An external review of the effectiveness of the external audit process will help you show that you that you take the matter very seriously. And spot opportunities for making things work better.
W will identify issues to tackle now, provide a baseline for tracking progress, and highlight the drivers of effectiveness that you’ll need to assess when you do hold a tender.
Our reviews involve…
… looking at documents the auditors have provided (audit plans and presentations we don’t need to look at their working papers).
…meeting the audit committee, management, others who interact with the auditors, internal audit, external auditors…
…maintaining coverage (or reducing cost) using our online self-assessment tool. Also to have a scored baseline to measure progress.
…providing short, succinct reports to the committee but making sure the findings are discussed with management and auditors.
We’ll look at issues such as…
…between the auditors and management, staff and audit committee.
…thoroughness and how the plan stays in line with changes in the business and risks.
Use of resources
…allocation and consistency of the quality of the auditors and how they work together.
You as a client
… what you might do to support a more effective and efficient audit process.
…the coverage and style of the auditors’ recommendations and advice.
…between external audit and other providers of assurance such as internal audit.
We’ll benchmark against what we see elsewhere. This might be numerical but is often qualitative as quantitative benchmarking (eg of fees) is difficult to pin down in a meaningful way.
If you’re not looking for an interview-based approach, look at how we can support your self-assessment using our online tool Thinking Board. And we can help with your tender too.