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Auditing Anti-sexual harassment policy– As per dictionary, audit refers to an official inspection of an organization’s accounts, typically by an independent body. Every successful audit is based on sound planning and an atmosphere of constructive involvement and communication between the client and the auditor.
The job of an auditor is therefore to ensure after due verification and thorough scrutiny of sexual harassment policy and it’s implementation. An auditor is required to submit his report to the effect whether or not the sexual harassment policy fulfills it’s objectives against the existing state of affairs of a business concern.
Types of Auditing
Statutory Audit – Statutory audit can be defined as audit which is compulsory as per the acts, laws and provisions of the organization. The appointment of the auditors, qualification, disqualifications remuneration, rights, liabilities, etc. are all mentioned in the relevant mother act of the organization. The companies or undertakings are compulsorily required to conduct their statutory audit as it is not optional in nature.
Government Audit – A separate department in the name of Audit Department is maintained by the government for performing the audit of its different departments and offices. The job of such auditors is not defined by law, they are appointed for Government departments who work according to the department rules and regulations. They are not public auditors and hence, cannot be appointed for public concerns.
Internal Audit – Internal audit is aimed to add value and improve organizations’ operations being directed by the management. Internal auditing is defined as an independent appraisal activity within an organization for reviewing the policy and it’s implementation as a basis for policy adherence. It is a type of control which functions by measuring and evaluating the effectiveness of other types of control. It deals primarily with accounting and financial matters but it may also properly deal with matters of operating nature.
External Audit – An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited.
The main responsibility of external audit is to perform the annual statutory audit, providing an opinion on whether they are a true and fair reflection of the company’s position. As part of this, external auditors often examine and evaluate policy implementation to provide a safe environment and to determine if it is working as intended.
Continuous Audit – Continuous auditing is a method used to perform assessments automatically on more frequent basis than traditional reviews. In continuous audit, the auditor and his personnel are constantly engaged in checking the account during the whole period, or where the auditor and his staff attend the client’s offices at regular or irregular interval during the period.
How to Conduct an Audit?
Steps in conducting a formal audit are listed below. Although the process is not always necessarily linear, this list represents the general steps involved.
Requesting Documents – After notifying the organization of the upcoming audit, the auditor typically requests documents listed on an audit preliminary checklist. These documents may include a copy of the previous audit report and original policy documents. In addition, the auditor may request organizational charts, along with copies of board and committee minutes and copies of bylaws and standing rules.
Preparing an Audit Plan – The auditor looks over the information contained in the documents and plans out how the audit will be conducted. A risk workshop may be conducted to identify possible problems. An audit plan is then drafted.
Scheduling an Open Meeting – Senior management and key administrative staff are then invited to an open meeting during which the scope of the audit is presented by the auditor. A time frame for the audit is determined, and any timing issues such as scheduled vacations are discussed and handled. Department heads may be asked to inform staff of possible interviews with the auditor.
Conducting Fieldwork – The auditor takes information gathered from the open meeting and uses it to finalize the audit plan. Fieldwork is then conducted by speaking to staff members and reviewing procedures and processes. The auditor tests for compliance with policies and procedures. Policy implementation is evaluated to make sure it is adequate. The auditor may discuss problems as they arise to give the organization an opportunity to respond.
Drafting a Report – The auditor prepares a report detailing the findings of the audit. Included in the report are errors, problems and other discrepancies as observed. The auditor then writes up a commentary describing the findings of the audit and recommended solutions to any problems.
Setting Up a Closing Meeting – The auditor solicits a response from management that indicates whether it agrees or disagrees with problems in the report, a description of management’s action plan to address the problem, and a projected completion date. At the closing meeting, all parties involved discuss the report and management responses. If there are any remaining issues, they’re resolved at this point.
