Internal Audit Handbook（2007）C5-Combined Audit Topics.pdfVIP

5 Combined Audit Topics 5.1 Subsidiary Audits Key PoinT s ••• • Subsidiary audits are preformed using a standard work program. • Subsidiary-specific matters are added to this standard work program based on analytical audit procedures performed during audit preparation and the meet- ings held with colleagues from the various corporate departments. • Significant audit topics in a subsidiary audit are: General topics, financial repor- ting, consulting, licenses, human resources, purchasing, and risk management. sstandardtandard WorkWork ProgramProgram As explained previously (see Section B, Chapter 3.2), a work program is compiled for each audit based on the relevant Scope. There is a standard work program for subsidiary audits, which comprises the basic audit topics and fieldwork activities that should be covered by a subsidiary audit. Matters specific to the subsidiary be- ing audited are added to the standard work program. These specific matters are normally based on the results of the analytical audit procedures performed on the subsidiary’s financial statements during audit preparation (see Section C, Chapter 3.1) and on information and documentation obtained in meetings with colleagues from various corporate departments. sstructuretructure ofof thethe The standard work program for auditing a