Course Content
Develop evaluation plan
This topic covers: 1.1 Obtain and interpret information on organisation’s policies, procedures and compliance requirements 1.2 Develop evaluation methodology 1.3 Prepare evaluation plan, detailing established evaluation criteria and data to be collected 1.4 Confirm approval of plan from relevant stakeholders
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Identifying and gathering evidence
This topic focuses on these three steps: 2.1 Identify sources of information according to audit plan 2.2 Interview relevant stakeholders 2.3 Gather information and documentation
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Exit meeting and performance improvement
4.1 Review, assess, and reach agreement on audit team findings according to audit plan 4.2 Prepare for exit meeting 4.3 Examine results and findings against audit objectives and present to relevant stakeholders 4.4 Confirm reporting arrangements for the quality audit with the auditee 4.5 Explain context and consequences of audit and discuss follow-up 4.6 Review and submit final audit report according to audit plan 5.1 Provide feedback on performance to audit team 5.2 Encourage and support audit team to review their own work 5.3 Provide and document advice for individual improvement
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BSBAUD512 Lead quality audit
About Lesson

The key features of technology required for these purposes encompass various tools and platforms that facilitate data analysis, collaboration, project management, and communication. Here’s an overview of the key technological features:

 

  1. Data Analytics and Audit Software:
  • Automated Data Analysis Tools: Software that can handle large volumes of data to identify trends, anomalies, and patterns essential for risk assessment and evidence gathering. Tools like ACL, IDEA, or specialised functionalities within broader platforms like SAP or Oracle can be instrumental. See below for more detail on these systems.
  • Audit Management Systems: Comprehensive solutions that manage the entire audit lifecycle from planning, risk assessment, and fieldwork to reporting and follow-up. These systems often include features for scheduling, time tracking, and resource allocation.
  1. Collaboration Platforms:
  • Document Management Systems: Secure platforms for storing, sharing, and managing audit documentation and evidence. Features should include version control, access rights management, and audit trails to ensure data integrity and confidentiality.
  • Team Collaboration Tools: Platforms like Microsoft Teams, Slack, or Asana that facilitate real-time communication, file sharing, and task management among audit team members, regardless of their location.
  1. Mobile Auditing Applications:
  • On-the-Go Access: Mobile apps that provide auditors with access to documents, audit plans, checklists, and reporting tools directly from their smartphones or tablets, enabling efficient fieldwork and data collection.
  1. Secure Communication Channels:
  • Encryption: Tools that ensure secure and encrypted communication channels for exchanging sensitive information within the audit team and with stakeholders.
  • Video Conferencing: Secure and reliable video conferencing tools like Zoom or Microsoft Teams for conducting meetings, interviews, and briefings with audit teams and stakeholders, especially in a remote or hybrid work environment.
  1. Project Management Tools:
  • Task and Workflow Management: Features that allow for the planning, assignment, and tracking of audit tasks and workflows, ensuring that each phase of the audit is completed on time and within scope.
  • Resource Allocation: Tools that help in efficiently allocating and managing audit team resources, including time tracking and workload balancing functionalities.
  1. Training and Development Platforms:
  • E-Learning Systems: Online platforms offering continuous professional education and training for audit team members to stay updated with the latest auditing standards, methodologies, and technologies.
  1. Advanced Technologies:
  • Artificial Intelligence (AI) and Machine Learning: AI can automate repetitive tasks, predict audit outcomes based on historical data, and enhance risk assessment models.
  • Blockchain: For audits involving financial transactions, blockchain technology can provide a secure and immutable ledger, enhancing the transparency and traceability of transactions.
  1. Reporting and Visualization Tools:
  • Interactive Dashboards: Tools like Tableau or Power BI that allow auditors to create dynamic and interactive reports and dashboards, making it easier to communicate findings and insights to stakeholders.

 

When leading a quality audit team, the effective use of these technologies can significantly improve the planning, execution, and reporting phases of an audit. It’s essential for audit leaders to ensure that their teams are equipped with the right tools and are proficient in using them to maximise productivity, accuracy, and the overall value delivered through the auditing process. Moreover, staying abreast of technological advancements and integrating innovative solutions into the audit workflow can further enhance the team’s capabilities and the quality of the audit outcomes.

Further detail on current software solutions

Some commonly used audit software applications in the industry include:

  1. ACL Analytics: Now known as “Galvanize,” it’s a comprehensive audit management software that provides data analytics, risk management, and compliance capabilities.

  2. TeamMate+ Audit: A widely used audit management system designed to help auditors and audit department leadership manage all aspects of the audit process.

  3. CaseWare IDEA: A powerful and user-friendly data analysis software that provides auditors with tools for data importation, analysis, sampling, and more.

  4. Qualys: A cloud-based audit and compliance software that offers solutions for IT security and compliance management.

  5. LogicManager: A risk management software that includes audit functionalities, allowing organizations to integrate audit processes with risk and compliance management.

  6. Isolocity: A quality management software that offers features for compliance, audit management, document control, and process improvement.