An audit team has a completed schedule approved by the audit committee.
After starting some of the scheduled audits, executive management asked the team to immediately audit an additional process.
There are not enough resources available to add the additional audit to the schedule.
Which of the following is the BEST course of action?
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A. B. C. D.B.
In this scenario, the audit team has a completed schedule that has been approved by the audit committee. However, executive management has requested an additional audit of a process that was not originally included in the schedule. Unfortunately, there are not enough resources available to add this audit to the current schedule. The audit team needs to determine the best course of action in this situation.
A. Revise the scope of scheduled audits. Revising the scope of the scheduled audits may be an option, but it is not the best course of action in this scenario. Revising the scope of the scheduled audits means that the audit team would need to reduce the scope of one or more scheduled audits to accommodate the new audit request. However, this approach may lead to an inadequate audit of the reduced scope, and it may not provide enough coverage to ensure that all key risks have been adequately addressed. Therefore, revising the scope of scheduled audits is not the best option.
B. Propose a revised audit schedule. Proposing a revised audit schedule is a viable option in this scenario. The audit team can review the current schedule and determine which audit(s) can be postponed to accommodate the new audit request. The team can then propose a revised audit schedule that accommodates the new audit request without compromising the quality of the other scheduled audits. This option requires the audit team to have a good understanding of the audit schedule and the associated risks to identify which audits can be postponed and rescheduled without jeopardizing the overall audit plan.
C. Approve overtime work to ensure the audit is completed. Approving overtime work may also be an option to complete the additional audit. However, it is not the best course of action as it can lead to burnout and impact the quality of the audit work. Additionally, it may not be cost-effective to approve overtime work, especially if the audit team is already working on tight deadlines and has other commitments. Therefore, this option should only be considered as a last resort.
D. Consider scheduling the audit for the next period. Considering scheduling the audit for the next period is another viable option. The audit team can review the current audit schedule and determine if the new audit request can be postponed until the next audit period. This option ensures that the audit team has enough resources and time to adequately plan and conduct the additional audit. However, it may not be the best option if the new audit request has time-sensitive issues that require immediate attention.
In summary, the best course of action in this scenario is to propose a revised audit schedule that accommodates the new audit request without compromising the quality of the other scheduled audits. If this is not possible, the audit team can consider scheduling the audit for the next period, depending on the urgency of the audit request.