MODULE 8: GOVERNANCE AUDIT EVIDENCE AND REVIEW

Slides:

Advertisements

Similar presentations

Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Advertisements

Using the work of internal audit Mpumalanga. Our reputation promise/mission The Auditor-General of South Africa (AGSA) has a constitutional mandate and,

1. Management Income Statement Balance Sheet Stmt of CF Management Prepares 1 Users Basic Mistrust 2 Auditors Independent Auditor 3 Lends Credibility.

Discussion on SA-500 – AUDIT EVIDENCE

Planning the Audit/Assessing Risks and Response to Risks 2222 Presented by s Mrs Marie Louise Teng Hing Voon, FCA Partner BDO Mauritius Member of Audit.

Operational Auditing--Fall Evidence = Support n Auditors collect information n Evidence should be sufficient, competent, relevant & useful n Methodology.

2-1 McGraw-Hill/Irwin ©2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 2 Professional Standards: “The Rules of the Road”

Chapter 6 Audit Evidence

Auditing A Risk-Based Approach To Conducting A Quality Audit

Learning Objectives LO1 Outline six general audit techniques for gathering evidence. LO2 Identify the procedures and sources of information auditors can.

Auditing Standards IFTA\IRP Audit Guidance Government Auditing Standards (GAO) Generally Accepted Auditing Standards (GAAS) International Standards on.

Auditing & Assurance Services, 6e

 CPA firms provide audits as well as other attestation and assurance services.  Additional services provided by CPA firms : 1. Accounting and bookkeeping.

Audit Evidence 1 Presented by Mr John Chung, FCA Partner KPMG Member of Audit Practice Review Panel at the Financial Reporting Council 12 September 2012.

Understanding Audit Risk Assessment

Auditing Sept. 24, Audit Standards Page 38.

NO FRAUD LEFT BEHIND The Effect of New Risk Assessment Auditing Standards on Schools Runyon Kersteen Ouellette.

Evidence and Documentation

[Hayes, Dassen, Schilder and Wallage, Principles of Auditing An Introduction to ISAs, edition 2.1] © Pearson Education Limited 2007 Slide 8.1 Control Risk,

Evaluation of Internal Control System. Learning Objective 1 Contrast management’s need for internal control with the auditor’s need to consider internal.

© 2011 Grant Thornton International Ltd. All rights reserved Presented by Mr. Yuvraj THACOOR, FCA Chairman of the Financial Reporting Monitoring Panel.

1 Internal Audit. 2 Definition Is an independent activity established by management to examine and evaluate the organization’s risk management processes.

McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter 4 Audit Evidence and Audit Documentation McGraw-Hill/Irwin Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.

Chapter 06 Audit Planning, Understanding the Client, Assessing Risks, and Responding McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc.

OVERVIEW THE AUDIT PROCESS Overview of the Audit Process.

Chapter 5 Evidence and Documentation McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Lecture 9 Audit Evidence

Copyright © 2016 South-Western/Cengage Learning A FRAMEWORK FOR AUDIT EVIDENCE CHAPTER 6 Auditing A Risk-Based Approach To Conducting A Quality Audit 10.

AUDIT STAFF TRAINING WORKSHOP 13 TH – 14 TH NOVEMBER 2014, HILTON HOTEL NAIROBI GENERAL ISSUES IN PERFORMING AN AUDIT 1.

MODULE 7: CONDUCT OF GOVERNANCE AUDIT GOVERNANCE AUDITOR ACCREDITATION COURSE.

MODULE 4: ICPSK GUIDELINES ON GOVERNANCE AUDIT GOVERNANCE AUDITOR ACCREDITATION COURSE.

F8: Audit and Assurance. 2 Designed to give you knowledge and application of: Section A: Audit Framework and Regulation Section B: Internal audit Section.

AUDIT STAFF TRAINING WORKSHOP 13 TH – 14 TH NOVEMBER 2014, HILTON HOTEL NAIROBI AUDIT PLANNING 1.

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 4-1 Chapter Four Audit Evidence and Audit Documentation Chapter.

 Planning an audit of cost statements, records and other related documents is considered necessary to ensure achievement of audit objectives with available.

©2005 Prentice Hall Business Publishing, Auditing and Assurance Services 10/e, Arens/Elder/Beasley Internal Control and Control Risk Chapter 10.

Internal Control Chapter 7. McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition.

AUDIT EVIDENCE AND FINANCIAL STATEMENT ASSERTIONS 1.

Audit Planning, Understanding the Client, Assessing Risks and Responding Chapter 6.

Jean-Pierre Garitte Budapest 29 March 2017

Audit Documentation.

The CPA Profession Chapter 2.

