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Practice Guide to Auditing Efficiency

Selecting Audit Criteria

Each audit is unique due to the auditor’s mandate, audit focus, audit objectives, risks identified while obtaining knowledge of the business, and the way the auditee approaches the achievement of efficiency in the regulatory inspection and enforcement function. The challenge for auditors is to find authoritative sources of criteria relating to efficiency of the inspection and enforcement function.

Auditors should consult subject matter experts during this phase of the audit as they can provide valuable assistance with criteria. Auditors are also encouraged to obtain the audited entity’s agreement on the criteria.

The following pages suggest audit criteria for the inspection and enforcement function categorized according to whether the audit emphasizes systems or results, and according to the seven management activities enabling efficiency described in the Practice Guide.