management audit training session: basic auditing skills for management audit resource person: ca...

Management Audit TrainingManagement Audit Training

Session: Session: Basic Auditing Basic Auditing Skills for Skills for Management Management Audit Audit

Resource Person:Resource Person:

CA Kumud TripathyCA Kumud Tripathy

FCA, ISA, MBAFCA, ISA, MBA

June 19, 2015June 19, 2015

Subject Matters to be Subject Matters to be coveredcovered

A.A. Procedures for collecting Procedures for collecting necessary necessary information for information for management auditmanagement audit

B.B. Problem Identification and Problem Identification and Prioritization SkillPrioritization Skill

C.C. Investigation of Subject Investigation of Subject Matters Matters and Analysis of Factsand Analysis of Facts

Subject Matters to be coveredSubject Matters to be covered

Contd.Contd.D.D. Factors to be considered while Factors to be considered while

giving suggestion/recommendation giving suggestion/recommendation after management auditafter management audit

E.E. Monitoring and evaluation of Monitoring and evaluation of audit audit processprocess

F.F. Professional Professional competence/quality of competence/quality of management auditor and code of management auditor and code of ethicsethics

Subject Matters to be coveredSubject Matters to be covered

Contd.Contd.

G.G. Necessary skills of management Necessary skills of management auditor with regards to auditor with regards to communication, relationship, communication, relationship, coordination and networkingcoordination and networking

BackgroundBackground

What is Audit?What is Audit?

In general, auditing is defined as In general, auditing is defined as “a systematic and independent “a systematic and independent examination of data, statements, examination of data, statements, records, operations and records, operations and performances (financial or performances (financial or otherwise) of an enterprise for a otherwise) of an enterprise for a stated purpose. stated purpose.

What is Audit?What is Audit? – Contd.– Contd.

In any auditing situation, the In any auditing situation, the auditor perceives and recognizes auditor perceives and recognizes the propositions before him for the propositions before him for examination, collects evidence, examination, collects evidence, evaluates the same and on this evaluates the same and on this basis formulates his judgment basis formulates his judgment which is communicated through which is communicated through his audit report.”his audit report.”

What is Audit?What is Audit? – Contd.– Contd.

Thus, auditing is a specialized Thus, auditing is a specialized function having complex legal, function having complex legal, economic and ethical implicationseconomic and ethical implications

What is Management Audit in What is Management Audit in our perspective?our perspective?

Management Audit Guidelines – Management Audit Guidelines – 20672067

-Joj:yfkg k/LIf0f lgb]{lzsf – -Joj:yfkg k/LIf0f lgb]{lzsf – @)^&_@)^&_ defines management defines management audit as: audit as:

What is Management Audit in What is Management Audit in our perspective?our perspective?Contd.Contd.

““Joj:yfkg k/LIf0f” eGgfn] nf]s;]jf Joj:yfkg k/LIf0f” eGgfn] nf]s;]jf cfof]usf] sfo{If]q leqsf ljifox? cfof]usf] sfo{If]q leqsf ljifox? Affx]ssf ;fdfGo k|zf;g d+qfno jf ;f] af6 Affx]ssf ;fdfGo k|zf;g d+qfno jf ;f] af6 tf]lsPsf lgsfon] g]kfn ;/sf/sf laleGg tf]lsPsf lgsfon] g]kfn ;/sf/sf laleGg lgsfox?df sfo{/t lghfdlt sd{rf/Ln] k|lgsfox?df sfo{/t lghfdlt sd{rf/Ln] k|rlnt sfg"g tyf k|zf;sLo lgod / rlnt sfg"g tyf k|zf;sLo lgod / sfo{ljlwx? Kffngf u/] sfo{ljlwx? Kffngf u/] gu/]sf] ;DaGwdf ;'kl/j]If0f, cg'udg / gu/]sf] ;DaGwdf ;'kl/j]If0f, cg'udg / d"Nof+sg u/L lgb]{zg ;d]t lbg] d"Nof+sg u/L lgb]{zg ;d]t lbg] sfo{nfO{ hgfpF5 .sfo{nfO{ hgfpF5 .

