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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
QUALITY ASSESSMENT OF THE AUDIT ACTIVITY
Ljubljana, 12-13 October 2009
Iveta Turčanová
DG Section of Audit and Control
Ministry of Finance of the Slovak Republic
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Outline
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Establishment of AA and coordinated audit units in
Slovakia
Reasons for quality assessment
Timing for quality assessment
Possible ways for quality assessment
Recommendations
Questions for discussion
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Establishment of AA in Slovakia
Ministry of Finance = Audit Authority (acc. to national act on financial control and internal audit)
Line ministries (7) + „Financial Control Authorities (3) = coordinated audit units (CAU)
Reliance on CAU is based on:
1.Contracts on cooperation (MoF ↔ line ministry) ; MoF ↔ FCA [based on minister order]
i.
Rights of relevant parties
ii. Responsibilities of relevant parties
iii. Reporting obligations
iv. Conditions on supervision
v. Declarations on independence
2. MoF - responsible for Audit Strategy and Audit Plans (coordination meetings)
3.Execution of audits (need for coordination meetings)
a) Audits under the responsibility of MoF official
b) CAU own audits
c) Line ministries + FCA
4.Supervision = during audits or during reporting
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Reasons for quality assessment 1 / 2
WHY to do quality assessment?
• Assess the reliance on the other audit units:
Desired result: - better and more efficient use of audit resources
- avoiding duplicity at level of the auditee
• Are the standards understood and implemented in common way?
– continuous monitoring of quality for later external audits – a need to document it
• Preventive actions to assess existing risks and implement corrective
actions asap
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Reasons for quality assessment 2 / 2
• Need to check compliance with stated guidelines, rules and audit
procedures
• Establishment of adequate communication with other audit units –
based on it = improvements for the future may be needed
• Enough time for preparation corrective actions in case if noncompliance or breach of stated rules
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Timing for quality assessment
WHEN to do it?
• According to the previous „levelling“ of the audit units
What influences the levels?
– results of previous assessments
– results of external audits
– quality of documentation
– quality and effectiveness of communication with AA
• How often? – according to Audit strategy (minimum once in 2 y.)
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Possible ways for quality assessment
HOW to do it?
• Direct supervision during audit execution
– Quality assessment of the audit documentation
– Coordination of audit steps (incl. assessment of audit programmes)
– Quality and effectiveness of communication with AA
• Assessment of feedbacks from auditees according to
methodological guidelines of AA
• External assessment possible – contract with external audit
company
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Reccommendations
1.
Assess functional independency of CAU in practice
2.
Assess personnel adequacy – are the approved numbers
sustained? In case of any change – Was AA informed at the time
when the change occurred?
3.
Assess adequate information flows (e.g. on results of external
audits, modification of laws or strategy...)
4.
Does AA have feedbacks from CAU? (need for cross-checking with
individuals within AA) – Was AA informed on any difficulties while
executing the audits so AA could „help“ anyhow?
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Questions for discussion = floor is open for YOU 
1.
Is there any motivation for CAU to increase the quality of their
work?
2.
Is it possible to introduce any quality indicators for the reasons of
benchmarking of CAU?
3.
How to retain the independence during quality assessment of
CAU while strong centralised system is established?
4.
Who should execute the follow - ups (audits or documentary
checks)? AA? CAU?
Ljubljana, 12-13 October 2009
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European Union
Republika Slovenija
Homologues Group Meeting
Slovenia, October 2009
Thank you for your attention
Iveta Turčanová
tel.
00421 2 5958 2146
fax
00421 2 5258 3146
email [email protected]
Ljubljana, 12-13 October 2009
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