

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A Handbook 243

Appendix 5E

QUALITY ASSURANCE REVIEW RECORDING FORM (QARRF)

1 TERMS OF REFERENCE

A Positive observation

Summary of the Key Positive Aspects from the Review

B Areas for improvement

QAQ

reference

Observation Causal

Factors Sub-element

Effects Recommendations Audit manager/

Audit director Comments

2 PLANNING

QAQ

reference

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3 EXECUTION PHASE

QAQ

reference

4 REPORTING PHASE

QAQ

reference

Signed by ……… Date ………

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Appendix 5F

SAMPLE: QUALITY ASSURANCE REVIEW RECORDING FORM

Appendix 5F

SAMPLE: QUALITY ASSURANCE REVIEW RECORDING FORM

1 TERMS OF REFERENCE

Copy of audit engagement letter was attached in audit file and it confirmed the auditor’s acceptance of the appointment, the objective and scope of the audit, the extent of the auditor’s responsibilities to the client and the form of reports

QAQ

reference

Observation Causal Factors

Sub-element

Audit director Comments A1 There are no

documents

demonstrating

compliance

with Code of

Ethics and

assessment of

the audit team

competency

Office does not have specific policy to assess the competency

of staff before assigning the audit engagement and system of evaluating the compliance of Code of Ethics

No any guidance was given in this regard

Internal Governance

The audit management did not know whether they had assigned competent team to the audit

The SAI needs to establish the policy of objective assessment of the competency of the available manpower

in the Directorate before assigning audit There should be proper documentation

of competency assessment and

competency SAI

should create a roster

of its manpower considering the expertise based on each sector and nature

of audit The assessment and monitoring policy needs to be formulated recognizing the requirement of the Code of Conduct

The policy of objective assessment of the competency of the available manpower within the respective Directorate will be formulated

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A Handbook 246

2 PLANNING

Materiality logically determined and well documented according to the IAS

QAQ

reference

Observation Causal Factors

Sub-element

Effects Recommendations Audit

manager/ Audit director Comments

C.1 There was no

planning

memorandum

on file There

was no indication that

a plan was

prepared

before the

execution of

the audit

During the period under review the SAI was under pressure to meet the statutory deadline and teams were going out for audits without preparing audit plans and there was no proper supervision Last year the report was produced six weeks after the deadline

Internal governance

Objectives of the audits may not be achieved due

to lack of planning and this may result in wastage of resources

INTOSAI Standards paragraph 3.1.3 (k) and International Auditing standards 300 paragraph 2,

8 & 9 and International Standards of Supreme Audit Institution 1300 require working papers to include a planning memorandum It would be good for the SAI to come with a proper operational plan that will cater for all resource requirements and enable audit teams to conduct their audits efficiently and effectively

Adherence to the operational needs should

be monitored by the supervisors

The observation is noted and we make all the necessary effort to prepare audit plans and place them on file

H.5 The risk

assessment did

not evaluate

the significance of

the risks

identified and

the audit

procedures did

not clearly

respond to the

risks identified

There is no manual or technical guidance related

to risk assessment

Audit methodology and standard (Manual and Guidance)

The audit programs might lead to ineffective audit execution

SAI should prepare manual for the implementation of the risk assessment concept of guideline Process, toolkit and checklist for risk assessment need to be defined in the manual;

SAI has felt the necessity

of developing manual, format and toolkit for risk and internal control assessment Due to resources constraint SAI has yet to develop such document

procedures in

audit program

appear to be

inadequate to

attain the audit

The audit programs were not updated in case additional

or alternative audit procedures

The audit procedures may not attain the audit objectives

As audit progresses, changes due to additional audit procedures should be reflected in the audit program

The audit team leader will ensure that such changes are fully demonstrated

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objective were undertaken

during and upon completion of the audit

Audit Methodology (Tools) Human Resource (Training)

in the future

Signed by ……… Date ………

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A Handbook 248

Appendix 5G

Sample Template of draft report

FINANCIAL AUDIT REVIEW REPORT

TABLE OF CONTENTS

INTRODUCTION ……… 1

APPROACH AND METHODOLOGY ……… 1

OBSERVATIONS ……… 1

1 Terms of reference ……… 1

2 Planning ……….1

3 Execution ……… 1

4 Reporting ……… 1

5 General

Overall conclusion

Management response

INTRODUCTION

Please insert the background information

APPROACH AND METHODOLOGY

Please insert the main data gathering techniques

Limitations, if any, of the approach

OBSERVATIONS

1 Terms of reference

Positive observation

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Areas for improvement

Observation:

Effects:

Casual factors sub elements:

Recommendation:

2 Planning

Observation:

Effects:

Recommendation:

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3 Execution

Observation:

Effects:

Recommendation:

4 Reporting

Observation:

Effects:

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Recommendation:

5 General

Observation:

Effects:

Recommendation:

OVERALL CONCLUSION

MANAGEMENT RESPONSE

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