Writing Effective Audit Observations

Duration: 90 Minutes
This class is designed to give you the basics for doing an operational audit. We will discuss management and audit concepts to help you understand how the process works. We will also do some exercises to further strengthen your knowledge.
Operational Audit Process
Instructor: Jonnie T. Keith
Product ID: 502223
Objectives of the Presentation
  • Definitions
    • IIA internal audit
    • Operational audit
  • The three primary types of audits
    • Financial
    • Compliance
    • Operational
  • Management's responsibilities
    • Plan, organize, lead, and control
    • Establish an organizational structure
    • Establish objectives that directly or indirectly support the primary mission
    • Assess the risk of not achieving the objectives
    • Establish controls to ensure that the objectives are achieved
  • Gain an understanding of the operational audit process which includes
    • Develop an annual audit plan
    • Conduct a preliminary survey of the selected area
    • Determine the audit objectives
    • Determine the audit scope
    • Conduct an entrance conference
    • Conduct the field work
    • Conduct exit conference
    • Communicate the Results to Management
    • Follow up on audit findings
  • Key IIA Standards relative to operational audits
    • 2010 - Planning
    • 2201 - Planning Considerations
    • 2220 - Engagement Scope
    • 2240 - Engagement Work Program
    • 2300 - Performing the Engagement
    • 2400 - Communicating Results
    • 2500 - Monitoring Progress
Why Should you Attend
Every organization has a primary business objective, the reason for its existence. Whether it is a "for-profit" organization or a "not-for-profit" organization, there is always a primary business objective. And each organization is set up to accomplish that primary business objective.

The primary business objective is the life blood of the organization. And management has the responsibility to set up an operational structure and processes to ensure that the primary business objective is accomplished. However, to do that, there are so many other secondary objectives that needs to be achieved. For example, management has to establish various departments like an:
  • HR Department- to hire/train personnel
  • Procurement Department - to purchase material/goods
  • Accounting Department - to pay vendors and employees
  • IT Department - to leverage technology
  • Maintenance Department - to care for equipment/infrastructure
There are numerous other possible departments depending on the company and its primary business objective. And every department has its own departmental objectives to directly or indirectly support the primary business objective. And management has the responsibility to establish controls to ensure that these objectives are achieved.

Operational auditing plays an important role in helping management achieve its primary business objective. Internal Audit has the responsibility to evaluate those controls through the operational auditing process to determine if they are adequate and effective.

Who will Benefit
  • Audit Managers
  • Staff Auditors
  • Government Auditors
  • Compliance Auditors
  • Internal Control Specialists
  • Public Accountants
  • Accounting Analysts
  • Business Analysts
  • Quality Control Specialists
$300
Recorded Session for one participant
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  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Jonnie Keith has been in auditing for over 40 years. He retired in 2012 as the assistant general manager (AGM) of internal audit with the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Atlanta, GA. He served in that capacity for over 10 years and was responsible for administering their overall audit activities. He was also responsible for the review and approval of all internal audit correspondence including audit reports, executive summaries, internal and external correspondence, etc.

Prior to that, he worked at MARTA as the operational audit manager and senior contract compliance auditor. He also worked at Norfolk Southern Railway (Southern Railway) as a senior operational auditor and started his career at the Federal Reserve Bank of Atlanta as a bank examiner.

Mr. Keith received a BA degree in economics from Clark Atlanta University (formerly Clark College). His certifications include: Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Government Auditing Professional (CGAP), and Certified Internal Control Auditor (CICA).

He has been a volunteer seminar instructor for the National Office of the Institute of Internal Auditors for several years and has taught numerous subjects including: audit report writing, communication skills for auditors, advanced operational auditing, leadership skills for auditors, CIA review course, and more.
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