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Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.
Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
"How can you argue with the core principles of Lean, that you focus on what provides value to your customer and eliminate work that is not necessary (muda)? Internal auditors need to understand not only who their primary customers are, but what is valuable to them - which in most cases is assurance that the risks that matter to the achievement of objectives are properly managed. We need to communicate what they need to know and not what we want to say. This incessant focus on the customer and the efficient production of a valued product should extend to every internal audit team. How else can we ensure that we optimize the use of our limited resources to address the dynamic business and risk environment within which our organizations operate?" Norman Marks, GRC Thought Leader Using lean techniques to enhance value add and reduce waste in internal auditing Lean Auditing is a practical guide to maximising value and efficiency in internal audit through the application of lean techniques. It is an ideal book for anyone interested in understanding what progressive, value adding audit can be like. It is also ideal for anyone wondering whether audit activities can be streamlined or better co-ordinated with other activities. The book contains practical advise from the author's experience as CAE of AstraZeneca PLC; from his work as a consultant specializing in this field; as well as insights from leading CAEs in the UK, US and elsewhere. In addition, there are important insights from thought leaders such as Richard Chambers (IIA US) and Norman Marks (GRC thought leader) and Chris Baker (Technical Manager of the IIA UK). Increasing pressure on resources is driving a need for greater efficiency in all areas of business, and Internal Audit is no exception. Lean techniques can help streamline the workflow, but having only recently been applied to IA, lack the guidance available for other techniques. Lean Auditing fills this need by combining expert instruction and actionable advice that helps Internal Auditors: Benchmark their efficiency against lean ways of working Understand warning signs of waste and lower added value Understanding practical ways of working that improve added value and reduce waste Gain confidence about progressive ways of working in internal audit Understand how improved ways of working in audit can positively impact the culture of the wider organization One of the keys to the lean audit is finding out exactly what the stakeholder wants, and eliminating everything else. Scaling back certain operations can delineate audit from advisory, and in the process, dramatically improve crucial outcomes. To this end, Lean Auditing is the key to IA efficiency.
From financial reporting to revenue recognition to grants and contracts to auditor report changes, you have a lot going on in the not-for-profit financial arena right now. Whether you're already an expert in NFP audit and accounting standards or just getting started, this is the practical guidance you need. This must-have resource for nonprofits accounting and auditing professionals is an essential reference that will assist you with the unique aspects of accounting and financial statement preparation and auditing for not-for-profit entities. It will help you with the following Understand and implement recent updates and changes, including those related to financial reporting, revenue recognition, and grants and contracts Gain a full understanding of the accounting issues unique to not-for-profit entities Assist in the implementation of auditor report changes.
This annual edition provides accountants and other financial professionals with assistance in understanding and applying the special considerations required in a single audit. It is an indispensable resource for auditors performing Yellow Book audits. This new edition provides up-to-date information and expert guidance on single audits and Uniform Guidance compliance audit requirements, including example auditor reports for both the reporting required under Government Auditing Standards and the Uniform Guidance compliance audit.
Based on four years of extensive research, Atomic Audit is the first book to document the comprehensive costs of U.S. nuclear weapons, assembling for the first time anywhere the actual and estimated expenditures for the program since its creation in 1940. The authors provide a unique perspective on U.S. nuclear policy and nuclear weapons, tracking their development from the Manhattan Project of World War II to the present day and assessing each aspect of the program, including research, development, testing, and production; deployment; command, control, communications, and intelligence; and defensive measures. They also examine the costs of dismantling nuclear weapons, the management and disposal of large quantities of toxic and radioactive wastes left over from their production, compensation for persons harmed by nuclear weapons activities, nuclear secrecy, and the economic implications of nuclear deterrence. Atomic Audit concludes with recommendations for strengthening atomic accountability and fostering greater public understanding of nuclear weapons programs and policies.
Your game plan for strategic success in today’s remote audit department Beyond Audit is your guide to taking advantage of this unique moment to review and enhance your audit methodology to improve execution, operations, and audit product. Change has been thrust upon the audit industry, and every company must adapt to business interruptions and remote work environments. Now is the perfect time for audit departments to step back and turn a critical eye on their own operations. We have an opportunity to identify new ways of increasing product offerings and building more effective and efficient operations, ultimately creating better results for our partners and clients. This book will take you from a foundational understanding of the business environment through to a reflective review of your own operational effectiveness and efficiency. You’ll gain access to the Audit Risk Barometer (ARB), an innovative self-assessment tool that scores audit department strengths and opportunities for improvement. This book also includes a detailed methodology for working with your business partner to ensure clear identification of business objectives. You’ll also learn how to identify “true process risks” to ensure that testing remains focused and adds value. Finally, you'll learn critical skills and team development ideas for every level. Gain a fundamental understanding of today's business environment and how traditional and remote auditing fits into the new business puzzle Use the exclusive Audit Risk Barometer to conduct a valuable self-assessment and uncover your team’s strengths and weaknesses Learn how to effectively and efficiently work with your business partner to identify objectives and value-add opportunities Access online resources, including video summaries and interactive tools to revamp your audit department Beyond Audit incorporates links to online video summaries, templates mentioned throughout the book, interviews with experienced professionals, and an audit tracking software tool. This book is an enormously valuable resource for audit teams of any size and shape.
Begin the transformation of the Internal Audit function by applying Total Quality Management (TQM) concepts. The book, Total Quality Auditing, How a Total Quality Mindset Can Help Internal Audit Add Real Value, presents how to put TQM concepts to work in the world of Internal Auditing. The Total Quality Auditing (TQA) Six Points of Focus including Ethics and Culture, Standards of Conduct, Customer Feedback, Lean Auditing, Balance of Audit and Consulting and Internal Audit Leadership provide a framework that can be immediately applied to increase the value of Internal Audit through proactive steps to reduced risks and improved organization effectiveness. TQA is a new and refreshing approach that will change the way Internal Audit goes to work. TQA is a teachable moment for organization leaders, CEO's, CFO's, CAE's and Internal Auditors, not of how auditing is conducted today, but how it can be transformed in the future.
Teaches auditors how to use risk assessment to plan their engagements.