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How to write Effective Audit Observations: Putting the Quality in Audit Reports - Webinar

  • ID: 4455254
  • Webinar
  • 90 Minutes
  • Online Compliance Panel
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This webinar will provide the basic principles for writing effective audit observations. The audit observations represent the end result of weeks of reviews, analyses, interviews and discussions.

Objectives of the Presentation
After completing this program, participants will be able to: - Understand the report writing provisions in the Standards of the Institute of Internal Auditors
- Write audit reports that meet the needs of your audit clients and prompt them to take action on your recommendations
- Write audit findings using the five elements of an audit observation: criteria, condition, cause, consequences, and corrective action
- Understand the typical audit report structure for various types of reports
- Understand the mandatory information required for every audit report and other best practices
- Improve the quality of your audit reports through techniques that address tone, clarity, conciseness, and accuracy

Why Should you Attend?

The audit observation is the most important part of an audit report. It represents the end result of weeks of reviews, analysis, interviews and discussions. It is used to bring significant issues to their attention that needs to be addressed. How well you communicate that information is critical to influencing the readers and getting the results you are seeking. A well-written audit observation will capture the readers’ attention and focus them on the important issues in the report that needs to be addressed.

A well written audit report adds value to your clients by providing information that is accurate, objective, clear, concise, constructive, complete and timely. In addition to audit reports, these elements can also apply to all kinds of writings including: Executive summaries, fraud investigations, consulting reports, memos and general correspondence.

The key to writing an effective audit observation is having a comprehensive structured process. The Institute of Internal Auditors recommends a process known as the 5Cs: - Criteria
- Condition
- Cause
- Consequences (Effect)
- Corrective Action (Recommendation)

As you develop conclusions, findings and recommendations, you must present them to your client in a logical, complete and objective way. This process provides an easy way to consistently develop and present your observations. The components in this process include all the information you will need to inform and persuade.

Developing this process can be an important tool for completing and reporting observations in a timely and comprehensive way. It allows you to present those findings to your reader in a logical, complete and objective manner and, thus, enhances the chances of the client’s buy-in and their agreement to your recommendations.

This process can also serve as a basis for review by supervisors and managers. It is supported by your work papers and gives complete and clear details of your analysis and the basis for your findings.

Areas Covered
- Review the following recommended observation standards in detail:
- Criteria (Standard used for comparison of area under review)
- Condition (Current status used in the comparison)
- Cause (Reason that the Condition does not meet the Criteria)
- Consequence (Risk if not corrected)
- Corrective Actions (Action needed to manage the risk)
- Exercises for each component

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  • Jonnie T. Keith Jonnie T. Keith,

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  • Chief Audit Executives
  • Audit Directors
  • Audit Supervisors
  • Audit Managers
  • Staff Auditors
  • Government Auditors
  • Compliance Auditors
  • Internal Control Specialists
  • Public Accountants
  • Accounting Analysts
  • Business Analysts
  • Quality Control Specialists
  • Manual Developers
  • Accounting Managers
  • Quality / Operations VPs
  • Directors
  • Payroll Managers
  • Finance Managers
  • CPAs who perform bookkeeping services for clients
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