OCTOBER 2019CIOAPPLICATIONS.COM8In My ViewAutomate Or Get Left Behind Advancing The Audit Function Forwardhe Audit Methodology typically consists of a risk assessment, a planning phase, a fieldwork phase, and a reporting phase. The risk assessment is a very manual and tedious process which typically begins with face to face formal interviews with the company's senior leadership. During these meetings, the leaders in the organization articulate what they believe to be the company's highest risk areas. After gathering this information, the audit organization develops a risk based audit plan. This entire risk assessment process typically takes one to two months with utilizing nearly the entire audit organization.The planning phase is where the audit staff is introduced to the business area that they will be auditing. Requests for Information (RFIs) are sent out to the business area and walkthroughs take place during this time to gain a comprehensive understanding of the business area. The fieldwork phase is the core of the audit process. It is during this phase of the audit process that all substantive testing is performed. A sampling approach is usually employed to gather what is needed from larger volumes of information and tested independently by the audit staff. The audit staff renders a conclusion on all individual test results. T LESLEY W. BEASLEY JR., IT AUDIT DIRECTOR, INTERNATIONAL PAPERThe reporting phase is the final phase in the audit methodology. In the reporting phase a draft report is created and shared with all interested parties. After the draft report has been issued and feedback has been obtained from all interested parties, a final report is issued with an overall opinion of the control environment based on the collective opinion of the findings from the testing phase of the audit. Audits are typically scheduled for three months from beginning to end, inclusive of two to four weeks of planning, four to six weeks of fieldwork, and two to four weeks of compiling the audit report.Audit teams are spending more time on audit engagement planning and fieldwork due in great part to an increase in time spent on integrated and end-to-end process audits according to the global research and advisory company Gartner. So whether auditing one procedure or hundreds of processes across multiple facilities, it takes a lot of time and effort. However, automation techniques can help optimize the process. According to Gartner's audit state of the function report for 2019, two of the top ten challenges for audit departments are as follows: · Inefficiencies in engagement execution· Insufficient or ineffective use of audit technologyWith the hours continuing to trend upward for planning and Lesley W. Beasley Jr.
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