Myth Six: Traditional Audit Planning is Good Enough
Gordon Burnes 270004HVEW email@example.com | | 0 Comments | 186 Visits
A traditional model to planning the audit process typically examines 10-20 risk factors for each element of the audit universe, and buckets each auditable entity into a risk categorization which will drive the frequency with which it is audited. While this approach may have worked well in the past, modern audit departments are being asked to do more with less. The known risk universe gets bigger by the day, and investing in a massive risk evaluation for each entity may not be the best use of resources. Is it worth tying up valuable stakeholders in management and on the audit committee to assess the risk inherent in the coffee procurement process for a remote sales office?