1st Edition

Mastering the Five Tiers of Audit Competency The Essence of Effective Auditing

By Ann Butera Copyright 2016
    199 Pages 27 B/W Illustrations
    by Auerbach Publications

    199 Pages
    by Auerbach Publications

    Risk-based operational audits and performance audits require a broad array of competencies. This book provides auditors and risk professionals with the understanding required to improve results during risk-based audits.

    Mastering the Five Tiers of Audit Competency: The Essence of Effective Auditing is an anthology of powerful risk-based auditing practices. Filled with practical do and don’t techniques, it encompasses the interpersonal aspects of risk-based auditing, not just the technical content.

    This book details the behaviors you need to demonstrate and the habitual actions you need to take at each phase in an audit to manage the people relationships as well as the work itself. Each section of this book is devoted to a component of the audit: planning, detailed risk and control assessment, testing, audit report writing, project management, audit team management, and client relationship management.

    The book leverages The Whole Person Project, Inc.’s 30 years of hands-on organizational development experience and custom-designed internal audit training programs to aid those just starting out in audit as well as more experienced auditors. It also contains templates you can use to set performance goals and assess your progress towards achieving those goals.

    This book will spark ideas that can enhance performance, improve working relationships, and make it easier to complete audits that improve your organization’s risk management culture and practices. Explaining how to make positive and sustained changes to the way you approach your work, the book includes a summary of the key points and a brief quiz to help you remember salient ideas in each chapter.

    Presenting proven methods and advice that can help you immediately save time, reduce stress, and produce reliable, quality results, this book is an ideal resource for anyone looking to make positive changes and adopt more productive work habits

    How to Get the Most from This Book
    Chapter Contents at a Glance
    The Book at a Glance
    Overview of the Five Tier Audit Competency Model
    Some Definitions before We Start
    Change Management
    Chapter Summary
    Quiz

    Techniques for Planning Useful Audits
    Chapter Contents at a Glance
    Definition and Benefits of the Critical Linkage
    Audit Planning Techniques
    Data Collection Interviewing: The Funnel Approach
    Putting It All Together to Set the Scope and Objectives
    Managing Your Time Effectively while Planning
    Chapter Wrap-Up
    Chapter Summary
    Quiz

    Techniques for Detailed Risk and Control Assessment
    Chapter Contents at a Glance
    Just What Is Inherent Risk?
    Two Categories to Exclude When Identifying Inherent Risk
    Risk’s Effect: Assessing a Risk’s Consequences
    Control Assessment
    Types of Controls
    Tips for Writing about Controls in Narratives
    Chapter Wrap-Up
    Chapter Summary
    Quiz

    Testing and Sampling Techniques
    Chapter Contents at a Glance
    Testing Techniques
    A Step-by-Step Approach to Developing Control Tests for Operating Effectiveness
    Audit Sampling Techniques
    Chapter Wrap-Up
    Chapter Summary
    Quiz

    Documentation and Issue Development: The Building Blocks for Effective Audit Reports
    Chapter Contents at a Glance
    General, Four-Step Writing Process
    Documenting the Audit: Getting Started
    Tips for Effective Summary Writing
    Issue Development
    Effective Audit Documentation Techniques
    Chapter Wrap-Up
    Chapter Summary
    Quiz

    Core Competencies You Need as an Auditor
    Chapter Contents at a Glance
    Executive Presence in Audit
    Critical Thinking: What Is It?
    General Guidelines for Managing Your Time
    Tips for Managing up the Ladder
    General Ways to Organize the Message You Want to Communicate
    Planning Effective Meetings
    Reporting on an Audit’s Status
    Chapter Wrap-Up
    Chapter Summary
    Quiz

    Techniques for Managing the Audit Team
    Chapter Contents at a Glance
    Delivering Feedback
    Tips for Managing a Multigenerational Workforce
    Leaders and Managers
    Building and Motivating Teams
    Chapter Summary
    Quiz

    Techniques for Managing Constituent Relationship
    Techniques for Achieving a Positive First Impression
    Influencing Techniques
    Delivering Technical Information to Nontechnical People
    Fundamental Rules for Handling Objections
    Exercise 8.1: Overcoming Auditee Objections to Issues
    Chapter Wrap-Up
    Chapter Summary
    Quiz

    Chapter Quiz Answers
    Chapter 1: How to Get the Most from This Book
    Chapter 2: Techniques for Planning Useful Audits
    Chapter 3: Techniques for Detailed Risk and Control
    Chapter 4: Testing and Sampling Techniques
    Chapter 5: Documentation and Issue Development
    Chapter 6: Core Competencies You Need as an Auditor
    Chapter 7: Techniques for Managing the Audit Team
    Chapter 8: Techniques for Managing the Constituent
    Relationship

    Bibliography

    Biography

    Ann M. Butera is the founder and president of The Whole Person Project, Inc., an organizational development consulting firm that specializes in assisting companies to introduce, handle, and manage change. Her prior work experience as a department manager for a large retailer, a system liaison officer at a major money center bank, and an internal consultant at a bankcard processor, in conjunction with her experience as a business owner and consultant, enables her to develop customized approaches for continuous improvement and increased profitability in organizations of all sizes. She served as an audit committee chair for a financial services firm.For over 25 years, Ann Butera has consulted with organizations of all sizes to provide managers, auditors, and compliance and risk professionals with the techniques needed to improve their risk management practices. She has worked specifically with audit, compliance, and risk management department managers to develop methodologies that enhance the consistency and quality of audit and review execution. Ann Butera received her Masters of Business Administration in Organizational Development from Adelphi University and is a Summa Cum Laude graduate of Long Island University (C.W. Post Campus).