1/21/2014. Agenda. Audit Testing. The Basics of Internal Auditing January 23-24, 2014
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1 The Basics of Internal Auditing January 23-24, 2014 Kim Mills Director of Auditing Agenda To identify the different types of audit tests and discuss the purpose for each type. IIA Standard 2320 Internal auditors must base conclusions and engagement results on appropriate analyses and evaluations. 1
2 Types of Tests Test of Controls Substantive Test of Transactions Analytical Procedures Test of Details of Balance Test of Compliance. TESTS OF CONTROLS consist of procedures directed toward the evaluation of the effectiveness of the design and implementation of internal controls. When tests of controls look at design issues, the auditors evaluates whether the control has been properly designed to prevent or detect material misstatement. Identify key controls that should reduce control risk for each audit objective. Assess control risk. Determine extent of testing control. Design tests of controls to meet audit objectives. 2
3 Examples of tests of controls: Inquiries of appropriate management, supervisor, and staff personnel. Inspection of documents, reports, and electronic files. Observation of the application of specific controls. Re-performance of the application of the control by the auditors. SUBSTANTIVE TESTS are those activities performed by the auditor to detect material misstatement or fraud related to transactions or account balances. There are two categories of substantive tests - analytical procedures and tests of detail. Analytical Procedures consist of the comparison of data from different sources to determine if reported information looks odd or wrong. Unexpected differences or variations in the data indicate a need for further review. 3
4 Analytical Procedures include comparison of financial information with: Prior Period Information Budgets Forecasts Data from similar programs or organizational units Related non-financial information During the audit, analytical procedures can be performed: At the start to better understand the agency and to obtain information necessary to plan the nature, timing and extent of audit procedures; In the middle to obtain the evidence related to account balances and classes of transactions; and At the end as an overall final review of the financial information tested. Tests of details include tracing figures to supporting documentation to determine if transactions are valid, properly classified, accurate and complete. Tests also include recalculating and confirming recorded information. 4
5 Test of Controls Substantive Tests Analytical Procedures Test of Details 1/21/2014 Relationship Between Audit Procedures and Evidence Audit Procedure (Test) Type of Audit Evidence Physical Examination Confirmation Documentation Observation Inquiries of the Auditee Reperformance of Procedures Analytical Procedures Recalculation Source: 2008 Prentice Hall Publishing, Auditing 12/e, Arens/Beasley/Elder In substantive testing, you gather evidence to evaluate the integrity of data, a transaction or other information, e.g., you trace a transaction to the accounting records to verify that it was properly recorded. In compliance testing, you gather evidence with the objective of testing an organization's compliance with control procedures, e.g. when you run a report to verify that certain controls had been applied over a database table. When designing any tests, determine: Test criteria to meet audit objective Audit procedures to be applied Sample Selection Methodology Statistical Random Judgmental 5
6 When designing any tests, also consider: Sample Size Items to Test Timing When testing is completed, make sure: Test objective has been met Test results are clearly documented Documentation supporting exceptions are included in working papers Test worksheets are neat and easy to follow Reference Materials Internal Auditing: Basics & Best Practices (CD available in IIA Tallahassee Chapter Library) 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 6
7 Thank you Speaker Name: Kim Mills Office: (850) ext Mobile: NA Twitter: NA 7
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