Audit ProceduresAudit Procedures

A.A. Procedures for Procedures for collecting collecting necessary necessary information for information for management auditmanagement audit

Audit Procedures Audit Procedures Contd.Contd.

Why Management Audit? Why Management Audit?

Scope of Management Scope of Management Audit?Audit?

(Details are given in (Details are given in Chapter 2 of Management Chapter 2 of Management Audit Guidelines – 2067)Audit Guidelines – 2067)


Objectives of Management AuditObjectives of Management Audit ConsistencyConsistency in managerial in managerial

activities of different entities of activities of different entities of Nepal GovernmentNepal Government

Examine the activities of civil Examine the activities of civil servants of Nepal Government servants of Nepal Government to find out whether they are in to find out whether they are in compliancecompliance with the prevailing with the prevailing laws andlaws and


regulations and recommend for the regulations and recommend for the improvement of short comings, if improvement of short comings, if anyany

Determine the Determine the strength and strength and weaknessweakness of the organization and of the organization and recommend for further recommend for further improvements of the strength and improvements of the strength and remedial measures for the remedial measures for the weaknessesweaknesses


Help to increase Help to increase efficiency and efficiency and effectivenesseffectiveness in the organization in the organization by optimal utilization of available by optimal utilization of available resourcesresources

Help to develop Help to develop sense of sense of accountability accountability by controlling the by controlling the probable shortcoming and probable shortcoming and mismanagementmismanagement


Evaluate the Evaluate the working capacity working capacity of all the levels of management of of all the levels of management of the organizationthe organization

Identify the Identify the problems in the problems in the implementation implementation level of the level of the organization and recommend the organization and recommend the appropriate suggestionsappropriate suggestions


Improve Improve good governance good governance by by helping to maintain law and order helping to maintain law and order in work performance in work performance


Scope of Work:Scope of Work: Organizational Policy and BehaviorOrganizational Policy and Behavior Organization StructureOrganization Structure Work Process and Office Lay-outWork Process and Office Lay-out Staff Management and RecordStaff Management and Record Financial Administration and Store Financial Administration and Store

ManagementManagement


Delivery of Services and Delivery of Services and TransparencyTransparency

Use of Information TechnologyUse of Information Technology Management of Employee’s Management of Employee’s

ComplaintComplaint OthersOthers


Procedures to be used for collecting Procedures to be used for collecting information:information:

Observation, Discussion, Interview, Observation, Discussion, Interview, Questionnaire, Study of documents Questionnaire, Study of documents or evidence, Review and study of or evidence, Review and study of earlier reports, Other procedures earlier reports, Other procedures deemed necessary by the audit teamdeemed necessary by the audit team


Objectives and General Principles Objectives and General Principles Governing an Audit (NSA 200)Governing an Audit (NSA 200)

Ethical Requirement for AuditEthical Requirement for Audit Conduct of audit in accordance Conduct of audit in accordance

with regulatory requirementswith regulatory requirements


Audit Risk and Materiality: The Audit Risk and Materiality: The auditor should plan and perform auditor should plan and perform the audit to reduce audit risk to the audit to reduce audit risk to an acceptable low levelan acceptable low level


Audit Documentation (NSA 230) Audit Documentation (NSA 230)

The auditor should prepare audit The auditor should prepare audit documentation that provides:documentation that provides:

Sufficient and appropriate record Sufficient and appropriate record of basis of his reportof basis of his report


The evidence that the audit was The evidence that the audit was conducted in accordance with the conducted in accordance with the applicable legal and regulatory applicable legal and regulatory requirementsrequirements

The nature, timing and extent of The nature, timing and extent of audit procedures performed to audit procedures performed to comply with applicable legal and comply with applicable legal and regulatory requirementsregulatory requirements


