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AUDIT
LEADERSHIP AND
MANAGEMENT
Ross Hilton
(ross.hilton@sydney.uni.edu.au)
AUDIT LEADERSHIP
AND MANAGEMENT
Leadership: Tasking, advice and motivation of an
audit team.

Management: Support, planning and monitoring of
an audit.

Leadership = People
Management = Things

Aim of both is to work efficiently.
AUDIT LEADERSHIP
AND MANAGEMENT

                Motivation   Support



       Advice                          Planning




  Tasking              Audit              Monitoring
AUDIT LEADERSHIP
 AND MANAGEMENT

Management:
Support, planning and monitoring of
an audit
                              Monitoring




                   Planning



                                       Support
AUDIT LEADERSHIP
AND MANAGEMENT
1. Support:

People: People are the only real resource.
People are not machines. They have feelings, wants, needs.

Feelings: Happy, sad, depressed, angry, bored.
Wants: to be needed, respected, liked.
Needs: friendship, understanding.
Manager: You have to support your people to get the
audit completed. You need to know them, understand
them, and help them to work.
AUDIT LEADERSHIP
 AND MANAGEMENT
Group theory:

1. Forming: meeting and comprehension (“Hi, I am Mary, I am working in
   this team with you on the PUB audit”)
2. Conforming: consensus in early stages (“I agree PUB needs auditing as
   soon as possible”)
3. Storming: differences and conflicts (“I think we should wait until the
   stocktake is completed, but John thinks we should start now and sort the
   stock out later”)
4. Norming: sets standards and goals (“I agree we should use CARKEYS, and
   have this audit finished by 12th august. I am happy with that”)
5. Performing: work at full effectiveness (“I am doing the fieldwork at PUB
   this week, and its going really well”)
6. Adjourning: signaling completion (“we are completing the audit report
   this week. We move off site on Friday”)
7. Mourning: parting and nostalgic (“remember the PUB audit, it was so
   funny”)
AUDIT LEADERSHIP
AND MANAGEMENT
Values:

Cultural values:
  National culture (driven by history, climate, location etc)
  Religious culture (respect for elders etc)
  Company culture (how the people in the company work together)
  Group culture (Departments, friendship groups, common interests, age
groups etc)

Individual Values:
  Trusted
  Honest
  Friendly
   Respected and respectful
Manager: know your team, know how they feel, know and shape their values.
Values CAN be changed and created. Make sure you create good ones.
AUDIT LEADERSHIP
AND MANAGEMENT
Equipment:
People cannot work without physical
resources:
• Laptops, pens, paper, light, power.
• Data and information
• Somewhere to work. Desks, office.
Manager: You need to make sure your team has everything they need
to complete the audit. They might not tell you they don’t have it or
need it. You have to find out, and then you have to get it.
AUDIT LEADERSHIP
 AND MANAGEMENT
2. Planning:

Simple planning.

Three things:
• Calendar. Deadlines (when do you need to finish?). Holidays (national and
people).

• Task list of things to do & List of team members.




• Simple Gantt chart showing tasks and times.
AUDIT LEADERSHIP
AND MANAGEMENT
Five Stages of an Audit:

Initiating (getting started – ALL, APM, LOU pick team)
Planning (the audit plan – list of tasks, team, dates, locations)
Execution (the audit fieldwork)
Controlling (setting tasks and goals, measuring the team against those
goals)
Closing (The Audit Report and signoff)




               Initiate    Plan    Execute    Control     Close
AUDIT LEADERSHIP
AND MANAGEMENT
Gantt chart:
Simple blocks of time, starting at the top and moving down and across.
Easy planning tool. Put the start in, put the expected and in, put holidays
and other problems in, then plan the workload.

Start simple – the three stages of an audit: Plan, Fieldwork, Report.
Then expand to cover the details.


                PLAN


                                FIELDWORK


                                                     REPORT

                  Week 1           Week 2              Week 3
AUDIT LEADERSHIP
AND MANAGEMENT
Planning:

• Use a checklist of standard audit areas. (Section Dividers)

• Cross off areas that are not valid for the entity.

• Estimate the effort for each task (people days or hours).

• Consider who can conduct the audit work for each area.

• Consider how you will monitor each of the areas.
AUDIT LEADERSHIP
  AND MANAGEMENT
                        Week 1   Week 2   Week 3   Week 4   Week 5   Week 5   Week 6   Week 7
Pre Engagement
Meeting
AEL
AAL
APM
Planning Meetings
Payroll
Creditors
Cash
Revenue
Assets
Inventory
Investments
Term Debt
contingencies
Journals Testing
GL & Journals Control
Draft Report
First Review
Report
Final Report


 Manager: You MUST plan the audit. What needs doing, who will do it, When it
 well be done. You team expects YOU to do this, not them. Without a plan the
 audit will be chaos.
AUDIT LEADERSHIP
AND MANAGEMENT
3. Monitoring:

Reviews and Reports.
• Weekly debrief.
• Performance reports and appraisals.
• Knowing what to expect, then measuring against it.
• What to do if things go wrong. Fallback plans.

