A sample audit scope statement is provided by auditors prior to the initiation of an audit. It provides an outline of the purpose, objectives, and results of the audit and gives the company an opportunity to review and respond to it. The scope statement should be signed by the principal investigator and by the members of the audit team. It is a valuable tool for companies that are planning to conduct an internal audit.
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Sample scope statements help improve the relationship between the principal investigator and the client. It informs the client what the auditor will be looking for and helps prepare the client for what is expected. It also shows the exact scope of the audit work and what areas must be observed and investigated. The scope statement can be used to comply with the ethical standards set by securities regulators, which require companies to be completely honest in their reports.
A scope statement helps prepare the auditor to answer questions from the client. Before giving details, the auditor considers the issues raised in the letter of inquiry and any other relevant matters that may have arisen in the course of the investigation. The scope statement identifies the items that will be inspected and documented. It states whether the reviewer will be asking specific questions or will rely on the answers provided by the client.
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In general, the scope of an audit includes an examination of internal controls as well as the control arrangements within the organization. The scope of the audit may extend to the financial documents of the company as well as review of systems for data and information management. In some instances, the scope of the audit may only cover the underwriting process of loans or mortgages. A good practice is to include a provision stating that if there is any material misstated in the documentation or in the application, it shall be referred to a responsible person for correction. This helps prevent audit points from being ignored.
The auditor’s scope statement will usually be a reasonable description of the scope of the review. The scope statement is an agreement between the auditor and the client. It clarifies what will be reported and what will not be covered by the review. The scope statement will include procedures, assumptions, requirements, safeguards, and reports. It is therefore important that the scope statement be supported by a risk management plan.
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When drafting the scope statement, it is advisable to consider the current practices in your organization and identify what procedures are currently in place. If you anticipate changes in the future, this is also beneficial in ensuring that the scope statement addresses any potential changes to the procedures. An effective scope statement will enable the client to understand the audit, while ensuring that it is brief, clear, and complete.
A sample audit scope statement will help improve the quality of the audit. When drafting a scope, the auditor must address the needs of the client and take into account the scope constraints. It is important for the auditor to understand what will be reported. It is not required to detail every single item that might raise a concern with the client. The scope should detail the main purpose of the review as well as the items that will not be included. For example, a review of a large scale data issue may not require a review of individual customer records.
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The benefits of a sample audit scope statement are that it assists in improving the quality of an audit. The scope statement can identify the issues that will be raised during the audit and will provide a concise explanation to the auditor of what will be reported. The scope statement provides the auditor with a map of the area that they will be analyzing. Finally, it helps the client understand the audit, thus increasing the likelihood that the client will follow the recommendations contained in the scope statement.
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