TRAINING ADUIT PROGRAM FOR TRAVELLODGE

Training Aduit Program For Travellodge

Training Aduit Program For Travellodge

Introduction

There has long been a tradition in the Audit Office of employing qualified staff on auditing duties. By this we mean staffs that are qualified for admission to membership of one of the two professional accounting bodies, or have accountancy major as part of their tertiary qualifications. There are some exceptions, particularly for those holding computing science qualifications but it is worth noting that of 475 professional audit staff 390 are qualified accountants and 460 hold a degree or degrees from a university or college of advanced education.

Although academic attainments provide a sound basis for a professional career, continuing education/ development are essential. More particularly, the principles and scope of public sector auditing are not treated in depth (if at all) during an undergraduate course. Consequently there is a need for significant and continuing training programs. The development of training programs should not be carried out as an isolated element of an organization's operations. Rather, the presentation of training programs must be the end result of considerations that include the objectives and product of the organization, the identification of what is needed to achieve those objectives and the development of a strategy to ensure that achievement is, in fact, realized (Bergranoff, Nancy, 2008).

Types of audits

Internal or external audit concerns employee adherence to company policies, procedures, and development of internal controls. Audits on information technology involve the evaluation of the computer's role in achieving audit and control objectives. These audits encompass the components of the computer-based AIS: people, procedures, hardware, data communications, software, and databases. They are broad in scope and include auditing for fraud and ensuring that employees are not copying software programs. The four types of information technology (IT) audits are: Attestation, Findings and Recommendations, SAS 70 Audit, and SAS 94 Audit.

The three types of IT audits that will be used at Kudler Fine Foods will be Attestation, SAS 94, and Financial Audit. IT auditors can use the Attestation and Financial Audits for accounts payable, accounts receivable, and payroll as they confirm that numbers on the financial statements are correct, internal procedures are compliant with COSO, and check sales contracts with third parties. For the inventory and payroll departments the SAS 94 Audit can be used as it helps auditors gain an understanding of how recurring and nonrecurring journal entries are initiated, entered, and processed through the companies information system and the IT components evaluated are: physical and environment review, system administration review, application software review, network security review, business continuity review, and data integrity review (Bergranoff, Nancy, 2008).

Attestation

Attestation audits provide assurance for which the client is responsible, such as Verifying that internal controls are effectively using the standards of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The auditor will perform an examination, review, or agreed-upon the procedure (AUP); provide a written report often called “Report to Management” based on the findings. Typically, AUP is a negative assurance report in which the ...