The result of the audit procedures The result of the audit procedures and the audit evidence obtainedand the audit evidence obtained

Significant matters arising during Significant matters arising during the audit and the conclusions the audit and the conclusions reachedreached


Responsibility to Consider FraudResponsibility to Consider Fraud

(NSA 240)(NSA 240) In planning and performing the In planning and performing the

audit to reduce audit risk to an audit to reduce audit risk to an acceptable low level, the auditor acceptable low level, the auditor should consider the risk of should consider the risk of material misinformation due to material misinformation due to fraud or errorfraud or error

Audit Procedures Audit Procedures Contd.Contd. The primary responsibility for the The primary responsibility for the

prevention and detection of fraud prevention and detection of fraud rests with both those charged with rests with both those charged with governance and with the governance and with the managementmanagement

Owing to the inherent limitations of Owing to the inherent limitations of an audit, there is an unavoidable risk an audit, there is an unavoidable risk that some material misinformation that some material misinformation will not be detected, even though the will not be detected, even though the audit is properly planned and audit is properly planned and performedperformed


B.B. Problem Identification Problem Identification and and Prioritization SkillPrioritization Skill


The management auditor should The management auditor should compare the performance compare the performance requirement of the organization requirement of the organization being audited and the actual being audited and the actual performance of the organizationperformance of the organization

The comparison shall be done on The comparison shall be done on the basis of audit evidence the basis of audit evidence gatheredgathered


The problem shall be identified The problem shall be identified while comparing the required while comparing the required performance with the actual performance with the actual performanceperformance

The variances should be analyzed The variances should be analyzed properly for prioritization for properly for prioritization for investigation and presentation in investigation and presentation in the reportthe report


C.C. Investigation of Subject Investigation of Subject Matters Matters and Analysis of and Analysis of FactsFacts


Consideration of Laws and Consideration of Laws and Regulations in an Audit (NSA 250)Regulations in an Audit (NSA 250)

The auditor should design and The auditor should design and perform the audit procedures perform the audit procedures such that the non-compliance such that the non-compliance with relevant laws and with relevant laws and regulations are identifiedregulations are identified


The responsibility for the prevention The responsibility for the prevention and detection of non-compliance and detection of non-compliance with laws and regulations primarily with laws and regulations primarily rests with the managementrests with the management

However, in order to plan the audit, However, in order to plan the audit, the auditor should obtain general the auditor should obtain general understanding of legal and understanding of legal and regulatory framework applicable to regulatory framework applicable to the organization being auditedthe organization being audited


When the auditor believes that When the auditor believes that there may be non-compliance, he there may be non-compliance, he should document the findings and should document the findings and discuss with the management discuss with the management and also inform the matter to and also inform the matter to those charged with governancethose charged with governance


Understanding the Entity and Understanding the Entity and its Environment and its Environment and Assessing the Risks of Assessing the Risks of Material Misstatement (NSA Material Misstatement (NSA 315)315)


The auditor should obtain an The auditor should obtain an understanding of the organization understanding of the organization and its environment, including its and its environment, including its internal control, sufficient to internal control, sufficient to identify and assess the risks of identify and assess the risks of material misstatement of the material misstatement of the informationinformation


The auditor should perform the The auditor should perform the following risk assessment procedures following risk assessment procedures to obtain an understanding of the to obtain an understanding of the organization and its environment, organization and its environment, including internal control:including internal control:

Inquiries of management and others Inquiries of management and others within the organization; Analytical within the organization; Analytical procedures; Observation and procedures; Observation and inspectioninspection


After understanding the After understanding the organization, its environment and organization, its environment and audit risk, appropriate audit audit risk, appropriate audit procedures should be appliedprocedures should be applied


Audit Materiality (NSA 320)Audit Materiality (NSA 320) The auditor should consider The auditor should consider

materiality and its relationship with materiality and its relationship with audit risk when conducting an auditaudit risk when conducting an audit