Manager: You MUST monitor what is happening, and measure it
against you plan. You MUST have alternative plans, and solutions, if
things go wrong.

REMEMBER: Managers earn their pay when something goes wrong,
not when it goes right!
AUDIT LEADERSHIP
AND MANAGEMENT

Leadership:
Tasking, advice and motivation of an
audit team.
                             Motivation




                    Advice



                                          Tasking
AUDIT LEADERSHIP
AND MANAGEMENT
4. Tasking:

•Deciding who does what.
•The career development problem
•Succession and career planning.
•Do you give inexperienced people a chance?
BE FLEXIBLE.




Manager: You have to decide who does what. You have to know the skill
levels, the values, the attitude of your team members. You have to be
sure they can do the tasks you give them.
AUDIT LEADERSHIP
AND MANAGEMENT
5. Advice:

• Know the subject.
• Be free to provide guidance and advice.
• Make decisions.
• Be approachable
• Know your limits. You are part of a team. Remember – “any ideas
anyone?”. Your team are smart people. You are not always right.

Manager: You need to know what the team is doing, and understand how
they do it. If you have a problem ASK THE TEAM.
AUDIT LEADERSHIP
 AND MANAGEMENT
6. Motivation:

Management by objectives:
Tasks, timelines and deadlines, reviews, signoff. Relies upon authority.
“Peter, please do the Journals Testing, I would like it complete by Friday, so you
have four days I will review it on Monday and if its OK I will sign off on it.”

Agile Management:
Autonomy. Free to work how they like. Relies upon enthusiasm.

“Someone needs to do the Journals Testing before the end of this week”.


Charismatic leadership:
People admire and follow you because you are interesting. Relies upon Character.
AUDIT LEADERSHIP
 AND MANAGEMENT
Team:

Enthusiasm: Team MUST be enthusiastic about an
audit.

Knowledge: The team need to know what they are
doing any why.

Manager: You have to motivate the team to do the work. You can be an
example (work hard, arrive early, leave late), or use MBO, setting tasks and
times when you want work completed.
AUDIT LEADERSHIP
AND MANAGEMENT
Final Notes:

1. You are all Managers. You manage your own
  time and resources.

2. You need to understand management practices
  and theory to work with a Manager.

3. You should all plan and aim to be Managers.
Thank You!

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Financial Audit Leadership and Management

