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#130946 - 11/15/03 10:04 AM AUDIT PLANNING
Joe Offline
Member
Joe
Joined: Aug 2003
Posts: 74
Overseas
Our network is 39 branches and we are in the process of establishing our audit plan for next year. Our current approach is inefficient as we cover all the branches during the year without any added value. We are thinking about doing risk assessment where we can direct our resources more efficiently. Can I get your feedback on how do you go about doing your audit plan.

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Audit
#130947 - 11/18/03 02:49 PM Re: AUDIT PLANNING
BRubble Offline
New Poster
BRubble
Joined: Jun 2003
Posts: 18
Midwest
I'm new at this position but I can tell you that my audit plan will be based on risk assessment. I use software that calculates the risk score based on the answers to the risk assessment questions I set up in the software. Each auditable entity/area is risk assessed and the software will calculate how often/when that entity should be audited next based on the score. All the criteria is user defined so I can set how often the audit should be performed for certain ranges of scores. The software will calculate a plan for me based on these assessments and then I can go in and change months, dates, etc. to make the plan work for me. It will give me a basis for the plan at least.

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#130948 - 11/18/03 02:54 PM Re: AUDIT PLANNING
Countess Kiwi Offline
Diamond Poster
Joined: Jun 2002
Posts: 1,815
Minnesota
Is this software you have purchased? If so, can you give me the name? We also do ours based on risk and answer a number of questions and tally the scores to determine frequency, but if there is an easier way to automate this process, I would be interested in reviewing it.
_________________________
Do what you can, with what you have, where you are.
~Theodore Roosevelt~

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#130949 - 11/18/03 03:00 PM Re: AUDIT PLANNING
BRubble Offline
New Poster
BRubble
Joined: Jun 2003
Posts: 18
Midwest
The software is Audit Leverage. If you go to their website, www.auditleverage.com you can sign up for a free on-line demo. The demo is about 2 hours and very good.

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#130950 - 11/18/03 05:57 PM Re: AUDIT PLANNING
Risk Officer Offline
100 Club
Joined: Apr 2001
Posts: 205
Dallas
Quote:

Is this software you have purchased? If so, can you give me the name? We also do ours based on risk and answer a number of questions and tally the scores to determine frequency, but if there is an easier way to automate this process, I would be interested in reviewing it.




It is also very easy to set up an excel spreadsheet (or access database) with the audit universe, each of your risk factors, risk weights for each factor, and then have excel automatically calculate your risk scores. You can then sort by risk score, by functional area, etc. You can use conditional formatting to highlight the different risk levels, do charts and graphs, and lots of other neat things.
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My opinions are just that...my opinions.

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#130951 - 11/18/03 06:33 PM Re: AUDIT PLANNING
Countess Kiwi Offline
Diamond Poster
Joined: Jun 2002
Posts: 1,815
Minnesota
I already use excel. I just seem to have too many worksheets/spreadsheets (Tracking, Risk, Schedule, Plan, etc) to get the information I need without entering it numerous times . I guess I need to develop it to the extent that the formulas and information carry over from the different worksheets.
_________________________
Do what you can, with what you have, where you are.
~Theodore Roosevelt~

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#130952 - 11/18/03 08:01 PM Re: AUDIT PLANNING
Bucko Offline
100 Club
Joined: May 2003
Posts: 127
Heartland
Have you looked at the one here on BOL in the Bankers' Tools section? It works for me and the OCC was VERY IMPRESSED!!
_________________________
"Everything that irritates us about others can lead us to an understanding of ourselves." Carl Jung

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#130953 - 01/25/04 02:38 PM Re: AUDIT PLANNING
Anonymous
Unregistered

I've not found the one at BOL can you elaborate?

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