OVERVIEW
The
key to writing effective audit observations is having a comprehensive
structured process. The Institute of Internal Auditorsrecommends a process known as the 5Cs:
- Criteria
- Condition
- Cause
- Consequences
(Effect)
- Corrective
Action (Recommendation)
As
you develop conclusions, findings, and recommendations, you must present them
to your client in a logical, complete, and objective way. This process provides
an easy way to consistently develop and present your observations. The
components in this process include all the information you will need to inform
and persuade.
Developing
this process can be an important tool for completing and reporting observations
in a timely and comprehensive way. It allows you to present those findings to
your reader in a logical, complete, and objective manner and, thus, enhances
the chances of the client’s buy-in and their agreement to your recommendations.
This
process can also serve as a basis for review by supervisors and managers. It is
supported by your work papers and
gives complete and clear details of your analysis and the basis for your
findings.
WHY
SHOULD YOU ATTEND
The
audit observation is the most important part of an audit report. It represents
the end result of weeks of reviews, analyses, interviews and discussions. It is
used to bring significant issues to the management’s attention that needs to be
addressed.
Knowing
how to write internal audit observations is critical to influencing the readers
and getting the results you are seeking. A well written audit observation will
capture the readers’ attention and focus them on the important issues in the
report that needs to be addressed.
A
well written audit observation adds value to your clients by providing:
- Concise,
understandable, and persuasive observations
- Actionable
recommendations
AREAS
COVERED
Review
of the following IIA standards for
report writing in detail:
- Criteria
(standard used for comparison of area under review)
- Condition
(current status used in the comparison)
- Cause
(reason that the Condition does not meet the Criteria)
- Consequence
(risk if not corrected)
- Corrective
Actions (action needed to manage the risk)
Exercises for each component.
LEARNING
OBJECTIVES
This
webinar will provide the basic principles for writing effective audit
observations. The audit observations represent the result of weeks of reviews,
analyses, interviews and discussions. It is used to provide important
information to management on the area you reviewed.
And,
more importantly, it provides details to management on significant issues that
needs to be addressed. How well you communicate that information is critical to
getting management’s acceptance of your findings and their agreement with your
recommendations.
And
ultimately, this demonstrates the value you add to the company and enhances
your chances for promotions and greater salary increases.
After
completing this program, participants will be able to understand the five
components of an effective audit report writing:
- Criteria
(standard used for comparison of area under review)
- Condition
(current status used in the comparison)
- Cause
(reason that the Condition does not meet the Criteria)
- Consequence
(risk if not corrected)
- Corrective
Actions (action needed to manage the risk)
WHO
WILL BENEFIT
- Chief
Audit Executives
- Audit
Directors
- Audit
Supervisors
- Audit
Managers
- Staff
Auditors
- Government
Auditors
- Compliance
Auditors
- Internal
Control Specialists
- Public
Accountants
- Accounting
Analysts
- Business
Analysts
- Quality
Control Specialists
- Manual
Developers
- Accounting
Managers
- Quality
/ Operations VPs
- Directors
- Payroll
Managers
- Finance
Managers
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