There is an inverse relationship There is an inverse relationship between materiality and the level between materiality and the level of audit risk, i.e. the higher the of audit risk, i.e. the higher the materiality level, the lower the materiality level, the lower the audit risk and vice versaaudit risk and vice versa


Auditor’s Procedures in Response Auditor’s Procedures in Response to Assessed Risks (NSA 330)to Assessed Risks (NSA 330)

The auditor should determine The auditor should determine overall responses to address the overall responses to address the assessed risk and should design assessed risk and should design and perform further audit and perform further audit procedures to respond to procedures to respond to assessed risksassessed risks


Audit Evidence (NSA 500)Audit Evidence (NSA 500) The auditor should obtain sufficient The auditor should obtain sufficient

appropriate audit evidence to be appropriate audit evidence to be able to draw reasonable able to draw reasonable conclusions for the audit reportconclusions for the audit report

Sufficiency is the measure of the Sufficiency is the measure of the quantity of audit evidence where quantity of audit evidence where as appropriateness is the measure as appropriateness is the measure of the quality of the audit evidenceof the quality of the audit evidence


Audit evidence is more reliable Audit evidence is more reliable when it is obtained from when it is obtained from independent sources outside the independent sources outside the organizationorganization

Audit evidence that is generated Audit evidence that is generated internally is more reliable when internally is more reliable when the related controls imposed by the related controls imposed by the organization are effectivethe organization are effective


Audit evidence provided by Audit evidence provided by original documents is more original documents is more reliable than the audit evidence reliable than the audit evidence provided by photocopies or provided by photocopies or facsimilesfacsimiles


Audit procedures for obtaining Audit procedures for obtaining audit evidence may be:audit evidence may be:

Inspection of records or Inspection of records or documentsdocuments

Inspection of tangible assets Inspection of tangible assets ObservationObservation

InquiryInquiry

Confirmation from third partiesConfirmation from third parties


Recalculation (checking of Recalculation (checking of mathematical accuracy)mathematical accuracy)

Re-performance (independent Re-performance (independent execution of procedure- e.g. execution of procedure- e.g. aging of receivables)aging of receivables)

Analytical proceduresAnalytical procedures


External Confirmations (NSA 505)External Confirmations (NSA 505) The auditor should determine The auditor should determine

whether the use of external whether the use of external confirmations is necessary to obtain confirmations is necessary to obtain sufficient appropriate audit evidencesufficient appropriate audit evidence

External confirmations are frequently External confirmations are frequently used in relation to accounts balances used in relation to accounts balances and their components but need not and their components but need not be restricted to these items onlybe restricted to these items only

Audit Procedures Audit Procedures Contd.Contd. Confirmation requests ordinarily Confirmation requests ordinarily

include management’s authorization include management’s authorization to the respondent to disclose the to the respondent to disclose the information to the auditorinformation to the auditor

The auditor may use positive or The auditor may use positive or negative external confirmation negative external confirmation requests or combination of both. requests or combination of both. Positive external confirmation Positive external confirmation requests are more reliable audit requests are more reliable audit evidenceevidence


When performing confirmation When performing confirmation procedure, the auditor should procedure, the auditor should maintain control over the process of maintain control over the process of selecting those to whom a request selecting those to whom a request will be sent, the preparation and will be sent, the preparation and sending of confirmation requests; sending of confirmation requests; and the responses to those requestsand the responses to those requests


The auditor should consider The auditor should consider whether there is any indication whether there is any indication that external confirmations that external confirmations received may not be reliablereceived may not be reliable


Analytical Procedures (NSA 520)Analytical Procedures (NSA 520)

The auditor should apply analytical The auditor should apply analytical procedures as risk assessment procedures as risk assessment procedures to obtain an procedures to obtain an understanding of the organization understanding of the organization and its environment and in the and its environment and in the overall review at the end of the auditoverall review at the end of the audit