  • 2. AUDIT LEADERSHIP AND MANAGEMENT Leadership: Tasking, advice and motivation of an audit team. Management: Support, planning and monitoring of an audit. Leadership = People Management = Things Aim of both is to work efficiently.
  • 3. AUDIT LEADERSHIP AND MANAGEMENT Motivation Support Advice Planning Tasking Audit Monitoring
  • 4. AUDIT LEADERSHIP AND MANAGEMENT Management: Support, planning and monitoring of an audit Monitoring Planning Support
  • 5. AUDIT LEADERSHIP AND MANAGEMENT 1. Support: People: People are the only real resource. People are not machines. They have feelings, wants, needs. Feelings: Happy, sad, depressed, angry, bored. Wants: to be needed, respected, liked. Needs: friendship, understanding. Manager: You have to support your people to get the audit completed. You need to know them, understand them, and help them to work.
  • 6. AUDIT LEADERSHIP AND MANAGEMENT Group theory: 1. Forming: meeting and comprehension (“Hi, I am Mary, I am working in this team with you on the PUB audit”) 2. Conforming: consensus in early stages (“I agree PUB needs auditing as soon as possible”) 3. Storming: differences and conflicts (“I think we should wait until the stocktake is completed, but John thinks we should start now and sort the stock out later”) 4. Norming: sets standards and goals (“I agree we should use CARKEYS, and have this audit finished by 12th august. I am happy with that”) 5. Performing: work at full effectiveness (“I am doing the fieldwork at PUB this week, and its going really well”) 6. Adjourning: signaling completion (“we are completing the audit report this week. We move off site on Friday”) 7. Mourning: parting and nostalgic (“remember the PUB audit, it was so funny”)
  • 7. AUDIT LEADERSHIP AND MANAGEMENT Values: Cultural values: National culture (driven by history, climate, location etc) Religious culture (respect for elders etc) Company culture (how the people in the company work together) Group culture (Departments, friendship groups, common interests, age groups etc) Individual Values: Trusted Honest Friendly Respected and respectful Manager: know your team, know how they feel, know and shape their values. Values CAN be changed and created. Make sure you create good ones.
  • 8. AUDIT LEADERSHIP AND MANAGEMENT Equipment: People cannot work without physical resources: • Laptops, pens, paper, light, power. • Data and information • Somewhere to work. Desks, office. Manager: You need to make sure your team has everything they need to complete the audit. They might not tell you they don’t have it or need it. You have to find out, and then you have to get it.
  • 9. AUDIT LEADERSHIP AND MANAGEMENT 2. Planning: Simple planning. Three things: • Calendar. Deadlines (when do you need to finish?). Holidays (national and people). • Task list of things to do & List of team members. • Simple Gantt chart showing tasks and times.
  • 10. AUDIT LEADERSHIP AND MANAGEMENT Five Stages of an Audit: Initiating (getting started – ALL, APM, LOU pick team) Planning (the audit plan – list of tasks, team, dates, locations) Execution (the audit fieldwork) Controlling (setting tasks and goals, measuring the team against those goals) Closing (The Audit Report and signoff) Initiate Plan Execute Control Close
  • 11. AUDIT LEADERSHIP AND MANAGEMENT Gantt chart: Simple blocks of time, starting at the top and moving down and across. Easy planning tool. Put the start in, put the expected and in, put holidays and other problems in, then plan the workload. Start simple – the three stages of an audit: Plan, Fieldwork, Report. Then expand to cover the details. PLAN FIELDWORK REPORT Week 1 Week 2 Week 3
  • 12. AUDIT LEADERSHIP AND MANAGEMENT Planning: • Use a checklist of standard audit areas. (Section Dividers) • Cross off areas that are not valid for the entity. • Estimate the effort for each task (people days or hours). • Consider who can conduct the audit work for each area. • Consider how you will monitor each of the areas.
  • 13. AUDIT LEADERSHIP AND MANAGEMENT Week 1 Week 2 Week 3 Week 4 Week 5 Week 5 Week 6 Week 7 Pre Engagement Meeting AEL AAL APM Planning Meetings Payroll Creditors Cash Revenue Assets Inventory Investments Term Debt contingencies Journals Testing GL & Journals Control Draft Report First Review Report Final Report Manager: You MUST plan the audit. What needs doing, who will do it, When it well be done. You team expects YOU to do this, not them. Without a plan the audit will be chaos.
  • 14. AUDIT LEADERSHIP AND MANAGEMENT 3. Monitoring: Reviews and Reports. • Weekly debrief. • Performance reports and appraisals. • Knowing what to expect, then measuring against it. • What to do if things go wrong. Fallback plans. Manager: You MUST monitor what is happening, and measure it against you plan. You MUST have alternative plans, and solutions, if things go wrong. REMEMBER: Managers earn their pay when something goes wrong, not when it goes right!
  • 15. AUDIT LEADERSHIP AND MANAGEMENT Leadership: Tasking, advice and motivation of an audit team. Motivation Advice Tasking
  • 16. AUDIT LEADERSHIP AND MANAGEMENT 4. Tasking: •Deciding who does what. •The career development problem •Succession and career planning. •Do you give inexperienced people a chance? BE FLEXIBLE. Manager: You have to decide who does what. You have to know the skill levels, the values, the attitude of your team members. You have to be sure they can do the tasks you give them.
  • 17. AUDIT LEADERSHIP AND MANAGEMENT 5. Advice: • Know the subject. • Be free to provide guidance and advice. • Make decisions. • Be approachable • Know your limits. You are part of a team. Remember – “any ideas anyone?”. Your team are smart people. You are not always right. Manager: You need to know what the team is doing, and understand how they do it. If you have a problem ASK THE TEAM.
  • 18. AUDIT LEADERSHIP AND MANAGEMENT 6. Motivation: Management by objectives: Tasks, timelines and deadlines, reviews, signoff. Relies upon authority. “Peter, please do the Journals Testing, I would like it complete by Friday, so you have four days I will review it on Monday and if its OK I will sign off on it.” Agile Management: Autonomy. Free to work how they like. Relies upon enthusiasm. “Someone needs to do the Journals Testing before the end of this week”. Charismatic leadership: People admire and follow you because you are interesting. Relies upon Character.
  • 19. AUDIT LEADERSHIP AND MANAGEMENT Team: Enthusiasm: Team MUST be enthusiastic about an audit. Knowledge: The team need to know what they are doing any why. Manager: You have to motivate the team to do the work. You can be an example (work hard, arrive early, leave late), or use MBO, setting tasks and times when you want work completed.
  • 20. AUDIT LEADERSHIP AND MANAGEMENT Final Notes: 1. You are all Managers. You manage your own time and resources. 2. You need to understand management practices and theory to work with a Manager. 3. You should all plan and aim to be Managers.