AUDIT 102: Understanding Audit Process and Expectations

Questions and Answers

What is considered when handling audits?

Neither complexity nor who handles each audit

Only who handles each audit

Complexity and who handles each audit (correct)

Only complexity

What is done with pooled resources?

They are divided

They are used for individual tasks

They are used for round-robin tasks (correct)

They are ignored

What is sent to the Client Team?

Results of the audit (correct)

Resources for the task

Complexity of the audit

None of the above

What happens when something is out of scope?

No direct communication Signup and view all the answers

Who handles direct client interaction?

CS team Signup and view all the answers

What is the role of the CS team?

Handling client interaction Signup and view all the answers

What is the main characteristic of a defensive audit?

Looking for issues to avoid negative impact Signup and view all the answers

What is the primary goal of a standard audit?

To maintain standard or rule Signup and view all the answers

Why is consistency important in documentation?

To ensure clarity and concision Signup and view all the answers

What is the recommended approach to audit frequency?

Avoid scheduling on 1st, 15th, or last day of the month Signup and view all the answers

What is the main concern when it comes to audit complexity?

Avoiding unnecessary complexity Signup and view all the answers

What is the purpose of reviewing existing documentation?

To clarify the reason for the audit Signup and view all the answers

What is a characteristic of a proactive audit?

Looking for opportunities for improvement Signup and view all the answers

What is unique about a custom audit?

It is unique to the client Signup and view all the answers

What is the primary aim of adapting new documentation standards in an audit?

To improve consistency in audit process Signup and view all the answers

What should an auditor confirm at the beginning of an audit?

The reason for the audit Signup and view all the answers

What is the benefit of having a robust Audit Requirements process?

It helps to identify specific objectives of the audit Signup and view all the answers

What is the overall expectation of the audit process?

To increase process efficiency Signup and view all the answers

What is the role of an individual in the audit process?

To understand audits and scope of ODG Signup and view all the answers

What is the focus of the audit process?

On process consistency Signup and view all the answers

What questions should an auditor ask during the audit process?

Who, what, when, where, why Signup and view all the answers

What is the core expectation of the audit process?

To improve consistency and efficiency Signup and view all the answers

Study Notes

How to Audit at Bswift?

Consistency is key for efficiency
Understand audits and scope of ODG
Adapt to new documentation standards
Adapt to a more robust Audit Requirements
Learn the right questions to ask

Audit Requirements

Validity: confirm the reason for the audit, what it's looking for, and the specific reason for the client
What, Who, When, Where, and Why

Types of Audits

Defensive: proactive, looking for issues, avoiding negative impact
Maintenance: maintaining standard or rule, bswift system limitations
Standard Audit: done for most/all other clients
Custom Audit: unique to the client

Documentation

Is there existing documentation that outlines the reason for the audit?
Is it clear and concise about what's needed?
Background provided?
Consistency is key, Carol Iles to review

Audit Frequency

Repeatable on a defined schedule
Avoid 1st, 15th, or last DOM to reduce potential scheduling issues
Provides flexibility

Audit Complexity

How complex is the audit?
Does it need to be complicated?
Look for efficiencies

Audit Handling

Considering complexity, how and who handles each audit?
Pooled resources (Round Robin)
Specific delegated resource

Required Action Needed

Clear and detailed action
Results sent to the Client Team

Out of Scope

No direct communication with clients or employees
CS team handles direct client interaction

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Description

This quiz covers the core expectations and process consistency in auditing, including how to audit at bswift and understanding the overall expectations. It focuses on achieving greater efficiency and being proactive over reactive.