Efficiency audits examine how effectively and efficiently an organization achieves its goals. The objectives are to understand planned vs actual objectives, identify reasons for variances, and recommend actions to reduce waste and inefficiency. The purpose is to reveal defects and irregularities and help management achieve the most efficient administration by examining methods and performance. The scope includes judging efficiency of practices and considering resource conservation. An efficiency audit report should be significant, timely, objective, accurate, clear, concise and complete. The performance audit process includes selecting topics, planning, conducting examinations, and reporting results.
CHAPTER-1 Management Audit and Planning procedure.pdfDr. Dinesh Mehta
Audits are conducted to ascertain the validity and reliability of the information; also to provide an assessment of the internal control of a system. It provides management with information on the efficiency with which the company controls the quality of its processes and products
CHAPTER-1 Management Audit and Planning procedure.pdfDr. Dinesh Mehta
Audits are conducted to ascertain the validity and reliability of the information; also to provide an assessment of the internal control of a system. It provides management with information on the efficiency with which the company controls the quality of its processes and products
The depth and scope of examination, time of audit, processing methods, etc. In deciding on a specific technique, also need to take account of the objective of the audit action and the capacities limited by time or other factors.
An internal audit is designed to review what a company is doing in order to identify potential threats to the organization's financial health and profitability and to make suggestions for mitigating the risk associated with those threats.
The most comprehensive definition of internal audit is given by the IIA, USA. It is,
"Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."
The purpose of the presentation is to provide clarification for a better understanding of what internal audit definition, objectives, functions, stages and reporting are all about? What difference does it make in the presence of an external audit? How different is its scope from that of the external audit? How internal audit standards contribute to better performance of internal audit work and its reporting to the Board or Audit Committee?
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2. Efficiency audit is also known as ‘Performance Audit’
and ‘Profitability Audit’. Efficiency audit may be
defined as a systematic examination of management’s
effort to accomplish goals efficiently and effectively
in order to determine adherence to the management
policies and stated requirements.
What is Efficiency Audit?
3. Objectives of the efficiency audit can be explained as under:
To understand the objectives pre-determined for the
organization.
To find out the variance between planned objectives & achieved
objectives.
To find out the reasons due to which the variance has occurred.
To recommend to the management the action to be taken to
reduce the causes that have resulted into waste and inefficiency.
Objectives of Efficiency Audit
4. Purpose of Efficiency Audit
The basic purpose of the efficiency audit is to
reveal defects or irregularities in any of the
elements examined. Its aim is to assist
management in achieving the most efficient and
effective administration of the operations
performed. The intent is to examine and appraise
the methods and performance in all areas.
5. Scope of Efficiency Audit
Efficiency Audit does it to make a judgement
regarding the efficiency of existing
practices. It shall, however include an
enquiry into, whether, in carrying out its
responsibilities, the audited entity is
giving due consideration to conserving its
resources and using the minimum effort to do
its work.
