Should Internal Auditors Do Journal Entry Testing?
Over the years, many internal auditors have told Claire Worledge, fellow community member and analytics expert, that internal audit doesn’t need to do testing on journal entries because this is covered by the external audit. Let’s get together to discuss:
- What is your opinion?
- What risks does your entity face if you do not test journal entries?
- How effective is the external audit and what risks are covered by an external audit compared to an internal audit?
- What types of journal entry tests should internal auditors actually do if they are going to do them and how long will it take to get done?
You can network with other internal auditors interested in this topic and share your perspectives in the Data Analytics collaboration group. We’ve also uploaded the deck and several useful documents there.
Claire Worledge is a Certified Information Systems Auditor (CISA), Certified Fraud Examiner (CFE) and Certified ACL Data Analyst (ACDA). She spent 10 years working for Deloitte, managing the data analytics team. Claire also has a Masters in IT from University College London, as well as a Bachelors in Biochemistry.
In 2010, she created Aufinia, which is a consulting firm for 50 different companies that use SAP over the years. Today, a lot of their work is for MNCs using SAP who are based in Europe, APAC and the US. Aufinia also works for some major retail companies based in China. Aufinia is a global OEM partner with QLIK and also a Galvanize reseller partner for Vietnam and China.
What are some of the questions you have on this topic?