Why Auditing Standards Matter

Auditing standards represent a measure of the quality of audit work performed. They are broad conceptual guidelines that serve as a model for all auditors and should remain relatively stable over time. Auditing spreadsheets is usually part of a data governance project. Auditing Exchange usage is considered crucial nowadays, so if you are not already auditing the Exchange server(s) in your messaging environment now, you may not even realize your Exchange Servers could be experiencing problems! Even worse, you may discover that you have a problem but may not even be able to track it down.

Internal quality audits are independent checks and tests done from within an organization to measure the effectiveness of its quality management system. Internal audit is definitely a requirement of quality management systems and ISO standards. Internal auditors are expected to have a thoughtful audit plan, an excellent working relationship with management, support from the audit committee, and state-of-the-art audit tools. Internal auditing reviews the reliability and integrity of information, compliance with policies and regulations, the safeguarding of assets, the economical and efficient use of resources, and established operational goals and objectives. Internal Auditors are taught to learn and enforce the rules, for instance those governing internal controls, policies and procedures, laws and regulations.

Auditors are specifically trained in the auditing process. Auditors could conceivably ask the audit committee or board of directors to determine materiality since these groups represent investors and creditors. Auditors can thus follow up on the progress of work Interviews and written documents should be filed according to certain standard rules. Auditors need to be independent and competent for ensuring that auditing is conducted in compliance with the applicable auditing standards, and to determine the extent which the preparers of financial statements have complied with the applicable accounting and reporting standards. Auditors have an official relationship with the University, although they do not receive academic credit.

Auditing standards represent a measure of the quality of audit work performed.