System Audit

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Audit Manual – PART TWO SYSTEM BASED AUDIT
Table of content
1. 2. Introduction.......................................................................................................................3 Systems based audit ........................................................................................................4 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. 2.7. 2.8. 3. 3.1. 3.2. 3.3. 3.4. 3.5. 3.6. 3.7. 4. 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. 4.7. 4.8. 4.9. 4.10. 4.11. 4.12. 4.13. Preparing for & planning the audit assignment.........................................................5 Ascertaining and recording the system.....................................................................7 Identifying control objectives...................................................................................13 Identifying risks & Evaluating controls against risks ...............................................18 Testing controls ......................................................................................................22 Arriving at conclusions............................................................................................26 Audit reports and action plans ................................................................................26 Audit Files ...............................................................................................................27 Responsibilities of the Chief Internal Auditor ..........................................................28 Audit preparation ....................................................................................................28 Arrangements for the audit .....................................................................................29 Supervision of the audit ..........................................................................................29 Review ....................................................................................................................29 Continuous improvement........................................................................................30 Audit review record .................................................................................................30 Audit assignment plan ............................................................................................32 Form – Authorisation letter .....................................................................................33 Narrative description of system ..............................................................................34 Flowchart symbols ..................................................................................................35 Flowchart example - vertical type and horizontal type............................................36 Key elements of systems........................................................................................37 Audit programmme .................................................................................................39 Methods of identifying risks ....................................................................................40 Types of control ......................................................................................................43 Decision points in a system based audit.............................................................49 Planning and performing tests of control (compliance tests) ..............................51 Test record..........................................................................................................54 Record of Audit Findings ....................................................................................55

Supervising audit assignments.......................................................................................28

Annexes..........................................................................................................................31

4.14. 4.15. 4.16.

Audit findings summery form...
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