non-Certified Internal Auditor |

Though it seems hard to implement - it is easy. So, today - few tips to decrease your audit costs. Do not expect dramatic decrease, but take into account, that even small decrease in dramatic audit bill could be a serious win. External auditors, please do not read as it would frustrate you

1) Get the audit plan. There is always something, that supports agreed audit fee. Usually it is addendum to the contract, which lists general activities. Have it on your hands and it would necessary give you a hint on where to save.

Read the rest of this entry »

So, New Year comes - New Audit comes. You can easily imagine, that upcoming week will bring your accounting and reporting team a lot of fun, while you (internal auditor) will be relaxing somewhere in quiet and peaceful corner of your office checking 2009 controls. However, let’s go to today’s topic - planning of engagement by external auditor.

Read the rest of this entry »

Today I’ve received nice Christmas gift from ACCA - 40 hours of life. They’ve just confirmed, that there is no need to comply with Continuing Professional Development requirement for year 2009. Why? Because I’m member of ACCA since 2009, therefore Continuous Professional Development requrement becomes valid for me starting 2010. And I would have 40 hours to complete within 12 months instead of 27 days. Thanks again. I promise, next year I’ll behave better

Today I’m starting my long way to perfect internal audit software. It would be long way, because I have no experience in software projects But, as far as I remember, everything should start from understanding the need.

So, my perfect audit software should have the following functionality (it is draft and new Internal Audit Tasks would be added). It is based on simple circular model of Internal Audit (cool name, huh)

Read the rest of this entry »

I am busy a little bit. As little as the only toilet at a rock concert. Because of audit, bless him… What audit is? … um, for simplicity’s sake imagine … well, for instance a man who shovels coal. It doesn’t matter where he shovels it. In a pile for instance.

And then two or three clerks appear. Completely smooth, with laptops – unbelievably serious. In short, auditors. They walk up to a fellow and say:

Read the rest of this entry »

Recently we had a quite fruitful discussion regarding next steps in advancement of Internal Audit function in our company.

Beside standard “SOX Compliance monitoring” and “Regular audits” we identified lack of one serious thing – punishment culture. Yes, I’m not mistaken. We have all – good working atmosphere, reasonably high wages, year-end bonuses etc. But there is no punishment for wrongdoing.

Read the rest of this entry »

Probably, everybody knows, that Code of Ethics (Code of Conduct if you want) is a really useless document, on which Internal Audit insists for compliance reasons and used only twice – when deleted from mailbox and when requested to sign-off.

And it’s true. But there is also other true: It will remain useless until you do not use it. “Simple and stupid” – you’d say and again will be right.

Read the rest of this entry »

The goal of Internal Audit is to make shareholders and External Auditors happy. And to make them happy they pour antidepressants in their coffee machines…

So, Let’s move on!