By K. H. Spencer Pickett, Jennifer M. Pickett
At a time while many companies are slicing their inner auditing departments, it truly is important that each supervisor is aware the basics of inner audits. This publication is designed as a company source to assist managers and their groups set criteria for self-auditing, probability administration, compliance assessment, and formal disclosure reporting. Readers will study confirmed, potent concepts for appearing trustworthy and defensible audit studies to make sure compliance with laws and criteria.
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Extra info for Auditing for managers : the ultimate risk management tool
There is much to be said about risk appetite and this is dealt with later in the book. In short An organization’s governance arrangements are important in that they help determine the level of risk that it has assumed on behalf of its stakeholders, and if this risk appetite fits with the expectations of key stakeholders then all is well. This is why formal disclosure provisions are so important in informing outsiders about the state of affairs in an entity. 12 The initial audit process should be applied in a way that enhances the ethical values of the organization and promotes a culture based on mutual trust and good communication.
But some say we need to have blame to ensure that roles and responsibilities are clearly defined. If we are able to take every part of the organization and work out exactly where to apportion blame where something does not work well, this reinforces clear accountabilities, but it can also create a negative blame culture. Where something goes wrong it is generally much better to work out if there is a training need or evaluate where procedures failed. Intentional flouting of rules is different, as is gross neglect in the performance of one’s duties.
Hold meetings to discuss whether the procedure is working or not and if in doubt, simplify where possible. 8. Secure feedback on the success of the procedure from customers and others and make sure people buy into the new procedure and understand how it helps the business. 9. Maintain the procedure and ensure it is improved wherever possible to maximize value add. 10. Review procedures regularly. In short Controls, if they are designed well and make sense, can lead to control – and this is a comfort to all even if perfection is never possible.
Auditing for managers : the ultimate risk management tool by K. H. Spencer Pickett, Jennifer M. Pickett