360 Advanced Senior Practice Manager Sushma Uniyal’s article “The Top Five Audit Essentials for Driving Efficiency and Value” was recently published in the ISACA Journal. It touches on some major points audit teams are wise to address for a successful engagement.
In her article, Uniyal provides 5 tips that will keep projects on time—and keep clients
- Understanding the Expectations—Uniyal writes that there should be clear communication between the audit team and audit management. Otherwise, the expectations can turn muddled with no clear direction. She suggests that the type of audit, the deliverables to the client, the budget, and other items should be 100% clear in the setting-expectations phase of the audit.
- Researching—If the audit team is conducting a recurring audit, Uniyal points out that reviewing the previous year’s report and discussing any changes with the client is one way to become more knowledgeable. If it’s a new audit, she outlines several key ways to learn more about the audit area, such as reviewing the organization’s intranet, researching the emerging risk area, and reviewing relevant frameworks to determine industry-wide best practices.
- Connecting—To connect with the auditee, Uniyal writes, schedule a kickoff meeting in which introductions can be made and the process can be explained, along with timelines. Clients may be new to audit or think of it as a challenge, but her article highlights an interesting way to set them at ease.
- Planning—A preliminary risk assessment is necessary to determine how a client’s management has previously assessed risk, she writes. Factors to consider, along with objective and scope, include risk and severity of the risk, test procedures, and a walkthrough to gain an understanding of the process.
- Conducting and Monitoring—Uniyal stresses the importance of an open dialogue with clients that should be continued throughout the duration of the engagement. Additionally, any findings should be communicated, and touchpoints monitored to ensure key milestones aren’t missed.
Find out more about how to keep your projects on time by reading the full article. Meanwhile, 360 Advanced offers timely assessments that get you started on an efficient and valuable compliance program for your business. We tailor our methods to your company’s unique needs, always with an eye on your timeline. Contact us today to schedule your assessment.
Sushma Uniyal, CISA, CA
Senior Practice Manager
Sushma is an audit professional at 360 Advanced with external and internal audit experience in IT, operational, and financial audits. She has led large audit engagements, focusing on helping clients add value to their business by assessing controls design and operating effectiveness through risk-based integrated systems reviews. She has led initiatives to standardize audit process workflows to accomplish efficiencies in audit deliverables.