Continuous Auditing Guidance

This appendix includes five documents: formal audit report template, action plan tracker, continuous auditing methodology template, lessons learned, and an example of a continuous auditing program. Each one will be briefly explained.

The formal audit report template is a color-based audit report format that can be used for reporting on your continuous auditing program activities and also for full-scope risk-based audits. It has been designed to provide readers with a clear message of the work performed, issues noted, overall opinion, and functional background of the area tested all on one page. Use of a color rating system avoids all the unnecessary discussions that surround every audit report ever drafted. This standard format simplifies the audit report process especially for continuous auditing programs.

The action item tracker is utilized to summarize and report business unit management action items on a recurring basis (to be determined by the individual user). Auditors spend a great deal of time finding issues, identifying root cause, and obtaining target action plans. This action item tracking sheet was developed to standardize the actions being tracked on a monthly basis. This format provides a complete executive summary that breaks down action items by risk and due date, then categorizes them by division for specific accountability. A second page tracks and reports on higher-rated risk action items that are outstanding after 90 days ...

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