Beyond Audit

CHAPTER 11Analyzing Internal Audit

WHILE THE BOOK TO this point has focused on the execution of audit engagements with consideration of process changes required to be successful in the remote audit environment, this chapter discusses the need to perform an advanced evaluation of internal audit operations and will introduce a new proprietary tool that allows internal audit departments to examine their department operations to proactively identify strengths and opportunities for improvement. The days of relying on the (hopefully) updated dashboard results to inform internal audit senior management that the audit department is successfully executing audit engagements timely, with precision, and with the corresponding audit phase templates are fading fast.

Let us be honest with each other and admit that internal audit is not as critical of themselves when judging execution performance and compliance as compared to the judgment and scrutiny that internal audit places on business partner during an audit engagement. Plus, the internal audit dashboard process (detailed in Chapter 9) comes with some process risks. For one, the dashboard must be actively monitored to ensure all metrics reflect the current audit methodology and a compliance requirement for the use of corresponding audit phase templates. The template usage is not a guide and must be held as a requirement for audit execution consistency.

Another risk that impacts the dashboard is the establishment of realistic corresponding ...