Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection
The planning an audit engagement is the most important component that determines the effectiveness of internal audit services, both from the standpoint of improving the efficiency of the company and users of the results of the internal audit work. The use of statistical tools during the planning pha...
| Main Authors: | , |
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| Format: | Article |
| Language: | Russian |
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Government of Russian Federation, Financial University
2021-10-01
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| Series: | Учёт. Анализ. Аудит |
| Subjects: | |
| Online Access: | https://accounting.fa.ru/jour/article/view/403 |
| _version_ | 1797884222802755584 |
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| author | M. F. Safonova A. Yu. Alekseenko |
| author_facet | M. F. Safonova A. Yu. Alekseenko |
| author_sort | M. F. Safonova |
| collection | DOAJ |
| description | The planning an audit engagement is the most important component that determines the effectiveness of internal audit services, both from the standpoint of improving the efficiency of the company and users of the results of the internal audit work. The use of statistical tools during the planning phase of the audit engagement can be considered as a component of a risk-based approach to internal audit. This research applies such statistical instruments as the normal distribution, the Kolmogorov–Smirnov test and regression analysis. The methodological support improvement of the internal audit process is one of the ways to perfect a guarantees quality and advice provided by the internal audit unit, as well as to minimize labor costs at the stage of planning an audit and determining the scope of the audit. There had being used such general methods of scientific knowledge as observation and comparison of data, analysis and synthesis, scientific abstraction during the research course. The proposed risk-based methodology for defining the scope and objectives of internal audit engagements using statistical tools was developed in conformity with the International Framework for the Professional Practice of Internal Auditing (Supplementary Guide “Planning an Audit Engagement: Defining Objectives and Scope”). The scope of analytical procedures formed in the process of planning the audit engagement allowed to cover the areas of the process that are most at risk of deviations. The practical significance of the study is considered by the possibility of applying the proposed methodology to define the audit assignment scope and its purpose, select the most effective analytical procedures, and minimize the labor costs of the working group. The developed methodology can be used for the work process organization in internal audit departments of business entities; some of its provisions can be applied in order to conduct a self-assessment of the effectiveness of the internal audit function. The use of statistical data analysis tools and publicly available information processing tools can improve the effectiveness of the internal audit function by the way of focusing on the most risky areas of the audited process. The developed methodological support is based on a risk-oriented approach. |
| first_indexed | 2024-04-10T04:04:04Z |
| format | Article |
| id | doaj.art-a1610a3635b447dca17d3146ad604474 |
| institution | Directory Open Access Journal |
| issn | 2408-9303 2619-130X |
| language | Russian |
| last_indexed | 2024-04-10T04:04:04Z |
| publishDate | 2021-10-01 |
| publisher | Government of Russian Federation, Financial University |
| record_format | Article |
| series | Учёт. Анализ. Аудит |
| spelling | doaj.art-a1610a3635b447dca17d3146ad6044742023-03-13T07:07:09ZrusGovernment of Russian Federation, Financial UniversityУчёт. Анализ. Аудит2408-93032619-130X2021-10-0184516810.26794/2408-9303-2021-8-4-51-68369Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures SelectionM. F. Safonova0A. Yu. Alekseenko1Кубанский государственный аграрный университет им. И.Т. ТрубилинаКубанский государственный аграрный университет им. И.Т. ТрубилинаThe planning an audit engagement is the most important component that determines the effectiveness of internal audit services, both from the standpoint of improving the efficiency of the company and users of the results of the internal audit work. The use of statistical tools during the planning phase of the audit engagement can be considered as a component of a risk-based approach to internal audit. This research applies such statistical instruments as the normal distribution, the Kolmogorov–Smirnov test and regression analysis. The methodological support improvement of the internal audit process is one of the ways to perfect a guarantees quality and advice provided by the internal audit unit, as well as to minimize labor costs at the stage of planning an audit and determining the scope of the audit. There had being used such general methods of scientific knowledge as observation and comparison of data, analysis and synthesis, scientific abstraction during the research course. The proposed risk-based methodology for defining the scope and objectives of internal audit engagements using statistical tools was developed in conformity with the International Framework for the Professional Practice of Internal Auditing (Supplementary Guide “Planning an Audit Engagement: Defining Objectives and Scope”). The scope of analytical procedures formed in the process of planning the audit engagement allowed to cover the areas of the process that are most at risk of deviations. The practical significance of the study is considered by the possibility of applying the proposed methodology to define the audit assignment scope and its purpose, select the most effective analytical procedures, and minimize the labor costs of the working group. The developed methodology can be used for the work process organization in internal audit departments of business entities; some of its provisions can be applied in order to conduct a self-assessment of the effectiveness of the internal audit function. The use of statistical data analysis tools and publicly available information processing tools can improve the effectiveness of the internal audit function by the way of focusing on the most risky areas of the audited process. The developed methodological support is based on a risk-oriented approach.https://accounting.fa.ru/jour/article/view/403внутренний аудиткритерий колмогорова-смирнованормальное распределениериск-ориентированный подходаналитические процедуры, большие данные |
| spellingShingle | M. F. Safonova A. Yu. Alekseenko Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection Учёт. Анализ. Аудит внутренний аудит критерий колмогорова-смирнова нормальное распределение риск-ориентированный подход аналитические процедуры, большие данные |
| title | Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection |
| title_full | Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection |
| title_fullStr | Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection |
| title_full_unstemmed | Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection |
| title_short | Statistical Techniques for Planning Internal Audit Engagements and Analytical Procedures Selection |
| title_sort | statistical techniques for planning internal audit engagements and analytical procedures selection |
| topic | внутренний аудит критерий колмогорова-смирнова нормальное распределение риск-ориентированный подход аналитические процедуры, большие данные |
| url | https://accounting.fa.ru/jour/article/view/403 |
| work_keys_str_mv | AT mfsafonova statisticaltechniquesforplanninginternalauditengagementsandanalyticalproceduresselection AT ayualekseenko statisticaltechniquesforplanninginternalauditengagementsandanalyticalproceduresselection |