24 Desde the audit library,

 

24 Desde the audit library

 

Happy Holidays!

The Audit Library HQ has been as busy as Santa’s workshop as we wrap up 2022. Thank you to all of our consulting clients, subscribers, partner organizations, and newsletter followers who made this a record year! Looking back on 2022, we filled our calendars with consulting engagements, grew our subscriber base, and added countless new documents to the Library. We have new and exciting announcements coming, but first, we need to rest and refresh.

24 Desde the audit library

 

Audit Sampling 101

Audit sampling is a critical process that is often overlooked.
 
Here are some tips and tricks for audit sampling:
 

• Always include the full report or population you are sampling from in your audit workpapers.
• Before pulling a sample, verify a control total to make sure you are working with a complete population. Examples are checking whether total credits equal total debits on a general ledger report, or re-calculating a report of total expenses in your audit period.
• Include a workpaper with your sampling methodology and sampling selections.
• If additional selections are pulled, clearly document the purpose.

 
While many of our subscribers use ACL or IDEA to pull samples (these programs make sampling a breeze!) we know not all of you have access to such resources. Check out our random sample generator (for bank, credit union, or non-industry specific use) which allows you to quickly pull a random sample from a small population without duplicates. Performing an audit sample and documenting it might seem like a lot of work, but trust us, it is easier than testing 100%!

24 Desde the audit library

 

Risk Management Audits

We just wrapped a very successful conference season. It was great to make new acquaintances and catch up with old friends!
 
Many auditors we talked to had detailed questions about Internal Audit’s risk responsibility. We see auditors struggling with risk, and want to take this opportunity to promote two great tools that we have available to help.
 
First, if you have a formal Risk Management function at your company, and an audit is on your plan this year, download our Risk Management Department Audit Program for banks, credit unions, or non-industry specific use.

If you do not have a designated department or leader in place, we created the Risk Management Process Audit Program, which considers this topic from a more general perspective. Perhaps multiple leaders or departments own this function, or it has not been formalized. If this is the case, Internal Audit can provide a lot of value, and we would encourage you to take a look at our programs for banks, credit unions, or non-industry specific use. Get started today!

24 Desde the audit library,

 

Quality Assurance Reviews.

By John Kaneklides

check out a new blog post by John, “Preparing for a Quality Assurance Review.” John explains exactly what you can do today to be prepared for your Quality Assurance Review in the near future. Check it out!

24 Desde the audit library,

 

This week, we continue our popular fraud spotlight series! Check out Fraud Spotlight: Theft Uncovered at a Not-for-Profit for this exciting story of how an employee under duress managed to steal from a charitable organization, and how regular institutional knowledge uncovered the scheme. 

24 Desde the audit library

 

Have you ever had a best friend at work? A worst enemy? Internal Auditors are bound by independence and objectivity standards, meaning our work relationships are complicated and need to be handled with care. But at the same time, we're all humans! It's not reasonable or realistic to have no feelings about the people we work with and audit. Check out the latest blog post by Olivia, Auditors and Work Relationships: What to do When You Love (or Hate) Your Auditees for some valuable insights!

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IN CASE YOU MISSED IT

Our last blog by John, “The 10-Step Process for Crafting the Perfect Internal Audit Document” is a great way to get an inside look at how we create our documents. Have you ever wondered what it takes to write the perfect Internal Audit document? Do you want to hone your skills to make your audits even better? Have you ever thought, “How does The Audit Library create their documents and provide assurance that they will add value to me?” Check out the blog to answer all these questions, and more!

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2020 has brought many changes and upended life in so several ways. Now that some aspects of life are beginning a return to “normal,” it is time to put together a revised training plan for the remainder of the year. But while your CPE requirements remain, conferences are being canceled left and right! 



In our latest blog by John, we present you with some practical solutions.  Internal Auditor Training in the Era of COVID-19 will provide you with several options to obtain the training you need and provide practical advice from industry-leading educators. Check it out!