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Lean Auditing: Driving Added Value and Efficiency in Internal Audit by James C. Paterson

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15 Using Communication and Quality Standards to Maximize the Added Value from Assignments

The last chapter covered good practices for driving both value and efficiency during the fact-finding and testing stage of an assignment. However, at some point audit findings need to be validated (e.g. against quality standards), communicated to management and then appropriate actions agreed. After all, from a customer perspective, it is the agreement, and implementation, of value adding actions that generates meaningful benefits from an assignment, not just issuing a report!

COMMON PRACTICES AND IIA STANDARDS OF NOTE

As an audit progresses, and moves towards a conclusion, the work of the auditors will normally be supervised by audit management. This may include checking the audit file to ensure there is the required documentation to back up what is being said. Key points from the assignment will be shared with management at various stages, typically culminating in a “closing meeting” to discuss the findings and possible management actions.

Depending on the specific methodology of the audit function, a draft report will usually be prepared, often including an executive summary of what, if anything, has been found, along with more detailed points and then recommendations for management action. After the draft assignment report has been produced it will then be shared with relevant management for their comment, normally resulting in a written summary of agreed actions, the person accountable ...

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