Audit time tracking software

Posted By: SnowRed

Audit time tracking software - 02/22/11 11:06 PM


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.
Posted By: rlcarey

Re: Audit time tracking software - 02/23/11 11:39 AM

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.
Posted By: SnowRed

Re: Audit time tracking software - 02/24/11 07:10 PM

I know what the cause is, incompletion of the audit plan. They have recommended a use of time tracking software.
Posted By: Southern gal

Re: Audit time tracking software - 03/01/11 10:59 PM

How many audits were not completed? Just curious.
Posted By: happyauditor

Re: Audit time tracking software - 03/02/11 04:50 PM

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.
Posted By: DerrickAuditor

Re: Audit time tracking software - 03/02/11 05:42 PM

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.
Posted By: happyauditor

Re: Audit time tracking software - 03/02/11 05:46 PM

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.
Posted By: SnowRed

Re: Audit time tracking software - 03/03/11 10:49 PM

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.
Posted By: SnowRed

Re: Audit time tracking software - 03/03/11 10:52 PM

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.