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Operational_Audit_process_chart2 - Control Matrix 3 The key...

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Operational Audit Process Preliminary meeting Identification of possible components Identification of possible concerns Preparation of binder for the Risk Assessment meeting with Auditee Pre-Audit Process 1 Obtain confirmation of components and concerns Obtain an assessment of the importance of each concern for each component Voting exercise to compare and rank the components and concerns Feedback to management to discuss results of meeting and voting Discuss with management the planned scope and the timing of interviews Risk Assessment Meeting with Auditee 2 The high risk areas identified by management provide the focus for the audit project. Interview managers to identify the key management objectives and key controls for the identified high risk areas Document the key management objectives and key controls on the Matrix document Obtain validation from management of the Matrix Discuss with management the lack of key controls identified (control design issues)
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Unformatted text preview: Control Matrix 3 The key controls identified on the Matrix represent the controls to be tested in the next phase. & Design test procedures for each key control & Identify and document test results including problems noted (control operation issues) & Discuss with management the control operation issues Test Design 4 The test results become the basis for the first draft of the audit report. & Prepare the draft of the audit report using the following structure : & Memo & Conclusion & Background information & Scope & Objectives & Proposals/Agreed action plans & Risk Template and key controls as appendices & Other appendices & Present and discuss the draft report with management to obtain agreement on actions needed. 5 Report Drafting 6 Final Audit Report & Communicate the final report to the appropriate levels of management and the Audit and Finance Committee of the Board of Governors...
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