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Risk Assessment, Audit Planning and Time Management
AuditAlert allows the audit administrator to
create an annual audit plan based on the risk
assessment score results assigned to each audit entity
within the organization’s audit universe.
The audit plan lists all audit entities to be examined for the
upcoming plan year (or years if a multiple year plan). The audit
plan allows the audit administrator to assign audit staff members
to each audit entity or examination as it is referred to in AuditAlert. The
audit administrator allocates staff, fieldwork dates and budgeted-hours
to each audit entity included in the plan. As the audit staff
members work on an examination they will account for their actual
hours via timesheets, which provides the audit
manager with the ability to review actual vs. budget-hours by
staff member, by examination, and by the plan.
To expedite a new audit plan, the prior audit plan is copied creating
new examinations within the new audit plan. This process automatically
carries forward assigned staff, the risk assessment scorecard
including scores, budgeted hours, scope, objective, audit programs,
reference material, etc, on a per examination basis. This becomes
the current year’s starting point for the audit planning
process.
- General Overview AuditAlert allows
the audit administrator to create or copy an annual
audit plan based on the risk assessment score results
assigned to each audit entity within the organization’s
audit universe. The audit plan lists all audit entities to
be examined for the upcoming plan year (or years if a multiple
year plan).
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and see screenshots>>
- Creating a Risk Assessment Scorecard Template AuditAlert allows
multiple risk assessment scorecards (operational,
compliance, IT-related, etc.) to be utilized. The audit administrator
creates the description of the risk assessment scorecard(s) and then
selects or creates risk factors that will be incorporated into the
scorecard. b4nAfter delivers 30
risk factors with the application. The audit administrator can create,
delete and amend existing risk factors.
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and see screenshots>>
- Establish Examination Risk Score Once
an examination is opened in AuditAlert, the
audit administrator can select the Risk Assessment tab
and the risk assessment scorecard listing each risk factor linked
to the scorecard will be displayed. The audit administrator will
select a risk level score for each factor in the scorecard thereby
arriving at the overall risk score for the audit entity.
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more and see screenshots>>
- New Audit Plan Creating
an Audit Plan is extremely simply in AuditAlert. The
audit administrator determines the number of
years to be incorporated into the plan. AuditAlert lists
all of the audit entities available to be incorporated into the
plan. Creating a “new audit plan” is normally employed
in the initial year using AuditAlert. (See “copy
an existing audit plan below.)
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and see screenshots>>
- Summary Information Displays AuditAlert provides
audit management with numerous up to the second displays to monitor
the overall risk assessment scorecard for the audit universe,
the audit plan, risk assessment scorecard results by examination,
audit plan budget vs. actual hours (by plan, by examination and
by audit staff member), timesheets, etc.
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and see screenshots>>
- Copying an Existing Audit Plan A
simple click of the mouse brings forward the prior audit plan
including the creation of new examinations from prior examinations
based on the frequency established for the examination. The copy
includes as drafts the prior examination’s
risk assessment scorecard, assigned staff and budgeted hours,
auditees, objective, scope, scope limitations, referenced material,
audit programs, internal control questionnaires, etc.
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and see screenshots>>
- Time Management The Timesheet
Hours Entry Screen allows the audit staff member to
account for his or her hours. The staff member selects the
date, the number of hours (can be partial hours), and the examination
from a drop-down list of examinations that he or she has been
assigned to. The audit staff member can account
for hours retroactively for any period of time. The hours that
are being accounted for must be within the examination’s
field work timeframe.
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and see screenshots>>
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