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Audit Tips

Each edition of Audit Tips highlights good practices and provides practical advice for performance auditors on a selected theme.

 

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100 Tips for Performance AuditorsRead our 100 Tips for Performance Auditors. This publication includes a compilation of tips from previous editions of our Audit Tips series. Our tips cover 15 different topics, from various aspects of the audit process to specific audit topics and new technologies that are changing the audit profession.

Audit Tips
 

5 Main Steps That Audit Teams Should Follow When They Use Sampling

Sampling is the selection of a subset of the totality of elements that could be analyzed, called the population. It can be generalizable, i.e., drawn randomly in order to efficiently extrapolate the results to the population, or purposeful, i.e., based on a rational argument linked to the audit objective, in order to provide insights on the nature or cause of a problem. Using sampling can be a useful evidence collection strategy when conducting a performance audit.

In this Audit Tips, we provide 5 tips that you should consider when deciding whether and how to use sampling in your next performance audit.

Audit Tips
 

8 Tips for Substantiating Performance Audit Observations and Conclusions

Audit standards require auditors to collect sufficient appropriate evidence to support their conclusions. To demonstrate that this requirement has been met, it is common practice for audit teams to prepare substantiation files that present, for each section of a performance audit report, the relevant evidence that was collected and explain how this evidence supports the conclusions reached.

In this Audit Tips, we provide 8 tips that will help performance auditors to prepare substantiation files that are clear, complete, and easy to review.

     
Audit Tips
 

10 Key Cybersecurity Risk Areas to Audit

In today’s digital environment, all connected assets are at risk of being hacked. For this reason, public sector organizations must remain hyper-vigilant and implement the latest good practices in IT risk management to protect their IT assets from unauthorized access and to prevent the use, disclosure, disruption, modification, review, and destruction of the information they contain.

Internal and legislative auditors can support public sector organizations by providing independent assurance about whether cybersecurity risks are well managed. This Audit Tips edition presents 10 key cybersecurity risk areas that should be considered for audit.

Audit Tips
 

5 Ways Root Cause Analysis Can Improve Performance Audits

Root cause analysis is an approach to understanding why something happened or how a situation developed. This analytical technique can be used to drive efficiency, eliminate waste, or improve business processes. It can also help auditors to add value to their audit reports and increase their impact.

In this Audit Tips edition, we highlight five ways in which Root cause analysis can improve performance audits.

     
Audit Tips
 

8 Facts Auditors Should Know About Artificial Intelligence

Artificial intelligence (AI) is an intriguing emerging technology. Rapidly adopted by the IT industry, it has found myriad applications in our economy and now appears to be ubiquitous. Its capacity to automate processes and extend the reach of the human mind is already causing profound changes in a number of fields, including auditing.

In this Audit Tips edition, we present key AI facts that will help auditors understand how AI is transforming their profession.

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