Audit AUDT

(new)

Delivering independent, risk-based assessments of the effectiveness of processes, the controls, and the compliance environment of an organisation.

Guidance notes

(new)

Audit activity is conducted with appropriate independence from the organisation’s management and may be conducted internally or for a third-party client organisation.

Audit includes the structured analysis of the risks to the achievement of business objectives. 

Audit: Level 3

(new)

Adopts a structured approach to executing and documenting audit fieldwork, following agreed standards.

Maintains integrity of records to support and satisfy audit trails.

Identifies typical risk indicators and explains prevention measures.

Audit: Level 4

(new)

Contributes to planning and executing of risk-based audit of existing and planned processes, products, systems and services.

Identifies and documents risks in detail.

Identifies the root cause of issues during an audit, and communicates these effectively as risk insights.

Collates evidence regarding the interpretation and implementation of control measures. Prepares and communicates reports to stakeholders, providing a factual basis for findings.

Audit: Level 5

(new)

Plans, organises and conducts audits of complex domains areas, cross-functional areas, and across the supply chain.

Confirms the scope and objectives of specific audit activity with management. Aligns with the scope of the audit program and organisational policies.

Determines appropriate methods of investigation to achieve the audit objectives. Presents audit findings to management describing the effectiveness and efficiency of control mechanisms.

Provides general and specific audit advice. Collaborates with professionals in related specialisms to develop and integrate findings.

Audit: Level 6

(new)

Leads and manages complex audits and programs of audit activity.

Obtains and manages appropriate specialist expertise to contribute highly specialised technical knowledge and experience.

Develops organisational policies, standards and guidelines for the conduct of audits. Ensures the objectivity and impartiality of the audit process.

Identifies areas of risk and specifies audit programs. Ensures audit coverage is sufficient to provide the business with assurance of adequacy and integrity. Authorises the issue of formal reports to management on the effectiveness and efficiency of control mechanisms.

Audit: Level 7

(new)

Leads the definition, implementation, and communication of the organisation’s audit function.

Defines audit strategy, plans audit cycles and ensures appropriate audit coverage across the organisation. Ensures that the audit function adds value to the organisation. Liaises with internal and external stakeholders to ensure audit coverage is relevant and understood.

Directs use of risk analysis to identify areas for in-depth review. Ensures appropriate resources are available to deliver organisational requirements for audits.

Reports at the most senior level on the findings, relevance and recommendations for improvement for audit activity.