Assurance on risk exposures in dynamic contexts is the expectation of Boards today. It therefore demands a superior understanding of business environment and business management practices including people dynamics. The Institute of Internal Auditors, Inc., Florida USA has released the Standards for Professional Practice of Internal Auditing for guidance of Internal Auditors globally. We adopt the same in our work methodology at all times and remain at the cutting edge of technology in the field of Internal Audit. Risk based Internal Auditing is implemented at client locations within the respective organization contexts. ISO 31000 is taken as a guiding framework towards structuring Risk Assessments for Audit Planning and Control Evaluation. The audit process includes implementation of latest techniques like Control Self Assessment and productivity enhancement CAATs.
Objective, Scope and Methodology for an IA assignment
OBJECTIVEConduct Internal Audit combining a Strategic Business Approach and a Transactional Audit Approach with a view:
SCOPEThe scope of work will cover audit areas as given below. The audit period for each area covered will be till the end of previous month relative to the month in which the audit will be done. The audit will be done as per an Annual Audit Plan which will outline the audit areas to be undertaken during the period. The areas selected will be in a way that all audit areas are covered over a period of 3 years.
APPROACH & METHODOLOGYThe key phases of the audit process will be planning, fieldwork, reporting and feedback. Throughout these phases we will emphasize on:
- Continuous co-ordination with operational and top management
- A combination of awareness, business knowledge and professional judgement ensuring relevance of activities
- “Leaving things a little better than we found them” attitude
We also conduct training programmes for Internal Audit and IS Auditing personnel and preparation of Framework for efficient and effective Internal Audit after studying the needs of the organisation. Please refer section on IA Training.
The guiding philosophy of Sama is to render specialised and tailor made services with a down to earth approach. Do give us a call to understand how we can be of help to your organisation in providing or strengthening assurance.