FINANCIAL AUDIT Process Triage Map(TM)

Joseph Rosenberger

Sujets

• managers

Informations

• Publié par: Vuwyung
• Nombre de lectures: 20
• Langue: English

Extrait

Req'd for 460 (Partner Review)
Req'd for 460 (Partner Review)
Req'd for
90 (Audit Schedule)
Req'd for 460 (Partner Review)
Req'd for 260
Req'd
for Field Work
Completion
( +)410
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10
INITIATE
ENGAGEMENT
410
DRAFT FINANCIAL
STATEMENTS
st(If 1 Review
Passed)
320
REVIEW PROPOSED
ADJUSTMENT
350
EVALUATE
MATERIALITY OF NET
UN-POSTED
ADJUSTMENTS
From CONFIRMED AUDIT SCHEDULE to APPROVED AUDIT PROGRAM FIELD WORK COMPLETIONFINANCIAL AUDIT PROCESS | Process Triage™ Quick Start Map Diagram KeyMilestone: Completed Milestone: Completed
440 SubsequentProcess Triage™ Workflow Map Engagement Partner Concurring Partner Events & COMPLETEFIELD WORK PLANNING From APPROVED AUDIT PROGRAM or VERIFIED CPS SCHEDULES & Created: 7/5/09 Last modified: 7/12/2010 SUBSEQUENT Inquiries· Client involved CLIENT: Review Reviewst EVENTS & INQUIRIES Completed TANGIBLE DELIVERABLES TRIAL BALANCE to 1 FIELD AUDIT REVIEW COMPLETION The scheduled report Process expert & contact: Tamara Rosenberger, CPA Report Total Loaded Labor $ Total Loaded Labor $ Milestone: Closed Binder & Issued Lettersdate is indicated in the (Use the longer of the two elapsed times)Scope of Milestone: Approved Audit Program Date - Physical work productApproved Audit
- Measurable attributes by consumer445Work Project Loaded Labor % Share Project Loaded Labor % ShareScheduled Total Loaded Labor $ProgramTotal Loaded Labor $ - Completion is observable (time stamp)PRE-AUDIT CONTRACTING & SCHEDULINGPROCESS ACQUIRE Revised - Named (Noun + Past tense active verb)AttorneyAUTIDOR STAFF ASSIGNED Segment’s Elapsed Segment’s Elapsed TRIGGER ATTORNEY Project Loaded Labor % Share70 - Arranged in EARLIEST FINISH orderShare of Project Loaded Labor % Letters145Auditor LETTERSst Business Days (to Business Days (to Milestone: Signed Audit OpinionASSIGN AcquiredMilestone: 1 Review CompletedREVISEOn Time ? YES NO Segment’s Elapsed Business Days (to nearest ½ day)Staff st Non-AUDIT STAFF Segment’s Elapsed Business Days (to nearest ½ day) External PUBLIC nearest ½ day) nearest ½ day) MilestoneSCOPE OF WORK From 1 REVIEW to COMPLETED ENGAGEMENT PARTNER REVIEW Process MilestoneTotal Loaded Labor $ (Internal Process(Auditor) Assigned Total Loaded Labor $ Trigger (InternalENTITY 50 (If Required)Sufficient Quality ? YES NO Deliverable)140 Deliverable
Deliverable)SIGN From ENGAGEMENT Project Loaded Labor % ShareSEC Share of Project Loaded Labor %Sufficient Quantity ? YES NO40 60ENGAGEMENT-- 450 Disclosure From SIGNED AUDIT OPINION to CLOSED BINDER & Engage-20 PARTNER REVIEW to PCAOB REVIEW LETTER DRAFT 130 160 Segment’s Elapsed Business Days (to nearest ½ day)Scope Scope Audit ChecklistsSegment’s Elapsed Business Days (to nearest ½ day) COMPLETE-- ment 140 150 TASKS / ACTIVITIESSCOPE OF WORK (If SOW Approved) AUDIT SCHEDULEDRAFT SCOPE COMPLETE APPROVE LETTERS ISSUEDof Work of Work Schedule CompletedMARKETING New or DISCLOSURE CONCURRING 00OF WORK Letter PLANNING DRAFT AUDIT REVIEW AUDIT PROGRAM110 