Quick Response Auditing Course

Module 1: The Mandate for Timeliness

• Understand the impact of the information age on audit expectations
• Define audit cycle time and its effect on audit value and efficiency
• Identify causes and consequences of long audit cycle times
• Examine client demands for faster audit results

Module 2: Assessing Conditions for Quick Response Audits

• Recognize when QRAs are appropriate and effective
• Assess risks and trade-offs in QRA engagements
• Identify factors that support or hinder quick responses
• Distinguish between audit, QRA, and consulting engagements

Module 3: Framing Objectives for Timely Audit Results

• Limit the number and breadth of audit objectives
• Write precise and time-sensitive audit questions
• Use incremental and performance-focused objectives
• Adapt objectives based on finding elements (condition, cause, effect, recommendations)

Module 4: Narrowing the Scope to Audit Quickly

• Understand how scope correlates with objectives
• Limit scope by time, location, transactions, and personnel
• Accommodate resource and access constraints in design
• Apply targeted sampling and objective refinement

Module 5: Quick Response Audits in Accordance with the Yellow Book

• Review GAGAS standards supporting QRAs
• Ensure independence, professional judgment, and competence
• Apply appropriate planning, supervision, evidence, and documentation standards
• Use GAGAS conceptual framework for non-audit services and independence

Module 6: Reporting the Results Quickly: The Final Hurdle

• Overcome delays in the reporting process
• Use strategies like storyboarding, team writing, and interim reporting
• Comply with Yellow Book reporting requirements
• Deliver quality QRA reports in appropriate formats and timelines

Module 7: Nonaudit Services: An Alternative Solution

• Explore the use of nonaudit services for rapid information delivery
• Apply the GAGAS conceptual framework for independence
• Understand benefits and risks of nonaudit engagements
• Evaluate when nonaudit services are preferable to QRAs