Internal Audit Engagement Execution
Execute and review internal audit engagements, document and communicate findings in accordance with the International Professional Practices Framework
Type
Functional
Competency Area
Internal Audit
Levels
Perform audit procedures
Apply audit procedures according to the audit engagement plan
Apply audit methodologies and carry out audit procedures
Apply due professional care in execution of audit procedures
Ensure that engagement deadlines and objectives are met
Select and apply the appropriate tools and techniques to information gathering and analysis
Obtain reliable, relevant and sufficient evidence
Develop working papers that truly reflect all activities performed during the audit engagement
Identify preliminary key observations, findings, risk responses and recommendations in clear and concise manner
Supervise and review engagements
Supervise teams to work within the agreed timeline
Manage and resolve conflicts with internal and external stakeholders
Review audit working papers to ensure that they sufficiently document information obtained, analysis made, and support conclusions
Determine sufficiency of audit work done and evidence collated to support the findings
Develop preliminary findings and formulate recommendations that deal with root causes of issues and impact to the organisation
Present and discuss findings with process owners
Apply and implement agile processes in engagement execution
Develop, implement and monitor project plans to ensure delivery in accordance with agreed timelines
Evaluate critically that audit evidence is reliable, relevant and sufficient
Evaluate root causes, findings identified and recommendations formulated
Engage stakeholders to communicate results of engagements
Identify and escalate strategic implications to the organisation from audit engagement findings
Evaluate that significant risk exposures and control issues, including fraud risk and governance issues are covered in the final engagement communication
Resolve findings and issues with senior management
Communicate audit engagement results to senior management and board in an objective manner