AuditChange in Audit Planning Audit Audit CHECKLISTSDrafted Reviewed Drafted FORMS PROGRAM AUDIT PROGRAM (If Approved) ACTIVITY / TASK NAMESigned From CONCURRED OPINION TO SIGNED AUDIT OPINION · Leads Generated Auditor EVALUATE PARTNER REVIEW - Consumes resourcesRisks Forms Program ProgramProgram20 AUDIT RISKS - Has and upstream trigger (earliest start)Evaluated Completed Drafted Approved· Boilerplates · Signed offReviewed80 - Consumes time(If Revisions) AUDIT CLOSE OUT - May be automated and/or manualASSIGN AUDITReq'd Engage-Marketing 140 CLIENT FINANCIAL STATEMENTS - Bundles Information Transactions (CRUD)Audit 90for STAFF (Client) Disclosures FIELD WORK Disclosures Engagement ConcurringPlan - Number is unique to this map, may bement (If Revisions) 360 POSTED ADJUSTMENTS & Adjust-CONFIRM & Adjust- Partner PartnerRequired reusable in other mapsClient Audit20 On Time ? YE NOExecuted 475Initiated NOTICE!AUDIT SCHEDULE ments ments Issues Issues - Does not indicate rank or sequence465IGNED REPRESENTATION LETTER (by Client)30 380 WAIVED ADJUSTMENTS(If Risk Staff Schedule 430 ADDRESS “114” AddressedAddressed Addressed AddressedDO NOT FINALIZE 420 ADDRESSSufficient Quality ? YE NORevisions)ASSESS CONCURRINGAssigned Confirmed ADDRESS DUMMY TASK (Dashed Arrow)EMPLOYEE TRAVEL OR ENGAGEMENT Letter On Time ? YES NOADDRESS ENGAGEMENT PARTNERA PRESENTATION START ON-SITE FIELD PARTNER ISSUESPRESENTATION 120 Issued Req'd for XX RISKS - Does not consume resourcesISSUESDISCLOSURES & PRIVATE Engage- WORK UNTIL THIS 520(If Required)DISCLOSURES & REVIEW - Illustrates possible critical path(If Required)ADJUSTMENTFIELD WORK ENTRANCE CRITERIA DELIVERABLE’S QUALITY ENTITY ment ADJUSTMENT ISSUE “114” - Indicates a task requires a parallel,INTERNAL 415 (If Required) 425 460 470· Client acceptance IS SATISFACTORY upstream deliverable.(If Required) LETTERRisks CONTROLS 30Lender Bank CLIENT STAFF ASSIGNED Internalprocedures 20 ACTIVITY / 280 425 460 470 Deliver-Requirement Assessed ACTIVITY / TASK TASK Controls able-- 250 260 270 415 455 480 485 510COMPLETE COMPLETE CONDUCT CONDUCT 20On Time ? YES NO ReviewedCorporate stilestone: Engagement Letter 220 230 530490VERIFY CPS PERFORM REVIEW 1 REVIEW COPLETE CONSOLIDATED COMPLETE ENGAGEMENT CONCURRING DRAFT CLIENT SIGN CLIENT ADDRESS
Charter CPS Consoli- Final Engage- Client ClientConcurring Documen-IMPORT GENERATE SCHEDULES to AUDIT AUDIT (If Cycle Review ISSUE “115” ENTITY-LEVEL “TIE OUT” FINAL MATERIALITYARTNER’S PARTNER’S REPRESENTATION RERESENTATION SIGN DOCUMENTATIONSufficient Quality ? YES NO Trial Lead Time “115” -- Trial Audit Audit Financial Entity-level AuditClientTotal Loaded Labor $ stSchedules & 1 Review 10TRAIL BALANCE LEAD SHEETS TRAIL BALANCE PROCEDURES CYCLE Passed) “TIE OUT” (If Multiple Entity) dated CALCULATIONS Materiality REVIEW ment Partner REVIEW Partner LETTER Represen- LETTER Represen- AUDIT OPINION POINTS tation LETTERNew or Deliver-Balance Procedures Cycle Statements “Tie Out” Opinion Period Letter Balance Sheets ACTIVITY / TASK Books ableChange in Review Points Sufficient Quantity ? YES NO Trail Bal. Completed “Tie Out” Calculations Review tation Letter tation Letter · Matches #230's Share of Project Loaded Labor % 10· By cycle · By cycleCompleted Performed ReviewedMilestone: Confirmed Audit · Includes Footnotes Drafted Completed SignedImported Generated Passed IssuedAuditor Closed · Financial statement Conducted AddressedLead SheetsVerified Completed Completed Completed Drafted Signed
