Audit (prototype) AUDT

(new)

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

Guidance notes

(new)

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

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

to support the the organisation in compliance with corporate governance requirements for audit and business reviews.

Audit (prototype): Level 7

(new)

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

Defines audit strategy, plans audit cycle and ensures appropriate audit coverage across the organisation. and 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.

Audit (prototype): 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 how 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 (prototype): 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 organizational 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 (prototype): Level 4

(new)

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

Identifies and documents risk in detail.

Identifies the root cause of issues during an audit, and communicate 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 (prototype): Level 3

(new)

Adopts a structured approach to execute and document audit fieldwork, following agreed standards for work.

Maintains integrity of records to support and satisfy audit trails.

Identifies typical risk indicators and explains prevention measures.