How to Create an Audit Flowchart in PDF
According to RCV Academy, audits were implemented to maintain public accounts. This is a practice that had already been done as early as the ancient Egyptians, Greeks, and Romans. If you're planning to make a flowchart specifically for the auditing process, listed below are tips that will help you get the job done easily and quickly.
1. Lay All Your Tasks on the Table
Flowcharts allow the auditor to organize their workflow, logically as well as visually. So it's important that you lay all the individual tasks that you need to accomplish. By doing this, you can easily prioritize which ones should go first as well as not miss the tasks that are essential when conducting an audit.
2. Connect Them in a Logical Manner
From fact-finding, data analysis, and audit reporting, each task has an important role to play in completing the whole auditing process. Determine which task needs to be done first and elaborate on its role using simple sentences if necessary. Also, make sure to connect each of them logically.
3. Implement Checking and Counter-Checking Measures
Auditing is a careful examination of every fact to ascertain the truth behind them. By implementing and reinforcing checking and counter-checking measures in the company, you'll be able to reach an accurate conclusion from every fact that you examine. What's more, is that it lets you avoid any delays from any missed discrepancies.
4. Make Use of Easy to Remember Shapes and Colors
Flowcharts assist in understanding processes and structures with its clever use of shapes and colors. Regardless if you're conducting an external or internal audit, always make sure to use easy to remember shapes and colors in your chart.
What is an audit flowchart?
An audit flowchart outlines the flow and roles of each task inside the auditing process. It helps auditors to visualize the whole process by using colors and shapes to represent each task, as well as provide steps on how to accomplish the process. Audit flowcharts are also helpful in analyzing data and information collected during the fact-finding phase.
How useful are flowcharts for auditing?
- Flowcharts help the auditor see the details in a clear and concise way.
- Flowcharts allow the auditor to see problems and the causes.
- Flowcharts promote the flow of information.
- Flowcharts ensure that there is coordination between the auditor and other people.
- Flowcharts provide a way to effectively document matters.
Why are audits conducted?
Audits are conducted to ascertain the truth behind every matter on hand, based on the data gathered on the field. It also aims to establish transparency within an organization or institution, as well as provide a sense of assurance and security among its stakeholders.
What are the tasks outlined in an audit flowchart?
- Defining auditing goals and objectives
- Fieldwork planning, preparation, and announcement
- Audit entrance meeting
- Fact-finding and data collection
- Checking and counter-checking measures
- Data analysis, review, and communication
- Audit exit meeting
- Audit report preparation and reporting
What are the different types of auditing?
- Financial audit
- Compliance audit
- Construction audit
- Internal audit
- External audit
- Information systems or IT audit
- Safety audit
- Investigative audit
- Operational audit
- Tax audit
- Forensic audit
- Statutory audit
- Special audit
- Integrated audit