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#1513241 - 02/22/11 11:06 PM Audit time tracking software
SnowRed Offline
Junior Member
Joined: Oct 2010
Posts: 42
East Coast
Hi,

What are you using for audit time tracking software and/or audit planning software if any? It would be helpful to me if you are just using spreadsheet to let me know that, too. We currently use a spreadsheet but the examiners say "not good enough". Any guidance or suggestions or samples are welcomed. Thanks for your time.

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#1513270 - 02/23/11 11:39 AM Re: Audit time tracking software SnowRed
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,216
Galveston, TX
What examiners are criticizing you for the use of some spreadsheet to track your audit time?? That has to not be the root cause of whatever criticism they are trying to convey.
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#1514277 - 02/24/11 07:10 PM Re: Audit time tracking software rlcarey
SnowRed Offline
Junior Member
Joined: Oct 2010
Posts: 42
East Coast
I know what the cause is, incompletion of the audit plan. They have recommended a use of time tracking software.

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#1516167 - 03/01/11 10:59 PM Re: Audit time tracking software SnowRed
Southern gal Offline
Platinum Poster
Joined: Mar 2008
Posts: 504
TN
How many audits were not completed? Just curious.

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#1516360 - 03/02/11 04:50 PM Re: Audit time tracking software Southern gal
happyauditor Offline
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happyauditor
Joined: Nov 2004
Posts: 808
NY
Can you tell us what regulator? OCC, FDIC, etc.?

We use spreadsheets to track our time. We have each auditor complete a daily time tracking sheet (and is summarized by category and handed in monthly) which must match each individual audit time tracking budget spreadsheet and account for all hours worked during the day, including non-audit time, such as supervisory function time, staff training time, etc. We then roll up the daily time tracking sheets (which are summarized by category and handed in monthly) into a YTD tracking sheet (broken out by month). We use this to monitor hours used compared to budget and audit plan and also to determine if there are enough hours available (based on staffing) for the rest of the year to complete the remaining audits. If not (usually due to unforseen issues /unplanned projects), the audit plan is adjusted based on risk.

If this is similar to your method, please let me know as I think this is adequate but would be very concerned if your regulator is saying it is not.
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#1516425 - 03/02/11 05:42 PM Re: Audit time tracking software happyauditor
DerrickAuditor Offline
Member
Joined: Mar 2008
Posts: 91
USA
Very similar to happyauditor, annually, we develop our audit plan based on risk assessments and rotation schedules, and budget the hours for each audit, I estimate time for special projects, and budget for admin time, vacations, holidays, training, etc. I then compare the total hours to the number of staff and their available hours (e.g. 2250 hours per auditor).

Next, I schedule out the audits by quarter by auditor. We maintain time schedules daily and input them into a spreadsheet monthly (or more frequently if necessary). I use this to determine where we are compared to budget.

I report actual hours to budget to the Audit Committee quarterly and if we get off track, we work more overtime and/or I recommend amending our audit plan or outsourcing some audits depending on risk assessments, needs from external auditors, and expectations of examiners. Hope this helps.

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#1516430 - 03/02/11 05:46 PM Re: Audit time tracking software DerrickAuditor
happyauditor Offline
Platinum Poster
happyauditor
Joined: Nov 2004
Posts: 808
NY
DerrickAuditor's process is basicaly the same as ours as he menetioned, so I would be concerned if SNOWRED'S process is similar and the regulator is criticing. Please let us know SNOWRED. Thanks.
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* My opinion is not necessarily that of my employer.

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#1517460 - 03/03/11 10:49 PM Re: Audit time tracking software Southern gal
SnowRed Offline
Junior Member
Joined: Oct 2010
Posts: 42
East Coast
wish I could answer this, I am not the auditor, on a mission from the big guy to find some more information out on what our peers do. We are regulated by the NCUA.

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#1517462 - 03/03/11 10:52 PM Re: Audit time tracking software DerrickAuditor
SnowRed Offline
Junior Member
Joined: Oct 2010
Posts: 42
East Coast
Thanks so much for this information. Our time tracking is not done daily, time studies are done. I came from an environment where we tracked daily, rolled up quarterly and reported to the audit committee, so this is unusual for me. I think daily tracking is necessary, but there is some resistance.

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