Module 4 - Introduction to Performance Audit_4A

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Table of Contents Module 4: Introduction to Performance Audit ........................................................................ 3 Introduction ....................................................................................................................... 3 Relevant Standards ........................................................................................................... 4 Relevant Competencies .................................................................................................... 4 References and Additional Reading .................................................................................. 5 4A. Introduction to Performance Auditing (10%) .................................................................... 6 4A. Learning Outcomes ..................................................................................................... 6 4A.1 The Role of Performance Audits in the Public Sector .............................................. 6 4A.2 Distinctive Features of Performance Auditing ........................................................ 12 4A.3 Performance Auditing Supervision ........................................................................ 19 4B. Planning a Performance Audit Engagement (40%) ....................................................... 24 4B. Learning Outcomes ................................................................................................... 24 4B.1 Performance Audits in the Audit Plan .................................................................... 24 4B.2 Getting Started ...................................................................................................... 29 Performance Audit Pre-Study ....................................................................................... 30 4B.3 Audit Objectives .................................................................................................... 32 Audit Questions............................................................................................................ 33 4B.4 Audit Scope .......................................................................................................... 34 4B.5 Methodology ......................................................................................................... 36 4B.6 Audit Criteria ......................................................................................................... 39 4C. Performing a Performance Audit Engagement (20%) ................................................... 43 4C. Learning Outcomes ................................................................................................... 43 4C.1 Auditing Economy, Effectiveness, and Efficiency .................................................. 43 Measuring Economy, Effectiveness, and Efficiency ..................................................... 46 4C.2 Audit Documentation ............................................................................................. 49 4D. Communicating Performance Audit Engagement Results (30%) .................................. 53 4D. Learning Outcomes ................................................................................................... 53 4D.1 Performance Audit Report ..................................................................................... 53 4D.2 Monitoring and Follow-Up ..................................................................................... 57 Appendix 1: Extract from IIA Competency Framework ........................................................ 60 References and Additional Reading .................................................................................... 63 2
Module 4: Introduction to Performance Audit Introduction The TIAPS program has been developed for public sector internal auditors typically with three to five years of relevant experience, including those who are or who aspire to be in supervisory and managerial positions. It is suitable for those who are familiar with how to plan and perform internal audit services and communicate findings and insights. It aims to develop a deeper practical understanding of the contribution internal audit makes to organizational effectiveness and improvement as well as exploring how to coordinate and optimize internal audit resources and services. This includes building relationships with key stakeholders, developing a strategy for the internal audit function, managing people and other resources, enhancing quality and effectiveness through adoption of advanced practices, providing audit opinions, and supervising audit engagements. The TIAPS program comprises four modules: Module 1: Audit and Assurance Module 2: Good Governance, Managerial Accountability, Developing Strategy, and Data Analysis Module 3: Accounting Fundamentals Module 4: Introduction to Performance Audit Module 4: Introduction to Performance Audit describes the main characteristics of performance auditing as planned, conducted, and reported by the internal audit function. While there are many similarities with the performance audits of Supreme Audit Institutions, there are also important differences, not least the relevant professional standards, scope, and accountability. However, the purpose and approach of the auditing process are broadly similar. Guidance produced to help external auditors is also highly relevant for internal audit engagements. Performance auditing is also referred to as operational auditing or value for money auditing and by other terms and attempts to evaluate the economy, effectiveness, and efficiency of government activities, programs, and initiatives. Performance auditing serves the interests of two main groups: Organizational leaders, senior management, and those charged with governance by providing assurance and insight that may support continuous improvements. Wider stakeholders and the public by providing greater transparency and thus supporting accountability. The Module describes the processes involved in performance auditing from planning through to completion and reporting. It also considers the importance of performance auditing to the public sector. The module is organized as follows: 4A. Introduction to Performance Auditing (10%) 4A.1 The Role of Performance Audits in the Public Sector 3
Page 1: Module 4: Introduction to Performan
Page 5 and 6: competencies, knowledge acquired by
Page 7 and 8: activities, especially those of low
Page 9 and 10: Primary similarities and difference
Page 11 and 12: Non-mandatory but recommended guida
Page 13 and 14: The IPPF does not prescribe specifi
Page 15 and 16: In describing performance auditing,
Page 17 and 18: The other Es are used to illustrate
Page 19 and 20: 52) The auditor shall actively mana
Page 21 and 22: Choosing quality assurance steps th
Page 23: c) require that those performing th

Module 4 - Introduction to Performance Audit_4A

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