Designing an Effective Audit Program

Designing an effective audit program can be both complicated and confusing. The goal is to have a program that is comprehensive enough to guide the auditor(s) through the testing of an adequate number of areas, the documentation of the findings and conclusions based on quantitative data, and the presentation and recommendations based on the findings. An effective audit program will include such tools and techniques as the Internal Control Questionnaire (ICQ), Interviews and observations (IO’s), narratives and flowcharts, and the audit steps. This program will look at the formation and interpretation of the ICQs, narratives, flowcharts, as well as the proper design for the audit steps, including the risk factor, and weighting, source of the risk, controls for that risk, testing of the risk, and documentation of the findings. This program will lay the foundation for subsequent webinars. but can be used as a starting point for the development of any audit program.

Areas Covered in the seminar:

• The importance of an effective audit program.
• A brief discussion on ICQ’s- their development and interpretation.
• A brief discussion on narratives- their development and interpretation.
• A brief discussion on flowcharts- their development and interpretation.
• How to design an effective audit step: the risk, the test, the findings, etc.
• A suggested numbering and labeling system for audit steps and workpapers.
• How to effectively communicate the audit findings?

Who will benefit:

This webinar will provide valuable assistance to all regulated companies that need to audit any department, process or procedure, financial records, assets, etc. Those that will most directly benefit will be internal auditors responsible for the function, external auditors that co-source the audit function, audit managers, audit committee members, board of directors members, and anyone who is accountable or responsible for this function.

• End-users responsible for applications that need to be audited
• QA Managers and Personnel
• Information Technology Managers and Personnel
• Validation Specialists
• Consultants
• Quality System Auditors

Instructor Profile:

Deborah Donaldson, is President and CEO of Alpha-Numeric Consulting, LLC, a national consulting firm that specializes in audit program preparation, audit work, risk management, profitability, and continuing education in related areas. She is a nationally known speaker and educator, and regularly participates in webinars, seminars, roundtables, and industry forums. She is also a published author of both fiction and nonfiction. Ms. Donaldson has nearly 20 years of experience, with concentrations in audit (investments, loans, deposits, trust, branch operations, IT, etc), risk management, and profitability. She is currently serving as Vice Chair of the internal audit committee of the Financial Manager’s Society, and is a member of The Institute of Internal Auditors, and is the author of the Internal Auditor Desk Reference Guide, 2nd edition.

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