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Asking the Right Questions Right

Learn valuable tips for conducting a successful audit, including appearance, preparedness, communication, and risk assessment. Understand the role of auditors and their responsibilities.

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Asking the Right Questions Right

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  1. Asking the Right Questions Right Dale Gordon AerojetRocketdyne July 16, 2014

  2. Appearance Matters

  3. Be Professional • APPEARANCE - FORMALITY OF THE AUDIT • PUNCTUALITY - DO NOT WASTE AUDITEE TIME • PREPAREDNESS - CRITICAL TO SUCCESS • FAIRNESS - BE UNDERSTANDING OF ERRORS • CALM - AUDITOR CAN SET THE TONE • POLITE AND COURTEOUS - BE POSITIVE • DIRECT AND CONCISE - DON’T INTERROGATE • COMMUNICATION - ORAL, WRITTEN, BODY • OBSERVANT - ATTENTION TO DETAIL • LISTENING - PAY ATTENTION

  4. Know Your Customer

  5. Remember Who You are Auditing: • METHODS • OPEN ENDED QUESTIONS • PROBING - TELL ME MORE • SILENCE - IS GOLDEN • PARAPHRASING - RESTATEMENT • CROSS CHECK WITH OTHERS • SUPPORT WITH DOCUMENTATION / RECORDS • CLOSE WITH STATED POSITION - OKAY OR NO

  6. What’s the Risk? • .

  7. WEIGH THE CONSEQUENCES Risk may go undetected, or even increased by the application of insufficient, inadequate, or incapable resources including: • Designs, Personnel, Time • Equipment / tools • Processes or Materials, Plans, instructions • Inspections / tests • Workspace and environment • Others ?

  8. ALLOW FOR MULTIPLE SOLUTIONS Risk may be controlled, reduced or eliminated by use of: • Root Cause Analysis, Corrective and/or Preventive Action • Design enhancement / redundancy • Improved processes capability • Fool-proofing / mistake-proofing • Increased / improved detection methods • Protective margins / buffers • Back-up / contingency plans • Advancing the “state of the art”

  9. MARKETING SELL IT! Customer &RegulatoryRequirements ENGINEERING Help Sell it & DESIGN IT! Prior Enterprise Business Model MANUFACTURING& PROCUREMENTMAKE ITBUY IT Customer Support Pack & Ship & Replace QUALITYMAKE SURE IT LOOKS LIKE THE PRINT!

  10. CONSIDER BUSINESS PROCESSES Build Customer Relationship Create Customer Solutions Resolve Customer Problems Plan the Business Resource the Business Generate Orders Fulfil Orders

  11. JUST THE FACTS • FOCUS ON THE CONTROL SYSTEM • NO RECOMMENDATIONS • NO SUGGESTIONS • NO BIAS • NO INSPECTING • OVERALL CONCLUSIONS

  12. The Report Management's Responsibility for the Financial Statements • Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility • Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

  13. The Report • An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. • We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

  14. The Report Conclusion Opinion • In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of ABC Company, Inc. as of December 31, 20XX, and the results of its operations and its cash flows for the year then ended in accordance with U.S. generally accepted accounting principles.

  15. Aerospace Markets

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