WHAT DOES AN AUDIT DO?
Published: May 16, 2025 - The Audit ensures compliance with established financial policies and regulatory requirements through systematic examination of records and processes. This position identifies risks and evaluates the effectiveness of internal controls to support organizational integrity. This role provides recommendations for process improvements based on audit findings and analysis.
A Review of Professional Skills and Functions for Audit
1. Internal Audit Analyst Duties
- Audit Execution: Execute an operational audit for the selected countries or distributors
- Coordination Management: Coordinate with process owners and distributor contacts to complete the required audit procedures within the deadline
- Risk Assessment: Assist with annual risk assessment and planning for the upcoming projects and audits (both operational and SOX)
- SOX Planning: Assist in SOX planning, scoping, and risk assessment process through close collaboration with external auditors and business process owners
- Audit Coordination: Coordinate delivery and organize audit requirements for SOX assessments, walkthroughs and testing procedures
- Controls Testing: Conduct business process walkthroughs and controls testing according to established audit standards
- Documentation Development: Develop high-quality business processes and audit testing documentation
- Findings Evaluation: Evaluate audit findings and coordinate remediation of deficiencies
- Process Evaluation: Assist in the evaluation of new processes, policies, and systems to determine its impact on the SOX program and design the control landscape based on identified risks
- Relationship Building: Develop business relationships and proactively interact with process owners and management to gather information, resolve problems, and make recommendations for improvements and optimization
- Initiative Reporting: Demonstrate initiative and provide timely updates to internal audit management
- Task Management: Manage multiple tasks effectively
- Project Support: Perform other tasks and projects in
2. Audit Assistant Details
- Accounting Verification: Check and verify all accounting books and records in conformity with industry standards, best practices, and company guidelines
- Compliance Assurance: Ensure total compliance with regulatory guidelines and internationally accepted auditing standards
- Audit Communication: Assist in participating in meetings with different departments to update audit findings and improve the audit process
- Team Collaboration: Work in a team to achieve the aims and objectives of the company
- Fraud Prevention: Recommend the best and proven ways for a company to avoid fraud and reduce risks
- Report Analysis: Assisting in a thorough analysis of the audit reports in order to find out ways how the organization can make more profits and reduce losses
- Staff Mentoring: Assisting in supervising, training, and mentoring staff, including interns, on audit processes
- Risk Assessment: Assisting in conducting risk assessments and preparing risk registers
- Control Evaluation: Assisting in evaluating the internal control
3. Audit Consultant Responsibilities
- Risk Audits: Perform integrated risk-based financial and operational audits as well as consultancy projects as determined by Corporate Audit's annual risk assessment process.
- Program Development: Assist in developing audit programs by determining audit risks, objectives, and procedures designed to ensure policies and procedures are operating as management.
- Report Drafting: Provide draft audit reports, noting areas that need improvement for lead/manager level review.
- SOX Compliance: Perform Sarbanes-Oxley (SOX) compliance activities including control walkthroughs and testing procedures.
- Data Analytics: Perform data analytics using Excel and/or TeamMate Analytics throughout the audit process.
- Audit Execution: Perform audit activities in accordance with generally accepted audit standards and within stipulated schedules and budgets.
- Analysis Support: Assist in preparing analysis as requested by management or the external.
- Process Improvement: Support the continual improvement of Corporate Audit's organization, processes, and systems.
- Management Engagement: Engage through audit activities with all levels of LKQ management.
4. Audit Director Job Summary
- Client Management: Manage a substantial portfolio of clients, ranging from owner-managed businesses to high-profile listed brands, by understanding operations and challenges.
- Quality Culture: Uphold a culture of exceptional quality in work, recognizing its significant impact on clients and the firm's reputation.
- Issue Resolution: Address unforeseen issues that arise during audits, ensuring proper assessment and resolution, even beyond the planning stage.
- Team Leadership: Lead audit teams, serve as a primary client contact, assist audit partners in developing audit strategies, and review audit work papers to ensure timely completion of audit files.
- Team Management: Foster teamwork by managing specific assignments and supervising a group of employees, motivating and coaching team members through regular communication and appraisals.
- Business Advising: Act as a trusted business advisor to clients, taking responsibility for a substantial client portfolio and nurturing positive relationships with colleagues and clients.
- Department Development: Explore broader department roles, such as pursuing new business opportunities, participating in recruitment, and engaging in people management.
- Professional Growth: Embrace personal and professional development opportunities, actively driving growth with support from people manager.
5. Assistant IT Audit Manager Functions
- Control Evaluation: Evaluating internal control design and operating effectiveness of key business and IT controls through business process walkthroughs and testing
- Remediation Management: Manage remediation activities for deficiencies identified in control design and operating effectiveness of key business and IT controls
- Planning Scoping: Planning and scoping activities to validate priority in-scope business processes/sub-processes and IT systems
- Documentation Setup: Setting up control design documentations, process narratives and flow charts
- Relationship Building: Build a strong relationship with 1st and 2nd line of defence to identify potential red flags and ensure that insights to emerging risk and controls are identified and managed
- Team Supervision: Supervise 3rd party audit support team/resources, where applicable
- Status Reporting: Reporting the status of these activities and results to Management
- Business Advising: Participates in major business initiatives and proactively advises and assists the business on change initiatives
6. Audit Manager Job Description
- Audit Execution: Perform audits from planning, fieldwork through to completion, taking on responsibility for ownership of each audit assignment.
- Client Liaison: Act as the client contact during the on-site fieldwork and follow up on client queries.
- Team Management: Managing the audit team and ensuring planned work is completed within the agreed budget and timescales.
- Staff Development: Assist in the supervision and development of more junior staff, ensuring work is appropriately allocated.
- Deadline Adherence: Adhere to deadlines, including notification to partners when problems arise.
- Assurance Services: Involvement in the provision of broader assurance services to clients.
- Service Identification: Identify opportunities to provide additional services to respond to client business requirements.
7. Audit Specialist Overview
- Audit Planning: Responsible for planning, executing, and providing supporting documentation to facilitate review activities using a systematic approach to achieve the desired goals
- Compliance Auditing: Responsible for auditing aspects of the compliance oversight function
- Project Leadership: Project Manager and Task leads to determine audit scope and timelines, plan and perform audits.
- Audit Leadership: Lead and be actively involved in supporting complex and different types of audits
- Standards Compliance: Ensure that audit standards are observed in planning and conducting the audit and reporting the results to maintain the integrity and reliability of the audit results
- Findings Review: Review audit findings and develop action plans
- Activity Coordination: Participate in audit meetings and coordinate audit activities
- Improvement Identification: Identify areas of improvement and determine audit requirements
- Report Development: Develop clear and complete reports of audit procedures and findings
- Presentation Development: Develop audit presentations
- Risk Modeling: Develop risk models to assess and mitigate potential risks
- Documentation Management: Maintain audit documentation according to established standards
- Training Organization: Organize audit training for the team for skill development
- Process Improvement: Develop standard tools and procedures to improve audit efficiency