““Analytical procedures” means Analytical procedures” means evaluation of financial information evaluation of financial information made by a study of plausible made by a study of plausible relationship among both financial relationship among both financial and non-financial dataand non-financial data


Audit Sampling and Other Means Audit Sampling and Other Means of Testing (NSA 530)of Testing (NSA 530)

The auditor should assess the The auditor should assess the audit risk through tests of control audit risk through tests of control and substantive procedureand substantive procedure

In obtaining audit evidence, the In obtaining audit evidence, the auditor should use professional auditor should use professional judgment to assess audit riskjudgment to assess audit risk


Sampling risk and non-sampling Sampling risk and non-sampling risk can affect the components of risk can affect the components of the audit riskthe audit risk

The auditor may decide to apply The auditor may decide to apply audit sampling to a class of audit sampling to a class of transactions or activitiestransactions or activities


In determining the sample size, the In determining the sample size, the auditor should consider whether auditor should consider whether sampling risk is reduced to an sampling risk is reduced to an acceptable low levelacceptable low level

The auditor should select items for The auditor should select items for the sample with the expectation that the sample with the expectation that all sampling units in the population all sampling units in the population have a chance of selectionhave a chance of selection


Audit of Accounting Estimates (NSA Audit of Accounting Estimates (NSA 540)540)

The auditor should obtain The auditor should obtain sufficient appropriate audit sufficient appropriate audit evidence regarding accounting evidence regarding accounting estimatesestimates


The auditor should design and The auditor should design and perform further audit procedures to perform further audit procedures to obtain sufficient appropriate audit obtain sufficient appropriate audit evidence as to whether the evidence as to whether the organization’s accounting estimates organization’s accounting estimates are reasonable in the are reasonable in the circumstancescircumstances


The auditor should review and test The auditor should review and test the process used by the the process used by the management to develop the estimatemanagement to develop the estimate

The auditor should use an The auditor should use an independent estimate for comparison independent estimate for comparison with that prepared by the with that prepared by the managementmanagement


The auditor should review The auditor should review subsequent events which provide subsequent events which provide audit evidence of the audit evidence of the reasonableness of the estimates reasonableness of the estimates mademade

The auditor should evaluate whether The auditor should evaluate whether the data on which the estimate is the data on which the estimate is based is accurate, complete and based is accurate, complete and relevantrelevant


The auditor should evaluate whether The auditor should evaluate whether the organization has an appropriate the organization has an appropriate base for the principal assumptions base for the principal assumptions used in the accounting estimateused in the accounting estimate

The auditor should compare The auditor should compare previous estimates with the actual previous estimates with the actual results to assess the reliability of results to assess the reliability of current estimatescurrent estimates


Related Parties (NSA 550)Related Parties (NSA 550) The auditor should perform audit The auditor should perform audit

procedures designed to obtain procedures designed to obtain sufficient appropriate audit evidence sufficient appropriate audit evidence regarding the identification and regarding the identification and disclosure by management of disclosure by management of related parties and the effect of related parties and the effect of related party transactionsrelated party transactions


An audit cannot be expected to An audit cannot be expected to detect all related party detect all related party transactionstransactions

Management is responsible for Management is responsible for the identification and disclosure the identification and disclosure of related parties and of related parties and transactions with such partiestransactions with such parties


The auditor should review the The auditor should review the information provided by the information provided by the management with regards to management with regards to related party and transaction with related party and transaction with them and try to ensure them and try to ensure completeness of such disclosurecompleteness of such disclosure


While examining the identified While examining the identified related party transactions, the related party transactions, the auditor should obtain sufficient auditor should obtain sufficient appropriate audit evidence as to appropriate audit evidence as to whether these transactions have whether these transactions have been properly recorded and been properly recorded and discloseddisclosed


