Thursday, May 24, 2012

Workpaper Process Reported not Mature by 72% of Auditors

According to the State of Internal Audit Survey 2012 from Thomson Reuters ACCELUS, in the case of audit workpapers, only 28 percent of respondents described their process as robust or mature. The survey found that while 49%  of the respondents said they had a workpaper process in place it still needed work. The IIA founded in 1947 has promoted their motto of "Progress through Sharing" so it seems that internal auditors should be further along in their maturity level for this fundamental area. With advances in technology there has been ample opportunity to learn from others (through the Internet), share what they have learned (through the IIA's Progress through Sharing example) and have a defined process in place. In my opinion the issue is that every audit function sees themselves as unique because of their industry, organization or corporate structure. The bottom line is that audit functions are more similar than they are different regardless of where they are located, who their customers are or what their structure is. Each should have a Charter that defines the roles and responsibilities and the audit process (planning, fieldwork, reporting and monitoring) is established.

AuditNet® has been promoting the use of technology in auditing for more than 19 years. We have been through the paperless audit phase and now see technology as a solution. But according to the AuditNet® 2012 State of Technology Use Survey the majority of auditors have not embraced technology and continue to struggle with complex issues when it comes to solving problems. The profession needs to develop a simple plan that organizations can adopt in order to move internal audit departments up the maturity level. It will take a team approach enlisting software vendors, content providers, educational institutions and professional organizations to accomplish a paradigm shift in developing an integrated technology approach to the audit process.

Help us gather the information by taking the 2012 Audit Use of Technology Survey

Go to the following URL to download the Thomson Reuter ACCELUS State of Internal Audit Survey 2012

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