Tahoor Technologies Pvt. Ltd

-->

Preloader

Annual Plan

Understanding Business & Organizational Risk Assessment

Understand how the bank operates, what is the overall operational strategy and environment

Governance & Management Control Environment Assessment

Understand how the bank operates, what is the overall operational strategy and environment

Audit Universe

Create your own audit universe based on your organizational structure or business functions. Define unlimited number audit entities in a hierarchical way.

Annual Plan

Audit Entities Timeline

Plan the audit entities to be covered during the period

Plan Engagements

Define Objectives, Plan Resources, Select Functions to be Covered
Create engagement using a blank template
Use a previous completed engagement to create a new one
Roll forward the incomplete engagement

Annual Plan Document

Review the annual plan
Describe audit strategy, do SWOT analysis
- Risk Assessment Of Each Entity / Function / Region,
- alignment Of Risk With Strategic Goals And Objectives
- Prioritization Of Identified Audit Entities
Summarize Risk Assessment and Control Environment
Annual Plan Of Work Summary
Signoff the plan
Annual Plan updates and revisions

Engagements Planning

Planning Memorandum

Understand service requirements and confirm engagement scope and team considerations
Understand the business specific to the audit entity
Significant reporting and assurance issues

Scope Description

Overall risk assessment of the audit entity based on audit plan

Range of audit process (whether it will be confined to a particular area various areas):
Audit activities to be performed i.e. test of details, analytical procedures etc.
Time period of the audit
Sampling strategy
Locations / branches to be covered
Specify the exclusions, if any

Team Responsibilities

Define the responsibilities of each team member individually
Get the signoff from each member

Engagements Planning

Sampling

Compute the sample size based on the predefined formulas using the parameters of population size, tolerable error, expected rate of exceptions
Generate the random numbers as per the sample size

Materiality

Quantitative Materiality

Management’s view on materiality with reference to Shariah compliance
Select the most relevant materiality benchmark (Annual net profit, Annual Revenues, Total assets, Net assets or equity
Indicate the benchmark amount
Calculate the materiality
Set the Tolerable Error in terms of percentage of materiality

Qualitative Materiality

Describe qualitative materiality conditions for the entity

Engagement Control Environment

Assess how much the management of the entity is concerned with Shariah compliance
Highlight the major risks of Shariah noncompliance in the entity

Engagement Execution: Risks & Controls

Key Controls Identification

Identification of the key controls in place and mapping with the risks

Controls Design Evaluation

Mapping of the identified key controls with best practices and Shariah rules
- Evaluate whether best practices in line with Shariah are followed
- Evaluate whether the control is sufficient to achieve objective
Download and attach walkthroughs, flowcharts, manuals, notes
Conclusion on design of controls
- Risk is high, moderate or low

Controls Implementation Evaluation

Testing of application and implementation of the identified key controls and exception based controls
Describe the test performed against each control
Rate the implementation score against each control
Risk Conclusion on Controls Implementation Evaluation

Comprehensive Risk Assessment

Assess the comprehensive risk on the basis of controls design evaluation and controls implementation evaluation

Engagement Execution : Testing of Details

Work Program Development

Develop the work program on the basis of the risk assessed
Use the predefined set of work programs to select the substantive procedures to be executed
Add/remove any procedure as per your audit requirements

Work Program Conclusion

Primary substantive procedures
Extended substantive procedures
Perform and capture the result for each procedure

Work Program Conclusion

Write the summary of the testing
Conclude whether the results are satisfactory or no

Comprehensive Risk Assessment

Assess the comprehensive risk on the basis of controls design evaluation and controls implementation evaluation