Planning the audit based upon the topic agreed to during the annual audit plan and leading the team to complete the steps below:
Additional challenges and responsibilities are to:
Conducting meetings and interviews with all levels of management and personal.
Performing thorough studies of business processes for areas under audit.
Developing specific audit procedures to accomplish the objectives of the audit to determine whether assets are adequately safeguarded and whether policies, plans, and procedures are complied with through the identification and documentation of audit risks.
Performing specific audit tests and document work performed in the audit work papers.
Drawing conclusions based on the results of tests performed.
Arriving at feasible cost effective solutions to problems encountered and making specific recommendations.
Holding preliminary discussions of the audit findings with operating personnel to verify facts and to ensure that everyone has a thorough understanding of the nature, source and extent of the issue.
Preparing reports detailing the audit results, findings, and recommendations, and following up to ensure the recommendations are implemented.
Communicating effectively with the other audit team member(s) on progress/significant developments and review other auditors work papers to ensure the accuracy of the work and consistency of the work papers.
Review Audit work papers of less experienced auditors.
Coordinate the completion and reporting of all follow-up audits.
Remaining alert for detection, investigation, and prevention of fraud and assist in Fraud Investigations and other special Audits/Due Diligence.
Coordinate Year-end Deloitte & Touché work.
Evaluating opportunities for improvement in operational efficiency cost effectiveness and internal controls.
Determining compliance with applicable laws and regulations.
Assisting in the developing of the annual audit plan.
Leading or assisting in the completion of special requests by Management.
Performing research to gain competence in areas to be audited during the year.
Staying current on business trends and practices by reading business periodicals, becoming involved in professional associations and through continuing education.