The auditor should obtain written The auditor should obtain written representation from the representation from the management regarding management regarding completeness of information completeness of information about related parties and the about related parties and the adequacy of related party adequacy of related party disclosuredisclosure


Management Representations (NSA Management Representations (NSA 580)580)

The auditor should obtain appropriate The auditor should obtain appropriate representations from the representations from the management acknowledging its management acknowledging its responsibility for the financial responsibility for the financial information and other relevant information and other relevant regulatory mattersregulatory matters


Management Representation may Management Representation may be considered as audit evidence be considered as audit evidence when other sufficient appropriate when other sufficient appropriate audit evidence cannot reasonably audit evidence cannot reasonably be expected to existbe expected to exist


If management representation seems If management representation seems to be contradictory with other audit to be contradictory with other audit evidence, the auditor should evidence, the auditor should investigate the circumstances and investigate the circumstances and reconsider the reliability of other reconsider the reliability of other representations made by the representations made by the managementmanagement


If the management refuses to If the management refuses to provide a representation that the provide a representation that the auditor considers necessary, this auditor considers necessary, this constitutes a scope limitation and constitutes a scope limitation and the auditor should prepare its the auditor should prepare its report accordinglyreport accordingly


Considering the Work of Internal Considering the Work of Internal Audit (NSA 610)Audit (NSA 610)

The external auditor The external auditor (Management Auditor in our case) (Management Auditor in our case) should consider the activities of should consider the activities of internal auditing and their effect, internal auditing and their effect, if any, on external audit if any, on external audit procedureprocedure


The external auditor should perform The external auditor should perform an assessment of the internal audit an assessment of the internal audit function for assessing its audit riskfunction for assessing its audit risk

For the assessment of internal audit For the assessment of internal audit function, the important criteria are: function, the important criteria are: Organizational Status, Scope of Organizational Status, Scope of Function, Technical Competence Function, Technical Competence and Due Professional Careand Due Professional Care


Using the Work of an Expert (NSA Using the Work of an Expert (NSA 620)620)

When using the work performed by When using the work performed by an expert, the auditor should obtain an expert, the auditor should obtain sufficient appropriate audit evidence sufficient appropriate audit evidence that such work is adequate for the that such work is adequate for the purposes of the auditpurposes of the audit

Audit Procedures Audit Procedures Contd..Contd..

An expert may be contracted by the An expert may be contracted by the organization; may be contracted by organization; may be contracted by the auditor; may by employed by the auditor; may by employed by the organization; or employed by the organization; or employed by the auditor (applicable in case of the auditor (applicable in case of independent management auditor)independent management auditor)


When planning to use the work of an When planning to use the work of an expert, the auditor should evaluate expert, the auditor should evaluate the professional competence of the the professional competence of the expertexpert

The auditor should obtain sufficient The auditor should obtain sufficient appropriate audit evidence that the appropriate audit evidence that the scope of the expert’s work is scope of the expert’s work is adequate for the purposes of the adequate for the purposes of the auditaudit


D.D. Factors to be considered Factors to be considered while while giving suggestion / giving suggestion / recommendation after recommendation after management auditmanagement audit


Communication of Audit Matters Communication of Audit Matters with those charged with Governancewith those charged with Governance

(NSA 260)(NSA 260) The auditor should communicate The auditor should communicate

audit matters of governance interest audit matters of governance interest found during the audit with those found during the audit with those charged with governancecharged with governance


The auditor should determine the The auditor should determine the appropriate person for appropriate person for communicating relevant audit communicating relevant audit mattersmatters

The auditor should communicate The auditor should communicate audit matters of governance interest audit matters of governance interest on a timely basis. The matters may on a timely basis. The matters may be communicated orally or in writingbe communicated orally or in writing


The legislation or the regulation The legislation or the regulation of the country may impose of the country may impose obligation on the auditor to make obligation on the auditor to make communications on governance communications on governance related mattersrelated matters


Subsequent Events (NSA 560)Subsequent Events (NSA 560)

