Process Automation

IAD - 2024
Overview
1. IA processes
2. Master data
3. Audit planning
4. Engagement Planning
5. Execution
6. Reporting
7. Working papers
8. Follow-up

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1 IA Processes
1. Risk Assessment
2. Annual audit planning
3. Engagement planning
4. Fieldwork
5. Reporting
6. Monitoring & Closure

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2 Master data

Business
Units

Audit Business
Resource Processes

Master
Data

Risk
Dimensions
Register

Controls

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2.1 Business units
1. Business unit hierarchies
2. Business unit types
3. Configure organization groups

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2.2 Business processes
1. Add business process and subprocess
2. Assign a business unit to a process
3. Assign controls to a process

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2.3 Risk Register
1. Add a risk into the risk register
2. Assign type and category to risk
3. Risk Analysis
4. Views For Risks
5. Add key risk indicators for risks
6. Underlying risks
7. Add controls to risks
8. Remove risks from the risk register

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2.4 Controls
1. Add controls
2. Map control with relevant risk
3. Views for controls
4. Assign attributes of controls
5. Add risks to controls
6. Design control effectiveness rating scale
7. Control test results

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2.5 Dimensions
1. Add dimension
2. Assign dimension types
3. Assign risks to dimensions

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2.6 Audit Resource
1. Managing audit resources/an audit staff list
2. Maintain a list of skills and qualifications
3. Audit staff classification (Audit lead/Supervisor/Auditor)
4. Set up a personal profile
i. Add skills
ii. Add qualifications
iii. Designate and dismiss substitutes
5. Time tracking and calendar
i. Define audit phases
ii. Set daily working hours
iii. Define activity types
iv. Log time
6. Create Teams

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3 Audit planning
1. Audit Universe
i. Life cycle status and versioning of auditable items
ii. Add an auditable item
iii. Delete an auditable item
iv. Close an auditable item
v. Reopen a closed auditable item
2. Develop Plans
i. Planning using audit plan group
ii. Add an audit plan directly
iii. Assign risks to an audit plan
iv. Assign auditable items to an audit plan
v. Map organizations, processes, and dimensions
vi. Rolling planning
3. Add audits and assign people to audits
4. Add an audit in initiate audits
5. Add an audit in resource management
6. Add audits to an audit plan
7. Initiate an audit

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4 Engagement planning
1. Risk assessment in audit preparation
i. Start risk assessment
ii. Add new work packages after a risk assessment is started
iii. Perform risk assessment
iv. Review risk assessment
2. Prepare audit execution work program and engagement letter
i. Create work programs
ii. Create an engagement letter
iii. Add Scope schema
iv. Add audit procedures
v. Submit audit execution work program and engagement letter for review
vi. Review audit execution work program and engagement letter
vii. Distribute an engagement letter

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5 Execution
1. Perform audit procedures
i. Evaluate auditee's responses to questions
ii. Perform business rule ad hoc query
iii. Perform detection procedures
iv. Evaluate control effectiveness
v. Create work done notes
vi. Working papers review with audit lead
2. Document and communicate audit findings
i. Create a finding for an audit
ii. Communicate findings
iii. Discuss and document findings for process owner agreement/disagreement

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6 Reporting
1. Prepare draft audit report
i. Prepared draft audit report
ii. Add findings to follow the five "C’s” (criteria, condition, cause, consequence, and corrective action) rule to structure
findings and recommendations effectively.
iii. Assign finding rating according to the finding definition
iv. Add a summary of audit findings in the draft report
v. Prepare the annexures of the findings and attach to the report
2. Review draft audit report with audit lead
3. Quality Assessment Review (QAR) of the draft report with the Internal Quality Assurance (IQA) team
4. Review draft audit report with HoIA
5. Issue draft audit report to get responses from the auditee for action plans and their implementation date against each finding
6. Finalized audit report add action plan and their implementation date in the report
i. Review audit report with the HoIA for issuance to BA&RC
7. Issue the audit report to BA&RC

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7 Working papers
1. Working papers are developed with the below corresponding audit phases:
a) Planning – Audit resource management with time scheduling, audit opening, and closing
b) Preparation – RCM, engagement letter, work program
c) Execution – Field Work, data analytics, evidence
d) Reporting – Annexures and findings
2. Working papers audit lead and HoIA review
3. Working papers Quality Assessment Review (QAR) with Internal Quality Assurance (IQA) team
4. Update the working paper upon the report’s finalization
5. Propose risks to RCM team If audit findings disclose a new risk

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7 Follow-up
1. Create a findings register
2. Track open findings against the proposed deadline of action plans for the closure
3. Evaluate the findings according to the proposed deadline action plan by the auditee
4. After evaluating update the findings register, following the procedure outlined below:
i. Add new findings into the register
ii. Change the deadline of an action plan to an earlier or later date
iii. Update the finding status as “closed” or “Open”

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THANK YOU