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Procedures, Analysis, Conclusions and Documentation (Working papers…
Procedures, Analysis, Conclusions and Documentation
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Benchmarking
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Phases of benchmarking
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Data analysis involves
- Identifying performance gaps
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- Prioritizing key activities
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Drawing conclusions
Root cause analysis
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Resources spent on root cause analysis should be commensurate with the impact of the issue or potential future risks and issues.
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Root cause analysis that stops at the identification of physical and process components as the root cause may not be complete.A true root cause analysis will seek to understand why good people make bad or inadequate decisions.
Auditor in-charge of the engagement is responsible for coordinating the results of audit work and ensuring that work performed supports conclusions and opinions.
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Computerized audit tools
Overview
Computer assisted audit techniques (CAAT) may be systems or transaction based or may provide automated methods for extracting and analyzing data
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Test data
Allow the auditor to assess controls by observing whether good data are correctly processed, how well the system handles bad data
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Parallel simulation
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Requires auditor to have sound technical knowledge. Auditor should communicate with client to learn designed functions of application.
Integrated test facility
Auditor creates a fictitious entity (a department, vendor, employee, or product) in clients live production system
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Needs grate care to ensure that no transactions associated with dummy are included in production reports or output files
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