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DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
Thread Title: Audit Universe
Created On Wednesday January 30, 2013 3:54 PM
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Deb007


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Wednesday January 30, 2013 3:54 PM

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In your Audit Universe:

    How many auditable entities do you have?

    What percentage of auditable entities do you audit in a year?

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LivetoLearn


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Monday February 04, 2013 2:06 PM

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In my audit universe, I have 6 areas that must be audited, by regulation, annually. There are also 6 operational audit areas. I am currently auditing at least one per year. In addition, there are possible general audits, like HR or Key Control or accounting. I perform those as time permits.

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Paul_M


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Tuesday February 05, 2013 3:54 PM

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I think you are asking the wrong question. If you focus on auditable entities, you can easily get sidetracked into spending most of your time auditing a bunch of things that aren’t that important, either to management or the company.

I think a better question is, “am I auditing the risks that are currently significant to the business?” For example, my company is currently engaged in spending large amounts of capital expanding our plants, so I'm putting about a third of my audit effort into that. We are also implementing some new business processes, so I am spending additional time on those. I have only about 20% of my audit plan focused on the traditional "rotational"-type audits.

If you want some other perspectives on this question, there are interesting posts by Norman Marks (A Word on Audit Universe) and Mike Jacka (A Lot of Words on Audit Universe) elsewhere on the IIA website.

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DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
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