Documentation Audit/Desk Audit (based around ISO 19011)
Documentation Audit is mainly essential for business organizations, especially when it comes to quality control. This documentation is primarily done to help in the promotion of efficiency, reduction of risks of asset loss, and the assurance of the reliability of financial statements and compliance with ISO 19011. Usually, ISA necessitates the need for audit documentation to be prepared so that the other senior editors who were not involved in the audit engagement previously could have a better understanding of the work when they review the documents.
Auditing and internal controls entail practices, procedures, and policies at both management and the organizational levels, that’s why internal auditors need to have a clear understanding of the authorities to have them documented. The fact is that most of the companies, stakeholders, and management in the United States need evaluating and documenting their internal controls periodically to ensure they provide reasonable assurance in regards to the reliability of financial reports and assessment of effectiveness and efficiency of their organizations and businesses.
These professional guidelines, the regulatory requirements, and the company’s mandates are the critical reasons that demand the need for internal auditors to develop excellent documentation skills. However, to save companies from recruiting people to undertake training in auditing, Internal Auditing Pros have the right tools and methods that could help the management determine the proper documentation methods that could be suitable for their organizational needs based around ISO 19011.
When it comes to performing the documentation audits, there are different ways to gather information. The auditors can carry out interviews, observations, analytical procedures, surveys, and facilitated sessions. Thus through this information obtained from these methods is where the basis of identifying and documentation of the organization quality control is based. This gives us a reason why documentation needs to be consistent and well organized as well.
Qualities of ethical documentation audits.
When it comes to documentation audits, some essential qualities need to be present. The first thing is that your work papers should have clearly defined audit objectives. This should be in terms of the audit assertion to ensure that there is a completeness in trade creditors. The other thing that needs to be included in your documentation audits is the period/year. This will help make sure that the papers are not confused with the documentations that belong to the different period/year.
More so, it should state the full extent of the tests. By doing this, this will give your next auditors an easy time when carrying out the subsequent reviewers. This will help determine the sufficiency of the audit evidence provided by the previous working papers. In the case where there are necessary references regarding the other working papers, this full reference need is provided. Ensure that you are not giving statements like details of testing that can be found on the ‘other working papers’ is usually not sufficient.
It also needs to be signed by the person that prepares it for queries to be directed to the appropriate personnel. Additionally, any person that has it reviewed needs having it signed to meet the quality control requirements of the reviews based on ISO 19011.
In conclusion, the documentation audits should objectively and clearly state the results of the tests without any biases. It should be based on the facts that are documented. The conclusions that are reached need also being consistent with the test and results and should be able to withstand independent analysis.
Why is Professional Audit Documentation Important?
Auditors from Internal Auditing Pros in the United States consider documentation to be an essential part of the audit quality. When these professionals handle your internal auditing and documentation, then this can be clear proof to the authorities that your company carried out the proper audit as these professionals are well knowledgeable, trained, and skilled.
More so, there is an assurance the audit that was done was performed following the auditing standards of ISO 19011. This also ensures the auditors themselves and the company that was audited, other people, and authorities who request having the company’s financial statements.
With the Internal Auditing Pros handling the documentation audits for your company, it will be of great aid to the auditors hired in the future, especially in the case where the previous auditors are not available. This audit documentation was done by the professionals to aid the new auditors in understanding the work performed in the previous year. By having the professional record and document the data, you can be sure and encourage the quality audit report to be maintained. There is an aspect of integrity and professionalism in regards to the auditing process.
Therefore, when it comes to documenting the internal controls, the companies need to make sure the auditors consider the relevant risks and objectives. These controls need to be efficient, especially in reducing risks to a certain acceptable level but not at a much higher cost. Most of the companies will establish these internal controls in regards to risks, whether they are viewed as hazards, uncertainties, or opportunities. You can consider having your documentation audits done internally by a team of trained professionals. However, if the company cannot teach the professionals, you can find working with the right professionals. There are so many brands that offer these services, but Internal Auditing Pros will provide you with the best services regardless of your business size and your organization’s needs.
The good thing with the internal auditing Pros is that they are well conversant with the requirements of ISO 19011. Regardless of the methods that these experts use, they pay close attention to the control documentation process. They are real experts who understand that control evaluations cannot be done effectively unless all essential control and risks are adequately documented and identified.
Therefore, when your organization decides to choose our services, you can be sure of timeless audits being done and up-to-date knowledge. With us, you have a guarantee of your company surpassing through the competitive world by having the right quality controls and effective management.