Composing the Audit Plan: the Dutch practice

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Presentation transcript:

Composing the Audit Plan: the Dutch practice Brussels, March 1 2018

Content Types of assignments Templates for Audit Assignment Plans

Types of assignments in the Netherlands Statutory task: annual opinion on financial statements (FA); Assurance assignments: ‘reasonable assurance’ or ‘limited assurance’; Assurance assignments related to IT; Investigations; Audits on EU-funds; Specific types of assignments e.g. assurance related assignments (IT or non-IT) Applicable standards: IIA, IFAC, ISACA, NBA (Dutch Accounting Standards), NOREA (Dutch standards for IT-auditors) Brussels, March 2018

Audit plan, audit program? 1 or 2 documents? We usually have 1 document which we call: ‘confirmation document audit assignment’. Sometimes a separate ‘Audit Plan’ is compiled which is more detailed. Usually however the confirmation document is it; Audit program is a detailed working plan for the audit-team in which tasks, activities and resources are plotted. Usually this document stays within the audit-team. It is discussed however with the auditee for planning and logistical reasons. Brussels, March 2018

Templates (and methodology in handbook) Brussels, March 2018

Templates (and methodology in handbook) Brussels, March 2018

Templates for audit assignment plans For Assurance assignments (including IT-assignments): Motive of the audit, context, Objective and contractor/assigner/audit department roles; Object, Scope, key questions to be answered, level of assurance that will be given (‘reasonable’ or ‘limited’), materiality and risks (and about what exactly a conclusion/opinion will be given), criteria/references, applicable standards for the assignment, key definitions, reporting arrangements, planning, team composition, agreements with the contractor, signing (project leader and contractor); For investigations: Object, Scope, key questions to be answered, criteria/references, applicable standards for the assignment (usually IIA-standards), key definitions, reporting arrangements, planning, team composition, agreements with the contractor, signing (project leader and contractor). Brussels, March 2018