Introduction. What do they have in common? CASA Peer Review California Association of State Auditors (CASA) California Association of State Auditors.

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Presentation transcript:

Introduction

What do they have in common?

CASA Peer Review California Association of State Auditors (CASA) California Association of State Auditors (CASA) Peer Review Program Peer Review Program –Yellow Book (GAS) –Red Book (ISPIA)

What is a Peer Review? External Quality Assessment by independent team External Quality Assessment by independent team Required every 3 (Yellow Book) or 5 (Red Book) years Required every 3 (Yellow Book) or 5 (Red Book) years Provide an opinion on the audit activity’s conformance to the Standards Provide an opinion on the audit activity’s conformance to the Standards According to the IIA: Peer reviews among three or more organizations meet the requirements of an external quality assessment Peer reviews among three or more organizations meet the requirements of an external quality assessment Reciprocal peer reviews between two organizations would not pass the independence test Reciprocal peer reviews between two organizations would not pass the independence test

Process 1. Have the agency complete a QA questionnaire and sign agreement 2. Select Peer Review team 3. Perform the on-site work including: –Review of administrative policies and procedures –Evaluation of risk assessment in audit planning –Review of working papers and final reports for selected engagements –Review number and skills of internal audit staff

Process continued… 4. Consider other audit functions such as consulting 5. Evaluate the audit activity’s conformance with relevant standards 6. Provide summary of issues and recommendations, and hold a closing conference 7. Draft a report, obtain comments, and issue a final report

Common Problems Observed by Peer Reviews Inappropriate reporting relationships Inappropriate reporting relationships Out-of-date charters for audit activity Out-of-date charters for audit activity Lack of independence statements Lack of independence statements Inadequate audit staff knowledge Inadequate audit staff knowledge Lack of evidence of audit supervision Lack of evidence of audit supervision Out-of-date audit manuals Out-of-date audit manuals

Peer Review Assessment Resources etter-auditing/peer-review-guide etter-auditing/peer-review-guide etter-auditing/peer-review-guide etter-auditing/peer-review-guide

Questions?