Introduction

Introduction

What do they have in common?

CASA Peer Review California Association of State Auditors (CASA) Peer Review Program Yellow Book (GAS) Red Book (ISPIA)

What is a Peer Review? • External Quality Assessment by independent team • Required every 3 (Yellow Book) or 5 (Red Book) years • Provide an opinion on the audit activity’s conformance to the Standards According to the IIA: • Peer reviews among three or more organizations meet the requirements of an external quality assessment • Reciprocal peer reviews between two organizations would not pass the independence test

Process • Have the agency complete a QA questionnaire and sign agreement • Select Peer Review team • Perform the on-site work including: • Review of administrative policies and procedures • Evaluation of risk assessment in audit planning • Review of working papers and final reports for selected engagements • Review number and skills of internal audit staff

Process continued… • Consider other audit functions such as consulting • Evaluate the audit activity’s conformance with relevant standards • Provide summary of issues and recommendations, and hold a closing conference • Draft a report, obtain comments, and issue a final report

Common Problems Observed by Peer Reviews • Inappropriate reporting relationships • Out-of-date charters for audit activity • Lack of independence statements • Inadequate audit staff knowledge • Lack of evidence of audit supervision • Out-of-date audit manuals

Peer Review Assessment Resources • www.casa1.org • www.governmentauditors.org/index.php/better-auditing/peer-review-guide

Questions?

Introduction

Introduction

Presentation Transcript

Introduction to introduction to introduction to … Optimization

INTRODUCTION/ INTRODUCTION

Introduction

INTRODUCTION

Introduction

Introduction