1 12 steps to preparing for a QAR

2 12 steps to preparing for a QAR

DECISION MAKING

01.

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Select Type of Assessment

01. Decision making

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Select Type of Assessment

Communication from Audit Committee/Board

01. Decision making

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Select Type of Assessment

Communication from Audit Committee/Board

Awareness

01. Decision making

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Select Type of Assessment

Communication from Audit Committee/Board

Awareness

Project Plan

01. Decision making

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Select Type of Assessment

Communication from Audit Committee/Board

Awareness

Project Plan

Select QAR team

01. Decision making

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SELF-ASSESSMENT

02.

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CAE completed a self-study Benchmark against:

• Prior report • Industry / Peer • IIA Standards

02. self-assessment

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PLANNING 03.

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03. Planning

Background Information and Document Request Checklist

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03. Planning

Background Information and Document Request Checklist

Internal Audit Governance (A1)

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03. Planning

Background Information and Document Request Checklist

Internal Audit Governance (A1)

Internal Audit Staff (A2)

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03. Planning

Background Information and Document Request Checklist

Internal Audit Governance (A1)

Internal Audit Staff (A2)

Internal Audit Management (A3)

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03. Planning

Background Information and Document Request Checklist

Internal Audit Governance (A1)

Internal Audit Staff (A2)

Internal Audit Management (A3)

Internal Audit Process (A4)

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INFORMATION & REQUEST LIST

04.

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04. Information & Request List

Background Information and Document Request Checklist:

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04. Information & Request List

Background Information and Document Request Checklist: • Collect basic information used during

the assessment

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04. Information & Request List

Background Information and Document Request Checklist: • Collect basic information used during

the assessment • Key Documentation

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GATHERING 05.

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05. Gathering

Analyzing the information:

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05. Gathering

Analyzing the information: Identifying any significant changes

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05. Gathering

Analyzing the information: Identifying any significant changes Planning who will obtain surveys (next step)

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05. Gathering

Analyzing the information: Identifying any significant changes Planning who will obtain surveys (next step) High level roadmap

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SURVEYS 06.

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06. Surveys

Stakeholders Executive Leadership & Operating Management IA Staff CAE expectations

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06. Surveys

Survey Result Comparisons Opportunities for improvement Areas of strength Areas for further investigation during interviews Trends

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FIELDWORK 07.

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07. Fieldwork Perform on-site fieldwork:

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures Consideration of enterprise risk

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures Consideration of enterprise risk Evaluation of risk assessment in audit planning

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures Consideration of enterprise risk Evaluation of risk assessment in audit planning Review of working papers and final reports for selected engagements

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures Consideration of enterprise risk Evaluation of risk assessment in audit planning Review of working papers and final reports for selected engagements Review of number & skills of internal audit staff

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures Consideration of enterprise risk Evaluation of risk assessment in audit planning Review of working papers and final reports for selected engagements Review of number & skills of internal audit staff Evaluate adequacy of IT audit coverage

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07. Fieldwork Perform on-site fieldwork:

Review of administrative policies and procedures Consideration of enterprise risk Evaluation of risk assessment in audit planning Review of working papers and final reports for selected engagements Review of number & skills of internal audit staff Evaluate adequacy of IT audit coverage Audit vs. Consultancy

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INTERVIEW 08.

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08. Interview

• Interview Guides (Focus Groups/One-on-One) Reveal more honest opinions than surveys

Board members

Executive management

Field managers

Internal audit staff

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08. Interview

• Interview Guides (Focus Groups/One-on-One) Level of interviews

Size of the organization Availability Interaction with the IA Activity

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PROGRAMS 09.

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09. Programs

• Specifically designed work programs for each of the four process segments

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09. Programs

• Using documentation collected from the documentation checklist, survey, and interview results:

Determines the IA activity’s conformance with the Standards Assess the efficiency and effectiveness of the IA activity Identify opportunities for improvement

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EVALUATION 10.

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10. Evaluation

IIA Standards

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10. Evaluation

IIA Standards Relevant Standards

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10. Evaluation

IIA Standards Relevant Standards Value Add/Consulting Engagements

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DELIVERABLE/ REPORTING

11.

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11. Deliverable/ Reporting

Summary of issues Process improvement areas Opinion Report – Objective and scope – Overall compliance evaluation – Standards and conformance levels

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COMMUNICATION

12.

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Final report – Addressed to the CAE – Present to the board – Documentation of conformance with the

Standards

12. communication

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Final report – Addressed to the CAE – Present to the board – Documentation of conformance with the

Standards

Obtain feedback and comments

12. communication

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Final report – Addressed to the CAE – Present to the board – Documentation of conformance with the

Standards

Obtain feedback and comments Follow up executive conference

12. communication

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Final report – Addressed to the CAE – Present to the board – Documentation of conformance with the

Standards

Obtain feedback and comments Follow up executive conference Memo to the organization

12. communication

54 12 steps to preparing for a QAR

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