Auditing for Managers The Ultimate Risk Management Tool

by Pickett, K. H. Spencer; Pickett, Jennifer M.

• ISBN13: 9780470090985
• ISBN10: 0470090987
• Edition: 1st
• Format: Paperback
• Copyright: 2005-03-04
• Publisher: WILEY

Summary

At a time when many organizations are cutting their internal auditing departments, it's imperative that every manager understands the fundamentals of internal audits. This book is designed as a corporate resource to help managers and their teams set standards for self-auditing, risk management, compliance review, and formal disclosure reporting. Readers will learn proven, effective techniques for performing reliable and defensible audit reviews to ensure compliance with regulations and standards.

Author Biography

K.H. Spencer Pickett is a Course Director at CPMS, in Ascot, Berkshire, where he is responsible for training programmes on internal audit, corporate governance and risk management. Spencer is a member of the Chartered Association of Certified Accountants, Institute of Internal Auditors, Certified Fraud Examiners and Chartered Institute of Personnel and Development.

Jennifer M. Pickett is currently a senior Project Manager in a large organization, having previously been the Business Planning and Assurance Manager responsible for coordinating the corporate risk register.

Table of Contents

Abbreviations.

1. Why auditing?

Introduction.

Why auditing?

External auditing.

Internal auditing.

Compliance auditing.

Fundamental components.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

2. The wider governance context.

Introduction.

The accountability dilemma.

Corporate governance.

The ethical platform.

The risk management concept: roles and responsibilities.

Internal controls.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

3. Basic risk concepts.

Introduction.

The risk model.

Risk identification.

Risk assessment.

Risk mitigation.

Risk appetites.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

4. Different audit approaches.

Introduction.

Different strokes.

The past.

The present.

The future.

Making choices.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

5. The manager’s initial audit.

Introduction.

Leading with risk.

Overall strategy.

Planning.

Field work.

Reports and the risk register.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

6. The team’s initial audit.

Introduction.

The team initial audit concept.

Establishing the programme.

Running workshops.

A short example.

Getting the best out of people.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

7. The manager’s initial investigation.

Introduction.

What is at stake.

Reputation management.

Types of investigations.

Finding out.

Making sense and making good.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

8. Successful risk management.

Introduction.

Building on the risk concepts.

The risk policy.

Links to control.

Driving and leading.

Tuning into enterprise risk management.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

9. Achieving the cultural shift.

Introduction.

Starting from zero.

Why culture changes.

Change and the systems perspectives.

Creative work teams.

The ultimate in risk management: auditing for all.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

10. Reporting results.

Introduction.

Public disclosures.

Professionalism and credibility.

Evidential base.

Using the risk register.

Good reporting.

Common mistakes.

Check your progress.

Newsflash – read all about it.

The key messages.

11. So, why auditing?

Introduction.

Why auditing?

External auditing.

Internal auditing.

Compliance auditing.

Fundamental components.

Common mistakes.

Check your perceptions.

Newsflash – read all about it.

The key messages.

A final word.

Appendix A: Manager’s initial audits standards and guidance.

Appendix B: Team initial audits standards and guidance.

Appendix C: Manager’s initial investigations standards and guidance.

Appendix D: Checking your progress – your score.

Appendix E: Staff surveys.

Index.