grouped (client view) 260ScheduleSegment’s Elapsed Business Days (to nearest ½ day) Total Loaded Labor $ #90 is required for 210 - Activity 30 cannot complete with out(If Rework Req’d) 455CLIENT predecessor deliverables 10 & 20.(Field Work Entrance CLIENT Presented ClientShare of Project Loaded Labor %From START to SIGND ENGAGEMENT LETTER (If Single Entity)Criteria) to Client260240 540
(If Rework Req’d)Segment’s Elapsed Business Days (to nearest ½ day) DELIVER CLOSE CONDITIONAL TASK 00CLIENTTRIAL BALANCE COMPLETED BINDER
TASKSCHEDULES BinderClient (If..condition)
On Time ? YES NO Milestone: Adjustments ResolvedFrom SIGNED ENGAGEMENT LETTER to CONFIRMED AUDIT SCHEDULE ClosedSchedules FIELD WORK ADJUSTMENTS
- Hash mark on base of arrowDelivered ADJUSTMENTS POSTED / WAIVEDTotal Loaded Labor $Sufficient Quality ? YES NO CLIENTAUDITOR TEAM - Indicates an activity / task is conditional.
- Condition short name (If...) with the On Time ? YES NOProject Loaded Labor % Share task labeling.340310DELIVERED CLIENT SCHEDULES AdjustmentCLIENT TEAMEngagement Principal POSTPROPOSE PostedMilestone: CPS Schedules & Trial Balance Sufficient Quality ? YES NOSegment’s Elapsed Business ADJUSTMENTADJUSTMENTSOn Time ? YES NO Req'd
(If Accepted) Days (to nearest ½ day)(If Required) for Field WorkTotal Loaded Labor $ SelectedConcurring Principal CFO 360 CompletionNOTICE!Sufficient Quality ? YES NO Adjustments APOSTShare of Project Loaded Labor % PROJECT “PENALTY” PostedSenior Manager (optional) Controller SELECTED
AuditEXPENSES FOR Proposed ADJUSTMENTSegment’s Elapsed Business Days (to nearest ½ day) ADJUSTMENTS ARE NOT Adjustment Adjustment (If Accepted)Manager Staff Assignments Lead TYPICALLY BUDGETED IN CLIENTProposed Reviewed
THE SCOPE OF WORK!From CONFIRMED AUDIT CHEDULE to VERIFIED CPS SCHEDULES & TRAIL BALANCE 330Manager “Books Closed” date (#210 Trigger) ACCUMULATEMOST ADJUSTMENTS
ADJUSTMENTRE VOIDED BY
Unposted (If Waived)THOROUGH AND Senior Staff Trial Balance Lead (see 210)djustment ReportingAdjustments COMPLETE CPS Executive Action Requiredccumu- Materiality SuspendedSCHEDULE & TRIAL Senior Staff BALANCE VERIFICATION lated TestedClient Schedules Lead (see 240)
(ACTIVITY #250)
380Senior Staff Draft Financial Statements Lead (see 410) WAIVE
TOTAL AUDIT PROJECTADJUSTMENTS
Staff (If Not Material)ORDER PRINTS or Adobe® PDF Download at Adjustments Lead (se 300's)
Total Loaded Labor $Req'd
for Field WorkStaff Adjustments Completion Awww.processtriage.com Waived Share of Project Direct Labor % 100%
VERSION Staff ORDER PRINTS or Adobe® PDF Download at Total Elapsed Business Days (to nearest ½ day)
From ADJUSTMENT IDENTIFIED (during audit procedures [#260]) to ADJUSTMENT RESOLUTION CLIENT1/17/2010 Process Triage, LLC
Mapping Facilitator: Joseph Rosenberger
[e-mail] START to PROJCT CLOSE OUT From START to CLOSE OUT