Audit Frameworks
Develop quality assurance frameworks to meet regulatory requirements
Type
Domain
Competency Area
Assurance
Levels
Analyse the format and content of audit report
Ensure availability of all documents for the purpose of audits
Review and assess the audit findings from the auditors
Ensure that all exceptions and issues are addressed accurately by the appropriate finance and accounting staff members
Assess impact of external changes
Keep up-to-date with audit trends, updates and regulatory changes
Liaise with external auditors to get their expert view on the changes in regulations, governance, standards and ethics
Adjust the organisation’s external audit frameworks accordingly to suit regulatory changes
Appoint external auditors to develop audit plans when a new regulatory framework is being introduced
Strategies to Optimise balance sheet
Use the provisions available within the Audit framework to meet current objectives
Cite precendences, rules and appropriate cases to take a position on the best interpretation of contentious issues
Understand and communicate risks associated with stretched provisions to the Top team before using the same
Balance current optimisation with any future risks