Audit Management Process and Risks

The audit management process is how the auditors conduct an audit, according to "Auditing: Assurance and Risk". Audits help companies figure out how they can improve their business and any unforeseen risks to the business by having auditors evaluate aspects of the business. An effective audit management process is like a plan of action for auditors as they conduct the audit and evaluate risks.

Process Overview

The process of audit management includes a team of auditors determining how the audit will proceed. The auditors decide what issues the audit will cover and who will receive the results. Many audits include finding ways to improve the company's human resources department, decision-making and marketing operations. The audit management process determines the best way to share the results of the audit with executives. Interviews with executives are usually conducted after the audit is complete.

Common Risks

Audit management generally involves risk management as well. Effective audit management includes uncovering risks, which are unknown potential problems. Common risks to a company include insufficient inventory tracking and information technology problems like not tracking who has access to data.

Process Software

Software can make audit management more efficient for auditors. Depending on the brand, software manages a broad range of audit activity. Some basic software software features include help tracking data, scheduling options and the ability to produce reports with the results of audits. Other features include the ability to manage different kinds of audits, as found in MetricStream's software, and risk assessment, like Master Control's software.

Process Training

The Institute of Internal Auditors trains people in the audit management process and risk management process in a course that lasts four days. The Audit Manager Tools and Techniques course is aimed at anyone who is going to be or is an audit manager. The course provides an overview of common audit management issues. The course uses case studies so students learn about auditing standards, reporting, personality profiling and problem solving. Classes are held all over the country.

References

• Reference for Business: Management Audit
• "Auditing: Assurance and Risk"; Brian Ballou, W. Robert Knechel, Steve Salterio; 2006
• Maxi-Pedia: Top 10 Risk and Security Audit Findings
• Metricsystem: Audit Management Software System
• The Institute of Internal Auditors: Audit Manager Tools and Techniques
• Master Control: Audit Management

Resources

• University System of Georgia: Enterprise Risk Management
• AuditNet: The Internal Audit Process from A to Z: How It Works!
• Master Control: Audit Management Software Systems