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Innovative Audit
Reporting |
If internal audit is to be recognised as a real business enabler,
and rise to the significant challenges faced, a re-examination
of the audit report process and the effectiveness of written
reports is essential.
Answer these 20 questions about Internal Audit reports issued
during the last 12 months as truthfully and objectively as you
can.
- Have more than 95% of audit recommendations during
the last year been fully and successfully implemented?
- Did your reports refer to the organisation's strategic
and business objectives and how the audit recommendations would
specifically assist in their achievement?
- Were all reports less than 6 pages?
- If you were the recipient would they have spurred you
into immediate action?
- Did all the reports take less than 2 weeks to
finalise?
- Were all findings or recommendations different from
the last time an audit of the area was carried out?
- Was the cost of completing the audit shown on the face
of the report?
- Did the reports include photographs and graphics?
- Were they issued electronically?
- Were there no surprises?
- Did the reports focus on the future rather than the
past?
- Did the management comments indicate real commitment
rather than simply a way for the client to close the audit process
and get on to something else?
- Was the audit opinion a true reflection of the overall
conclusions? Did the key recipient accept this audit opinion
as valid?
- Did the findings, conclusions and recommendations really
represent the key issues?
- Did you only report on the major issues found during
the audit with the minor issues being dealt with separately?
- Were all the recommendations 100% practicable?
- Were all the audits conducted fully recognised by the
organisation as helpful and relating to key business risks or
opportunities?
- Were the reports a true reflection of the expertise,
knowledge and professionalism that went into the audits?
- Have you changed the report format significantly within
the past two years?
- Do you believe that your reports are as good as they
could be?
If you cannot answer 'Yes' to more than 15 of the questions
it is unlikely that your audit reports meet the needs of your
organisation. If you scored 10 or less you are probably being
more objective than those who scored themselves 15 or more.
(And you will represent very much the normal organisation as
far as audit reports go!)
Despite the effort and skill applied to the writing of audit
reports, many remain much as they were years ago (both in format
and impact).
This two-day course will enable participants not only to draft
effective reports, but also to critically examine their audit
reporting process and to develop an approach for the future,
which is innovative, creative and constructive.
Course Outline
Day
1 Innovative Audit Reporting
Course Introduction
Audit Reports - your shop window
- Challenges of audit reporting
- Who are the reports really for?
- How do you know a good report when you see one?
- What Management expect - recent survey of chief executives
- Professional standards
- The need for reports with impact
Exercise 1 : Characteristics of a successful report
The problems with audit reports
- The 20 questions -how did you score?
- What are the factors impacting achievement of these
best practice measures
- Tips, techniques and ideas to help you score 20 out
of 20
Exercise 2 : 20 more best practice questions
- Discussion of the implications
- Advice and guidance to help you achieve best practice
- Explanation of a proven method to evaluate your own
reports
Exercise 3 : Analysis of a real report (posted onthe Internet)
Assessment and evaluation of your own reports
- Self evaluation against the model provided (delegates
are asked to bring along 2 or 3 recent reports)
- Reports are then swapped with another delegate who
will evaluate using the same model
- Discussion of findings/ comparison with own evaluation/
identification of opportunities for improvement
- Key challenges and their implications
Best practice internal audit reports - the way forward
- Key requirements of the audit report of the future
- How to draft a report with impact
- Highlighting the issues that matter
- The psychological problem with reports
- Why audit reports are taken as a criticism of management
- How to get recipients to react positively
- How to write balanced reports
- How to get 95% of your recommendations actioned
- Title pages and indexes
- The Executive Summary -best practice
Day 2
Implementing Best practice Audit Reports
The main report
- Audit Objectives
- Scope
- Forming and expressing the audit opinion
- Benefits and deliverables
- Conclusions
- The power of Senior management comments
Exercise 4 The Executive summary
The main report - continued
- Words and phrases to avoid
- Best practice format
- Reducing the number of words
- The power of pictures and graphics
- The need to relate the issues to objectives and risk
- Recommendations and actions
- Management Comments
- Action plans
- A Best practice report template will be shared
Exercise 5 : Redrafting the main body of the report
Presenting / Distributing reports and measuring success
- Distribution lists
- Presenting or issuing reports (inc use of e-mail and
the Intranet)
- Alternative methods of reporting e.g. PowerPoint presentations
- 20 steps to success
- Follow up audits - using the action plan
- How to get management to take responsibility for chasing
actions
- Determining your reporting key performance indicators
(KPI's).
Exercise 6 : Reporting KPI's
Writing a report in the best practice format
Interactive Exercise- taking a long report of your own - ideally
one with more than 15 pages and turning it into the 6 page best
practice format - a report should be brought along for the purpose.
Course Outlines
Course Diary
Booking
Information
In-House Training
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