Amadou Bandaogo’s Post

Auditing Tip of the Day: Management Procedures and Auditing Procedures: Managerial procedures are Controls. They include procedures of an 'audit' nature: management is ultimately responsible for its own Assuring, and though most of that comes from/through Auditors, is supplied by Auditors, they also have other people, their own people, performing tasks of Reviewing, Evaluating, Monitoring and otherwise DETECTING nature, akin to Auditing tasks. Auditing Procedures are not, and are, in different senses, Controls. 1.They ARE in the fundamental, ultimate sense that Auditing exists in the organization, like everything else, for one and only purpose: help achieve Objectives. Definition of Control (Success enabler/promoter/assister). 2.They ARE NOT in the mutually exclusive sense of the "IRON WALL", the Governance Game of/for two: Decision Makers (in Control) and Decision Supporters (helping them Control), the 2 players sticking to their own half of the field/court, separated by an IW. But even in the latter, ARE NOT, sense they ARE in 2 sub-senses: 2/1. What the Auditor does is Controls. He thinks up Controls. He conceives and recommends. In that sense he makes, creates, DOES, Controls. What HEDOES is also Controls in a second sense. He Audits Controls. Because he Audits Risks. Because he audits Net Risk: Gross Risk minus Control Assurance (Inherent R before Controls minus reduction achieved by EXISTING Cs). What he EVALUATES is Residual R, the extent to which R is uncovered by existing Cs. 2/2. What the Auditor does is also - like all effort (towards achieving things) in the entity - CONTROLLED. The Auditor also MANAGES his own undertaking/enterprise/endeavor, to MANAGE to get what he wants to get from it. It's a CONTROLLED effort, like any effort seeking advance/ongoing ASSURANCE of successful outcome, rather than content to hope haphazardly for one. Auditing is also a function managed by Objective, the Objectives being sub-objectives of the entity's.

Technical Round Interview Questions for Internal Audit 1. Why is an internal audit necessary? Steps to perform Internal Audit. 2. Highlight the difference between management and operational audit. 3. What are the components of internal control as per the COSO framework? 4. What are the important aspects to be considered by an external auditor in the evaluation of the internal audit function? 5. Can you describe substantive tests and when we use them in the process of auditing the business process? 6. What are the key components of a SOP? 7. What are the differences between regulatory or statutory audits and performance audits. 8. Mention the things to consider while dealing with cheques and vouchers in internal audit? 9. State the key elements in an internal audit report? 10. How would you review the custodianship and safeguarding of assets? 11. Explain the three lines of defense model for an organization? 12. List a few indicators (red flags) of possible fraud? 13. What are the 3 phases in conduct of a Risk Based Audit? 14. What would be your flow while performing the risk assessment process in a company? 15. How would you identify risks associated with IT systems? 16. What are Direct and Indirect ELCs? 17. What according to you should be the internal controls over fixed assets? 18. Suggest some internal control processes for inventory. 19. Why do you think monitoring of internal controls is important? 20. What do you understand by Business continuity plan (BCP)? Comment below your mail ID or DM me if you want full list with the answers.

🔒 ✅ Audit reports play a crucial role in compliance, offering an independent assessment of a company's program while identifying areas for improvement. However, not all audit reports are created equal – some low-cost auditors may seem suitable, but actually deliver a subpar report. What's really at stake when you opt for a budget audit? Read our blog to find out. 👉 https://bit.ly/49QKNsE #qualitycompliance #compliance #audit

Internal Audit? is the only tools to rectify upcoming problem as well review existing, Effective IA require a clear plan, skilled auditors, and proper documentation. Its aim Focus on objective assessments, risk auditing, Clear open communication, and continuous follow-ups. Utilize checklists, engage All relevant departments, and make sure findings are actionable, aiming for continuous improvement and must compliance with established procedures and within standards.

Here are some best practices from our experts to help you streamline your internal audits and drive your business forward: 1. Establish Clear Objectives: Define the scope and purpose of your audit to ensure a focused and efficient process. 2. Develop a Comprehensive Plan: Create a detailed audit plan that outlines the areas to be reviewed, resources required, and timelines. 3. Utilize Technology: Leverage advanced audit software and data analytics to enhance accuracy and efficiency. 4. Maintain Independence: Ensure your audit team operates independently to provide unbiased insights and recommendations. 5. Focus on Risk Management: Prioritize high-risk areas to mitigate potential threats and safeguard your assets. 6. Continuous Training: Invest in ongoing training for your audit team to keep them updated on the latest industry standards and practices. 7. Effective Communication: Foster open communication between auditors and management to facilitate a smooth audit process and implement recommendations swiftly. 8. Regular Follow-Ups: Conduct follow-up audits to ensure that corrective actions have been implemented and are effective. Connect with Us Today! Ready to strengthen your internal controls and drive growth? Contact us at Ranwatta & Co to schedule a consultation with our experts.  Contact us 0112 543 011 info@chartconsult.lk www.ranwattaco.com

