Beyond Audit

CHAPTER 6Audit Fieldwork

WHEN CONSIDERING THE THREE main phases of an internal audit, the fieldwork phase may not initially appear as critical as the other two, but auditors must remember it is the phase that is created from the audit plan and provides the supporting information for the report. So, while it is between the planning and reporting phases, it is just as critical and requires focus upon execution from understanding the audit tasks presented through the testing to the evaluation of performance. Remember that internal audit is a profession where the workpaper documentation is the lone source of evidence compiled by the audit engagement team to support the conclusions made regarding the business area being reviewed. This audit evidence is created exclusively from the fieldwork testing performed. All audit teams must recognize the importance of their workpapers and be diligent in the creation, completion, review, approval, and adherence to the internal audit methodology requirements and industry standards. No matter how much marketing the audit team performs, audit departments still carry a reputation of rushing to judgment or nitpicking business process tasks, both due to a lack of business process knowledge. Therefore, it is critical for internal audit departments to ensure the audit evidence is obtained through the precision execution of their audit methodology. This precision includes business and audit objective understanding, testing timeline adherence, satisfactory ...