Michael Romeu-Lugo MBA, CISA March 27, 2017

AUDIT LECTURE 7 EVALUATION AND REVIEW HOLY KPORTORGBI

Question 4-1 Which of the following statements concerning noncompliance by clients is correct? A. An auditor's responsibility to detect noncompliance.

PLANNING, MATERIALITY AND ASSESSING THE RISK OF MISSTATEMENT

Compliance with Framework of Quality Control - General & Specific Controls CA Vimal Chopra, Ex Chairman of CIRC of ICAI.

Audit Planning, Types of Audit Tests and Materiality

MODULE 9: POST GOVERNANCE AUDIT

Developing the Overall Audit Plan and Audit Program

Auditing & Investigations II

AUDIT LECTURE 6 AUDIT EVIDENCE HOLY KPORTORGBI

Assurance, Related Services and Internal Auditing

Auditor Training Module 1 – Audit Concepts and Definitions

The ISSAIs for Financial Audit ISSAIs

BASIC AUDITING CONCEPTS: MATERIALITY, RISK ASSESSMENT, AND EVIDENCE

Professional Standards

LATIHAN MID SEMINAR AUDIT hiday.

MODULE 2 INTRODUCTION TO GOVERNANCE AUDIT

The CPA Profession Chapter 2.

The Ten Generally Accepted Auditing Standards

Evidence and Documentation

PERFOMING THE AUDIT & EVALUATION OF MISSTATEMENTS

How to conduct Effective Stage-1 Audit

Internal Control Internal control is the process designed and affected by owners, management, and other personnel. It is implemented to address business.

EVIDENCE, DOCUMENTATION, AND AUDIT PROGRAMS

Presentation transcript:

MODULE 8: GOVERNANCE AUDIT EVIDENCE AND REVIEW GOVERNANCE AUDITOR ACCREDITATION COURSE

Meaning of Governance Audit Evidence Governance Audit Evidence is “all the information used by the governance auditor in arriving at the conclusions on which the governance audit opinion is based.”

General Guidelines on Governance Audit Evidence The governance audit will be based on the governance audit self-assessment report submitted by the organisation. The appropriateness of the governance audit evidence is determined by its quality and relates to: Relevance, Reliability, and Consistency. Role of in-house CS in Governance Audit Professional judgment, independence of judgment, accuracy of information and facts Professional competence and due care, objectivity and integrity, disclosure and non-disclosure of information The role of ICPSK in Governance Audit

Types of Governance Audit Evidence Physical examination Confirmations Documentation Analytical Procedures Inquiries of the Client Re-performance Observation

Limitations in gathering Governance Audit Evidence There are a number of bottlenecks that may cause limitations in gathering governance Audit evidence. (Refer to Governance Audit manual for list of limitations.)

Types of Governance Auditing Tests The different types of governance audit tests and procedures used to obtain audit evidence include: Risk assessment procedures Tests of controls Substantive procedures Analytical Procedures Tests of Details of Governance Related Transactions

Using the work of an Expert It is the prerogative of the governance auditor to determine whether to use the work of an expert, and if so, to determine whether that work is adequate for his purposes. The auditor should: Determine Nature, Timing and Extent of Governance Audit Procedures; Confirm Competence, Capabilities and Objectivity of the Expert ; Obtaining an Understanding of the Field of Expertise of the Expert

Using the work of an Expert(Ctd…) The governance auditor should agree with the expert in writing on the following matters: The nature, scope and objectives of the expert’s work; Their respective roles and responsibilities; The nature, timing and extent of communication between them, including the form of any report to be provided by the expert; and The need for the expert to observe confidentiality requirements.

Evaluating Adequacy of the work of the Expert The governance auditor will evaluate the adequacy of the expert’s work for governance audit purposes. If the governance auditor determines that the work of the expert is not adequate for governance audit purposes, the governance auditor will: Agree with the expert on the nature and extent of further work to be performed by the expert; or Perform additional governance audit procedures appropriate to the circumstances.

Reference to the work of the Expert in the Governance Audit Report The governance auditor will not refer to the work of an expert in the governance audit report that has an unmodified opinion unless required by law or regulation to do so. If the governance auditor makes reference to the work of an expert in the governance audit report because such reference enhances the understanding of a modification to the governance audit opinion, the governance auditor shall indicate in the governance audit report that such reference does not reduce the governance auditor’s responsibility over the governance audit opinion.

Methods of gathering Governance Audit Evidence Inspection of Records or Documents Observation Inquiry Confirmation Re-performance Governance Audit Survey

Governance Audit Procedures for obtaining Evidence Audit evidence is obtained to enable the governance auditor draw reasonable conclusions on which to base the governance audit opinion. The following procedures can be used to obtain evidence: Risk assessment procedures Tests of controls Substantive procedures

Governance Audit Sampling The governance audit sampling approaches shall be guided by the materiality of the governance issue being examined; experience, competence and skills of the governance auditor; and the source and nature of the evidence available.

THE END