Just reshared a thought-provoking piece on the real deal with budget audit reports. It's a heads-up that while saving a few bucks sounds good, the quality of the audit you get can really vary. A top-notch audit offers an independent eye on your compliance, pointing out where you're nailing it and where you need to step up. Choosing wisely isn't just about the audit; it's about ensuring your program's integrity and future-proofing your security posture. Worth a read before you decide! #Compliance #AuditQuality

Following to my posts, I have decided to post some daily insights. Day 1 of Daily Insight Q: Whether the Internal Control and Internal audit go by the same meaning ? Well, the answer is NO though both of the terms found to be similar there is a clear demarcation between both the terms. What is Internal control ? Internal control is a system that's implemented continuously to manage risk and ensure the organization's objectives are met. They are made up of policies, procedures and measures that help an organization assess and mitigate risk. What is Internal Audit? Internal audit is periodic review of the above mentioned controls. The internal audit helps the organizations understand their risk environment and assess the effectiveness of their internal controls. Summary Internal control is a broad concept in which internal audit is a part of it. Such internal controls depends on the factors of organization of how the same is being functioned. Internal control: Integrated into the organization Internal audit: Planned mission carried on by an Independent structure Hope this post would helped you with some topic :)

Internal Auditing These keys represent one of the "possible" approaches to achieving a successful internal audit. Different organizations might find other methods more suitable depending on their structure and needs. What other elements do you consider essential for a successful internal audit? Share your thoughts! Keys to a Successful Internal Audit: An effective internal audit is crucial for ensuring efficiency and risk management within an organization. Here are some essential elements to achieve this: 1. Business Knowledge: Deeply understanding the industry and key processes is critical to adding real value. However, in some cases, it may only be necessary for the audit leader to have this deep understanding, while the rest of the team can focus on specific tasks. 2. Transparent Communication: Maintaining clear communication with audited departments facilitates the process and builds trust. 3. Risk-Focused Approach: Prioritizing high-risk areas optimizes resources and ensures that critical issues are addressed. 4. Use of Technology: Automating processes and utilizing data analysis tools make audits more efficient and accurate. 5. Continuous Training: A well-trained team is essential to adapting to regulatory and technological changes. 6. Continuous Improvement: The audit should focus on proposing practical improvements, not just meeting requirements. 7. Follow-up and Feedback: Monitoring the implementation of recommendations ensures sustainable results.

Nicely Simplified.. Internal Audit Vs Internal Control.

- How to Conduct a Thorough Internal Audit - Conducting a thorough internal audit involves a systematic approach to evaluating an organization’s processes, controls, and operations. Here are the key steps: 1. Planning and Understanding the Business: Begin by gaining a deep understanding of the business processes, objectives, risks, and controls. This can be achieved through reviewing organizational charts, past audit reports, and conducting interviews with key personnel. 2. Risk Assessment: Identify areas with higher risks by evaluating financial, operational, compliance, and reputational factors. Focus audit efforts on these areas to ensure efficient resource use. 3. Develop an Audit Plan: Create a structured audit plan outlining the scope, objectives, timing, and resources required. Include timelines for each phase of the audit process. 4. Fieldwork and Evidence Collection: Perform detailed testing and observations of key controls, processes, and transactions. Gather evidence through document reviews, walkthroughs, data analysis, and interviews to assess whether processes comply with internal policies and regulations. 5. Analysis and Evaluation: Compare audit findings against predefined benchmarks, policies, and regulations. Assess the adequacy and effectiveness of internal controls and whether risks are being mitigated appropriately. 6. Reporting: Summarize the findings in a clear and concise audit report. Highlight areas of concern, non-compliance, and opportunities for improvement. Provide practical recommendations for remediation. 7. Follow-up: Ensure that corrective actions are implemented. Conduct follow-up reviews to verify that the organization has effectively addressed the identified issues. By following These outlined steps, auditors can ensure a thorough review of internal operations, promote efficiency, and enhance organizational controls. #InternalAudit #AuditBestPractices #RiskManagement #InternalControls #Compliance #AuditPlanning #BusinessProcess #CorporateGovernance #AuditFieldwork #AuditReporting #OperationalExcellence #AuditFollowUp #ProcessImprovement #EfficiencyInAudit #AuditStandards