TY - BOOK AU - Paterson,James C. TI - Lean Auditing: Driving Added Value and Efficiency in Internal Audit SN - 9781118896891 AV - HF5668.25 -- .P367 2015eb U1 - 657/.458 PY - 2015/// CY - Newark PB - John Wiley & Sons, Incorporated KW - Auditing, Internal KW - Electronic books N1 - Intro -- Lean Auditing -- Table of Contents -- Foreword -- Introduction -- PART 1 Lean and Lean Auditing in Overview -- 1 Lean Auditing at AstraZeneca -- References and Other Related Material of Interest -- 2 A Brief History of Lean, Notable Principles and the Approach Taken by this Book -- ORIGINS OF LEAN AND THE BENEFITS IT DELIVERS -- KEY LEAN PRINCIPLES, TOOLS AND TECHNIQUES -- The Five Key Principles of Lean -- Specify Value from the Point of View of the Customer -- Identify the Value Stream -- Flow -- Pull -- Seek Perfection in Ways of Working -- Other Schools of Lean and the Neutral Approach of this Book -- Cost Reduction and Lean -- References and Other Related Material of Interest -- 3 Key Lean Tools & -- Techniques -- UNDERSTANDING CUSTOMER NEEDS: THE KANO MODEL -- GEMBA -- Value Stream Mapping -- IDENTIFYING WASTE (MUDA) -- Heijunka -- Jidoka - Also Known as Autonomation -- Just in Time -- Andon - Visualization -- Root Cause Analysis (RCA ) -- A WORD OF CAUTION ABOUT LEAN TOOLS AND TECHNIQUES -- References and Other Related Material of Interest -- 4 The Development of Lean Auditing and Its Benefits -- THE KEY BENEFITS OF ADOPTING A LEAN AUDITING -- A FEW WORDS ON TERMINOLOGY IN THIS BOOK -- 5 The Wider Benefits of a Lean Audit Approach - and How to Use This Book -- Key Hallmarks of a Progressive Lean Audit Approach -- The Mindset of a Lean, Progressive, Auditing Approach -- The Wider Organizational Implications of a Lean Auditing Approach -- HOW TO USE THIS BOOK -- Advice on Reading the Following Chapters -- PART 2 Looking at Internal Audit Planning and Assignment Delivery -- 6 Who Are the Customers of Internal Audit? -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Different Views within Internal Audit Concerning Which Stakeholders should Be a Priority; Different Views Concerning the Primacy of the Board/Audit Committee or Senior Management -- Stakeholders Disagreeing Who is Prime -- RECOMMENDED PRACTICES -- Define and Agree the Key Internal Customers and Stakeholders of the Internal Audit Function -- Always Remember the Importance of the External Customer -- Ensure the Whole Audit Function is Clear Who They Are Working For -- CONCLUDING REMARKS -- References and Other Related Material of Interest -- 7 What Really Adds Value - And What Doesn't -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- A "Value Gap" between the Perceptions of Audit and Stakeholders -- The Importance of Paying Attention to Dissatisfiers -- RECOMMENDED PRACTICES -- Make a Commitment to Adding Value beyond Motherhood and Apple Pie -- Strive to Clarify What Adds Value and What Does Not -- Identify Different Perceptions of Value and Develop a Plan to Address the Most Problematic Areas -- DELIVER VALUE TO MULTIPLE STAKEHOLDERS - BUT MANAGE BOUNDARIES -- The Delivery of Value should Always Take into Account Cost -- Delivering Delighters is Often Simpler than You Think -- Listen, and Respond, to the "Voice of the Customer" -- CONCLUDING REMARKS -- References and Other Related Material of Interest -- 8 The Importance of Role Clarity in Assurance and the Insights Lean Can Offer -- AN IIA PERSPECTIVE ON the UNIQUE ROLE OF INTERNAL AUDIT -- COMMON CHALLENGES & -- DILEMMAS -- Thinking Audit is a Compliance and Controls Monitoring Function -- Believing the First and Second Lines have only a Limited Assurance Role -- Thinking Audit Needs to Check Remediation -- Stakeholder Misunderstandings about the Assurance that Audit Can Deliver -- Lean Insights -- RECOMMENDED PRACTICES -- Engage Stakeholders on the Importance of Role Clarity and the Power of the Three Lines of Defence Model; Ensure the Role of Internal Audit is Understood in Wider Terms Than Just Financial Control and Compliance Auditing -- Promote Greater Clarity in Relation to Roles and Responsibilitiesin the First and Second Lines of Defence -- Audit should be Flexible on Occasions, but be Mindful of Becoming a Substitute -- Ensure Stakeholders have a Realistic Understanding of Audit's Assurance Role -- CONCLUDING REMARKS -- References and Other Related Material of Interest -- 9 The Audit Plan: Taking a Value Approach -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Audit Planning Shortcomings Often Arise in EQA Reviews -- What is the Problem with an Audit Universe? -- Should the Plan be Based on Gross or Net Risk? -- A Focus on Cost Rather than Value -- Staff Capability may be a Factor as Well -- RECOMMENDED PRACTICES -- Prioritize the Audit Plan, and Focus on Value -- Create a Streamlined Planning Process -- Take a Gross Risk Perspective (at Least at the Start) -- Upgrade the Audit Universe, but Don't Necessarily Let it Drive the Plan -- Gather a Picture of Current Performance as well as Issues, Incidents, "Near Misses" and External Intelligence -- Examine Carefully Which Issues will Really Impact Value and the External Customer -- Gain Inspiration from the Committee on Internal Audit Guidance for Financial Services in the UK -- Use Audit Planning to Drive Additional Value Add Beyond the Audit Plan -- CONCLUDING REMARKS -- References and Other Related Material of Interest -- 10 Factoring in Risk Assurance in the Audit Plan -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Auditing Known or Suspected Issues -- Uncertainty about Risk Assurance Roles -- Considering the Motivations behind Assurance Requests -- RECOMMENDED PRACTICES; Have a Clear Process for Working through What to Do in Relation to Known or Suspected Issues -- Explicitly Address Risk Assurance in the Audit Plan -- Recognize the Power of Direct Assurance or Other Sources of Independent Assurance -- CONCLUDING REMARKS -- References and Other Related Material of Interest -- 11 Considering the Allocation of Resources to Optimize Value Add -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Getting the Right Balance between Assurance and Advisory Assignments -- Core Assurance Work on Compliance and Control Takes Over -- Challenges to Rationalize the Plan Against Key Value Related Areas -- The Impact of Resources Constraints is Not Always Clear -- RECOMMENDED PRACTICES -- Understand Value Opportunities from Advisory Assignments -- Being Transparent about the Use of Audit Time Across Different Risk Areas -- Make the Impact of Resource Limitations Crystal Clear -- Core Assurance Is to be Expected and will Add Value if done in the Right Way -- The Audit Plan Should Address Capability Issues within the Audit Function -- Think Through How the Plan will Deliver any Overall Opinions Required -- CONCLUDING REMARKS -- 12 Assignments - Types, Scheduling and Resourcing -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Plan Flexibility Is Impacted by a Number of Standard Assignments -- Large Assignments Can Easily Deliver a Poor Return for the Resource Expended -- Challenges in Scheduling the Plan, at the Start, During the Year and at the End of the Year -- Ad Hoc Requests and Investigations Can Adversely Affect the Delivery of the Plan -- RECOMMENDED PRACTICES -- Orientate Resource Allocation and Timing towards Adding Value -- Consider What Type of Assignment is Required; Obtain Buy‐In to the Overall Phasing of the Plan at the Time of the Audit Plan, Not Later in the Year -- Update the Plan on an Ongoing Basis and Maintain Some Contingency -- CONCLUDING REMARKS -- 13 Using Assignment Scoping and Planning to Drive Added Value -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Impatience to Get Going Can Result in Difficulties and a Lack of Value Focus -- Not Fully Thinking Through Assignment Resourcing -- Disagreements or Changes in Relation to the Assignment's Purpose and Scope -- Often Information is Not Forthcoming on a Timely Basis -- Planning Just the Fieldwork Can Result in Issues Later on -- RECOMMENDED ACTIONS -- Invest Sufficient Time in Focused Assignment Planning -- Be Explicit about the Added Value of Each Assignment -- Engage with the Assignment Sponsor During the Assignment -- Think about Key Risks and Key Controls -- Consider an Initial or Working Hypothesis -- Revisit the Scope and Resourcing of Each Assignment as a Fundamental Part of Assignment Planning -- Plan Assignments like Projects Throughout -- CONCLUDING REMARKS -- 14 Assignment Delivery - Managing What Really Goes On -- COMMON PRACTICES AND IIA STANDARDS OF NOTE -- COMMON CHALLENGES & -- DILEMMAS -- Getting Data and Documents in Advance is not Always Straightforward -- Process Mapping -- Managers and Staff are Often Busy and have Limited Time to Engage in the Audit Process -- The Impact of Auditor Preferences on Testing -- "Innocent Until Proven Guilty?" -- Audit Tools: A Blessing or A Curse? -- Waste Associated with Meetings -- What Is a Finding? -- RECOMMENDED PRACTICES -- Make the Assignment as Painless as Possible -- Aim for a Flow of Data and Documents Through Direct Access -- Consider an Audit Liaison Role and Agree Expectations Around Timelines -- Prioritize Scope Delivery and Use "If Time Permits"; Deriving Value from Process or Systems Mapping, and Clarifying the Role of Audit in this Regard UR - https://ebookcentral.proquest.com/lib/orpp/detail.action?docID=1882153 ER -