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    Sample Audit Balanced Scorecard

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    Akinbolajo Olumide
    The document outlines several key objectives and associated outcome and activity measures for an internal audit department. The objectives include minimizing fraud risks, building the internal audit department as an internal knowledge resource, minimizing exposure to unexpected risk, ensuring audit flexibility, and minimizing third-party risk. For each objective, 3-4 outcome and activity measures are provided to assess performance.

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    Sample Audit Balanced Scorecard

    Uploaded by

    Akinbolajo Olumide
    76 views1 page
    The document outlines several key objectives and associated outcome and activity measures for an internal audit department. The objectives include minimizing fraud risks, building the internal audit department as an internal knowledge resource, minimizing exposure to unexpected risk, ensuring audit flexibility, and minimizing third-party risk. For each objective, 3-4 outcome and activity measures are provided to assess performance.

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    Audit Balanced Scorecard

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    The document outlines several key objectives and associated outcome and activity measures for an internal audit department. The objectives include minimizing fraud risks, building the internal audit department as an internal knowledge resource, minimizing exposure to unexpected risk, ensuring audit flexibility, and minimizing third-party risk. For each objective, 3-4 outcome and activity measures are provided to assess performance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    76 views1 page

    Sample Audit Balanced Scorecard

    Uploaded by

    Akinbolajo Olumide
    The document outlines several key objectives and associated outcome and activity measures for an internal audit department. The objectives include minimizing fraud risks, building the internal audit department as an internal knowledge resource, minimizing exposure to unexpected risk, ensuring audit flexibility, and minimizing third-party risk. For each objective, 3-4 outcome and activity measures are provided to assess performance.

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    Key Objective Outcome Measures Activity Measures

    •     Amount lost to fraud detected from financial compliance audits.


    •     Amount lost to fraud detected by internal audit (IA) through data mining and data
    Revenue lost to fraud.
    extraction.
    •     Amount unaccounted for through revenue reconciliation and operating expenses.

    Minimize Fraud Risks

    •     Percentage of employees who receive ethics compliance training.


    Total annual number of fraudulent occurrences. •     Number of calls to fraud hotline.
    •     Number of fraudulent activities discovered.

    •     Number of audit requests.


    •     Percentage of audit recommendations implemented.
    Percentage of audit customers who say they are "highly satisfied" •     Percentage of audit customers audited by the same auditor within the past three
    with IA. years.
    •     Percentage of new business initiatives in which IA is invited to participate during
    planning sessions.

    •     Percentage of auditors with certification.


    Build the IA department as •     Percentage of auditors with non-audit business experience.
    Percentage of audits performed by third-party providers.
    an internal knowledge •     Percentage of staff auditors who "own" specific business unit audit duties
    •     Percentage of audit customers who request outside expertise to conduct audits.
    resource.

    •     Internal audit turnover rate.


    •     Average years of experience of new hires.
    Percentage of IA budget resources devoted to orientation, work
    •     Average tenure of each staff auditor.
    paper reviews and training.
    •     Average number of hours to complete an audit.
    •     Number of audits performed per year per auditor.

    •     Percentage of business units for which the company has a risk management
    strategy.
    Minimize exposure to •     Percentage of business units with ongoing risk assessments.
    Percentage of business units undergoing annual risk assessments.
    unexpected risk. •     Percentage of managers trained to assess their own risk.
    •     Percentage of business units with a pre-determined risk threshold to trigger
    audits.

    •     Lead time to fulfill audit requests.


    •     Percentage of risk-based audits.
    Audit Flexibility Percentage of total audits not scheduled in the annual audit plan.
    •     Percentage of audits requested by business managers.
    •     Percentage of unfulfilled audit requests.

    •     Percentage of potential mergers or acquisitions in which IA contributes to due


    diligence review.
    Percentage of business partners and suppliers that IA assesses for •     Percentage of service providers that undergo IA risk assessments.
    Minimize third-party risk. risk. •     Percentage of suppliers and business partners that undergo IA risk assessments.
    •     Percentage of joint ventures in which the IA function is pre-determined.

    Omotola Akinbolajo
    (Nov.12, 2019)

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