Module 4 - Introduction to Performance Audit_4A

More documents

Recommendations

Info

performing all of its work. Such policies and procedures should be set by the Head of the SAI, who retains overall responsibility for the system of quality control. Ethical requirements: An SAI should establish policies and procedures designed to provide it with reasonable assurance that the SAI, including all personnel and any parties contracted to carry out work for the SAI, comply with relevant ethical requirements. Acceptance and continuance: An SAI should establish policies and procedures designed to provide the SAI with reasonable assurance that it will only carry out audits and other work where the SAI: a) is competent to perform the work and has the capabilities, including time and resources, to do so; b) can comply with relevant ethical requirements; and c) has considered the integrity of the organisation being audited and has considered how to treat the risk to quality that arises. The policies and procedures should reflect the range of work carried out by each SAI. In many cases SAls have little discretion about the work they carry out. SAIs carry out work in three broad categories: o Work that is required of them by their mandate and statute and which they have no option but to carry out; o Work that is required by their mandate, but where they have discretion as to the timing, scope and/or nature of work; o Work that they can choose to carry out. Human resources: The SAI shall establish policies and procedures designed to provide it with reasonable assurance that it has sufficient personnel with the competence, capabilities and commitment to ethical principles necessary to: a) perform engagements in accordance with professional standards and applicable legal and regulatory requirements; and b) enable the firm or engagement partners to issue reports that are appropriate in the circumstances. Performance: The SAI shall establish policies and procedures designed to provide it with reasonable assurance that engagements are performed in accordance with professional standards and applicable legal and regulatory requirements, and that the firm or the engagement partner issue reports that are appropriate in the circumstances. Such policies and procedures shall include: a) matters relevant to promoting consistency in the quality of engagement performance; b) supervision responsibilities; c) and review responsibilities. Monitoring: The SAI shall establish a monitoring process designed to provide it with reasonable assurance that the policies and procedures relating to the system of quality control are relevant, adequate and operating effectively. This process shall: a) include an ongoing consideration and evaluation of the firm’s system of quality control including, on a cyclical basis, inspection of at least one completed engagement for each engagement partner; b) require responsibility for the monitoring process to be assigned to a partner or partners or other persons with sufficient and appropriate experience and authority in the firm to assume that responsibility; and 22
c) require that those performing the engagement or the engagement quality control review are not involved in inspecting the engagements. 35 4A.3: Reflection What qualities does a good supervisor need to have? What training do your auditors receive to help them become effective supervisors? How should supervisors determine the number of individuals and the expertise needed for a performance audit? What is the best way to manage progress meetings as a supervisor? What is the best way to prepare for a progress meeting with your supervisor as an auditor on an engagement? 35 ISSAI 140 Quality Control for SAIs, INTOSAI, 2019. 23
Page 1 and 2: Module 4: Introduction to Performan
Page 3 and 4: 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: Choosing quality assurance steps th

Module 4 - Introduction to Performance Audit_4A

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?