The auditor should consider the The auditor should consider the effect of subsequent events on effect of subsequent events on the financial information and the the financial information and the audit reportaudit report


When the auditor becomes aware When the auditor becomes aware of events which materially affect of events which materially affect the financial information, the the financial information, the auditor should consider whether auditor should consider whether such events are properly such events are properly accounted for and adequately accounted for and adequately discloseddisclosed


E.E. Monitoring and evaluation Monitoring and evaluation of of audit processaudit process


Quality Control for Audits (NSA 220)Quality Control for Audits (NSA 220) The engagement team should The engagement team should

implement quality control implement quality control procedures that are applicable to procedures that are applicable to the individual auditthe individual audit

The management audit team leader The management audit team leader should be responsible for the should be responsible for the quality of auditquality of audit


The management audit team The management audit team leader should ensure that the leader should ensure that the appropriate audit procedures are in appropriate audit procedures are in place throughout the audit processplace throughout the audit process

The team leader should consider The team leader should consider whether the members of the audit whether the members of the audit team have complied with ethical team have complied with ethical requirementsrequirements


F.F. Professional Professional competence/quality of competence/quality of management auditor and management auditor and code code of ethicsof ethics


The management audit team The management audit team should ensure that all the should ensure that all the members of the audit team members of the audit team comply with professional comply with professional standards and regulatory and standards and regulatory and legal requirementslegal requirements


Capabilities and competence are Capabilities and competence are developed through: Continuing developed through: Continuing professional development, professional development, including training; Professional including training; Professional education; Work experience; education; Work experience; Coaching by more experienced Coaching by more experienced staffstaff


The quality control policies and The quality control policies and procedures with regards to procedures with regards to management audit developed by management audit developed by the ministry of general the ministry of general administrations, if any, should be administrations, if any, should be communicated to the audit teamcommunicated to the audit team


All the members of the All the members of the management audit team should management audit team should comply with the relevant ethical comply with the relevant ethical requirements that are expected requirements that are expected from the government employeesfrom the government employees


ICAN Code of Ethics establishes ICAN Code of Ethics establishes the fundamental principles of the fundamental principles of professional ethics, which include: professional ethics, which include: Integrity; Objectivity; Professional Integrity; Objectivity; Professional competence and due care; competence and due care; Confidentiality; Professional Confidentiality; Professional behavior; Independence behavior; Independence


G.G. Necessary skills of Necessary skills of management auditor with management auditor with regards to communication, regards to communication, relationship, coordination and relationship, coordination and

networkingnetworking


On top of auditing skills, all the On top of auditing skills, all the members of the management audit members of the management audit team are expected to possess good team are expected to possess good skill with regards to communication, skill with regards to communication, relationship, coordination and relationship, coordination and networking with the concerned staff networking with the concerned staff of the organization being auditedof the organization being audited


Such skills can be acquired by Such skills can be acquired by participating in appropriate participating in appropriate technical, professional and skill technical, professional and skill development training programs development training programs conducted in house as well as conducted in house as well as outside the organization with the outside the organization with the help of professional resource help of professional resource personspersons


The management audit team should The management audit team should give prior written information to the give prior written information to the organization being audited, except organization being audited, except in case of surprise audit, so that the in case of surprise audit, so that the management audit could be carried management audit could be carried out smoothly and completed within out smoothly and completed within stipulated time framestipulated time frame


The information should include: The information should include: time required for audit; subject time required for audit; subject matter of the management audit; matter of the management audit; audit procedures; name of audit audit procedures; name of audit team members; support expected team members; support expected from the organization being from the organization being auditedaudited

Any Question?Any Question?

Thank You Thank You

For your PatienceFor your Patience

management audit training session: basic auditing skills for management audit resource person: ca...

Documents

management audit guidelines

scope of management

audit proceduresa

audit report

management auditb

management audite

levels of management

evaluation of audit