New to Internal Auditing - Need help and advice

J

jaywillis

#1
#1
Our IA department is going to perform a first-time audit of our home office accounting department processes. We are a privately held company in the retail industry with annual revenue of approx. $1.5 billion with retail stores and distributors across the U.S.

I am new to internal audit and was hire for my financial audit experience in public accounting. What advice would you give me as to my initial approach, expectations,areas of interest, question to ask the different head of each department.

I am meeting with the different heads of each department soon to discuss and share audit ideas. What should be my expectations from these meetings?

Any info is greatly appreciated!
 
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D

Duke Okes

#2
#2
Re: help-New to internal audit

I would recommend you look at the IIA website. It is for financial auditors (as opposed to quality, environmental & safety auditors which use Elsmar).

Although auditing is auditing, financial audits are typically done in a much more rigorous manner (e.g., planning, sampling, depth).
 
C

Chance

#3
#3
Re: help-New to internal audit

jaywillis said:
Our IA department is going to perform a first-time audit of our home office accounting department processes. We are a privately held company in the retail industry with annual revenue of approx. $1.5 billion with retail stores and distributors across the U.S.

I am new to internal audit and was hire for my financial audit experience in public accounting. What advice would you give me as to my initial approach, expectations,areas of interest, question to ask the different head of each department.

I am meeting with the different heads of each department soon to discuss and share audit ideas. What should be my expectations from these meetings?

Any info is greatly appreciated!
Click to expand...
Your must know what standard you should base your audit from. Like for me, I am using ISO 9001 standard but for accounting I don't know what standard apply to you. It might not be ISO.
 
D

Duke Okes

#4
#4
Re: help-New to internal audit

Accounting systems for for-profit organizations typically are based on Generally Accepted Accounting Principles (GAAP). The financial audit process is guided by International Professional Practices Framework (IPPF). There are many other guidance documents focusing of things such as IT, fraud, etc.
 
smryan

smryan

Perspective.
#5
#5
Re: New to Internal Auditing - Need help

Jay - you picked the right place to ask. These people are awesome. I joined the Q world nearly 2 years ago and this forum has been my best find.
 
D

Duke Okes

#6
#6
jaywillis said:
I am new to internal audit and was hire for my financial audit experience in public accounting. What advice would you give me as to my initial approach, expectations,areas of interest, question to ask the different head of each department.I am meeting with the different heads of each department soon to discuss and share audit ideas. What should be my expectations from these meetings?Any info is greatly appreciated!
Click to expand...
The audit committee and chief audit executive should have key input into the scope, etc. of the audit. However, department heads can certainly help identify any concerns they may have about risks in their department's processes, past/current performance deficiencies, recent organizational changes, etc. which might help partially inform the audit planning process.
 
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