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Practice Guide to Auditing Oversight


Determining the Audit Approach

In addition to deciding how much focus or emphasis to place on oversight in the audit (see the section Determining the Degree of Focus on Oversight for more on this topic), auditors will need to consider which audit approach the audit should adopt. Essentially, this means deciding to adopt either an approach focused on the structures and systems of an oversight body or an approach focused on the results and effectiveness of an oversight body in exercising its oversight functions, roles, and responsibilities.

Focusing on oversight structures and systems means examining an oversight body’s:

  • structure and mandate,
  • roles and responsibilities,
  • independence requirements, and
  • skills and experience requirements

to determine whether they are adequate, in line with best practices, or comparable with an appropriate benchmark.

Focusing on results and effectiveness aspects means examining the quality of the oversight of an organization’s actual:

  • performance,
  • risk management,
  • compliance,
  • reporting, and so on.

Given enough time and resources, auditors can combine both approaches and conduct a more complete audit that will provide additional assurance to the report’s recipient. The British Columbia audits of Crown agency board governance (2012) and university board governance (2014) are examples of this combined approach.