Share Objectives and Types of Operational Audit
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What is the first step in operational audits?
Establishing the objectives of the audit
Objectives can vary depending on (identify 2)
Type of organization and key performance indicators
Withstand pressures that may be exerted and take care to comply with any legal requirements.
Integrity
Present all results fairly and report significant concerns.
Fair Presentation
Use diligence and reasoned judgments in every situation.
Professional Due Care
Keep information secure, and protect confidential or sensitive information.
Confidentiality
Maintain impartiality and keep actions and reporting bias-free.
Independence
Depend on a fact-based approach to reach reliable conclusions.
Evidence-Based
Focus on financial controls as they relate to reporting to internal and external governing bodies
Financial Audits or Review
Bailiwick of external auditors
Financial statement auditing
Complement the work of operational audits, which includes some form of budget, or a financial review
Internal audits
Focus on the review and assessment of single or multiple business processes
Operational Audits
Different departments or divisions may run a periodic analysis to assess the adequacy of controls, how well assets are safeguarded, how resources are used, and if there is compliance with applicable laws.
Department Reviews
Investigate overall infrastructure and networks, technical operations, data center operation, project management, and review security status and procedures
Information System (IT) Audits
Conducted to understand causes and additional background information and research
Investigative Audits
Review the level of compliance with external regulatory requirements or internal policies
Compliance Audits
