Sandeep Das’ Post

🔍 Seeking Insight from Audit Professionals 🔍 🔹 Calling all experienced internal audit professionals! 📣 Have you ever been asked or thought about how to quantify the tangible impact of internal audit practices within your organization? Is it even possible or necessary to quantify the value delivered by internal audit 📈 Share your thoughts, strategies, best practices, and success stories in the comments below. Let's measure the true value of internal audit together! 💼💡 #InternalAudit #ValueMeasurement #AuditProfessionals #BestPractices

Exploring the nuances of internal audit timelines! 🕵️♂️ Ever wondered why audit plans sometimes stretch beyond estimates? Here are my insights: 1️⃣ Precision challenges in estimating Audit Engagement time. 2️⃣ Delays in receiving complete requirements from audited entities. 3️⃣ Unexpected surprises in the audit journey. 4️⃣ Team workload distribution woes. Excited to hear your thoughts! 🔍📊 #InternalAudit #AuditChallenges #WorkplaceInsights

How does the audit process unfold for a new engagement? 🤔 Explore the intricacies of auditing and gain valuable insights from this article: https://lnkd.in/dGC2S_w7. #Audit #AccountantJournal

A very well-put end-to-end audit process summarized in a snapshot. #audit #process #transformedprocess #transformation

Dear Professional Auditor, How do you handle client delays during audit assignments? In our recent performance review meeting for the first quarter, my team member and I identified a notable challenge: delays from clients. These setbacks have posed hurdles to meet our deadlines efficiently. As auditors, we are dedicated to delivering exceptional results and services. However, smooth and timely responses from our clients are paramount for effective collaboration. To address these challenges, here are some strategies that auditors can employ to ensure timely client feedback: 📍Establish Clear Communication Channels: Regular communication helps prevent delays by addressing potential issues before they escalate. 📍 Share Your Audit Work Plan with Clients: By outlining timelines, deliverables, and responsibilities upfront, clients gain clarity on their role and the importance of timely responses. 📍 Implement Regular Follow-Ups: Gentle reminders keep the engagement on track without overwhelming the client, ensuring tasks are completed promptly. 📍 Offer resources: Providing guidance and support can enhance clients' ability to respond promptly. With these effective strategies in place, auditors can seamlessly navigate through client delays, fostering smoother and more successful audit engagements. How do you tackle client delays in your audit assignments? I'd love to hear your insights and experiences in the comments below! Let's learn and grow together. #AuditExcellence #Auditchallenges

So this has come up with two clients in the last month. Background: Both HoAs are in some form, reporting to the CFO. (I won't debate that here, but comments are available to you 😉.) The issue: CFOs refused to sign and send Audit Announcement emails because the rationale behind certain audits couldn’t be quickly explained. Say what? You spend so much time understanding the risks to the organization, discussing risk with your stakeholders, documenting your audit plans for the year, quarter, etc. But somehow, 9 months after a particular audit was put into the backlog for the year, you can't explain, quickly, why that audit was chosen. I see many risks in that, starting with audits not starting as planned, mucking up Audit's resource planning for the period. I would wonder what the heck my Audit department is up to. And I would worry that there is a HUGE gap because the Auditor-in-Charge is supposed to be planning an audit, and they don't really know why that audit is important to the business. This isn't just about a delayed email. It reflects deeper issues in communication and planning. For both of those clients, the solution is better documentation and communication, with a big dose of transparency. And we added a couple of quality gates and one short memo template. For one of those clients, it's led us to redesign their executive summary. We got creative, and it now shows, at a glance, inherent risks assessed during Audit Planning for the year, supporting reasons for choosing the audit such as size, business segment, location, product/service, and 2 key figures supporting that. Some lessons: ✅ Clearly document why an Audit Object was chosen and included in the Audit Plan. ✅ Ensure auditors can articulate the audit’s importance on the spot. ✅ Make sure the Auditor-in-Charge has the necessary background to plan the audit effectively. ✅ Re-think your executive summaries: can you do better for your stakeholders? What strategies have you used to ensure audit plans are well-understood and justified? #CommunicatingForResults #ImpactInfluenceInspire #NextLevelAuditing #InternalAudit #AuditReportWriting

Internal Auditors reports must be clear, objective, relevant and actionable. By following this structure as a guide and considering these additional factors, internal auditors can create reports that are valuable and informative to management. 1. Use clear and concise language that is easy to understand. 2. Present findings and recommendations objectively, avoiding personal opinions or biases. 3. Ensure that findings and recommendations are relevant to the audit objectives. 4. Make recommendations that are practical and can be implemented. 5. Deliver the report in a timely manner. 6. Determine who should receive the report and ensure appropriate distribution. Fire content Andy Kovacs 💣💥

What’s the path to success for internal audit? So, how do you set internal audit on the path to success? Well, there's no one-size-fits-all answer. But in general there is a practical strategy that focuses on three key things: time, talent, and relationships. First off, let's talk about time. Having a strategy for time means figuring out where you and your internal audit team should be putting your attention and effort. A smart transition plan will pinpoint areas where technology can help with assurance tasks, freeing up time for more strategic advising and anticipating future needs. It also lays out a timeline with clear objectives and milestones to keep things on track. Next up is talent. You've got to know what knowledge, skills, and abilities your team needs to take things to the next level and beyond. This means not only meeting the organization's needs for top-notch audit talent but also showing the audit committee and C-suite who your key players are and how you plan to help them grow. And last but not least, let's talk about relationships. Building a strategy for relationships means making sure everyone's on the same page. You need to understand what people expect from internal audit, align those expectations, and provide valuable advice while keeping an eye out for potential risks. The bottom line? If you keep doing things the same old way, you'll keep getting the same old results. Transforming internal audit requires a fresh vision and CAEs who can make it happen. #isk #audit #internalaudit #success

Frustrated by recurring audit stress? You're not alone! Despite years of experience, many of us face the same stressful audit situations: unrealistic deadlines, communication gaps, and high pressure impacting both auditors and management. But there's good news! Working across three continents and collaborating with diverse professionals, I've gained valuable insights into the root causes of audit stress. It's true, both auditors and management have key roles to play in creating a smoother, less stressful experience. Here are some helpful tips specifically for CFOs, financial control teams, and management personnel: Be proactive: Don't wait for the audit to start! Gather and organize documentation early. Clearly understand the audit scope to anticipate questions and prepare relevant materials. Early communication with auditors sets realistic expectations for both sides. Open communication is key: Be transparent and responsive to auditors' questions. Remember, their goal is to ensure accuracy, not to find fault.   Empower your team: Delegate tasks and involve your team in the preparation process. Ensure everyone understands their roles and responsibilities.   Practice makes perfect: Consider conducting mock audits with colleagues or internal audit professionals to identify and address potential issues beforehand.   Stay calm and organized: Deep breaths! ♀️ Being organized, prepared, and communicative are key to navigating audits smoothly and minimizing stress.   Embrace technology: Leverage accounting software to automate tasks and generate reports, streamlining the audit process.   Remember, we're all in this together! Share your own audit prep tips in the comments below. #accounting #audit #stressfree #preparedness #finance #tips #professionaldevelopment By Ahmed Marzouk | CPA | Audit Manager

Effective audit preparation is essential, whether it's your company's inaugural audit or the next one in line. 🚀 Learn how our experts can work with your company to increase the efficiency and effectiveness of the internal audit function. #internalaudit | #audit | #services