Methodology Update—Summer 2013 (for special examinations)
Jul-2013

This methodology update highlights changes to the Special Examination Methodology.

Effective date

The revised methodology is applicable to all special examinations starting after 2 July 2013.

Special examinations started prior to this effective date: To fulfill their respective responsibilities for audit quality, the responsible PX and AAG are encouraged to use the updated methodology as appropriate to ensure audits are conducted in accordance with relevant standards.

The Special Examination Practice Team will contact special examination teams to help them integrate the TeamMate changes to existing files.

The following table provides an overview of the most significant changes to the Special Examination methodology found in the Manual, in Teammate and in templates.

Update to the Manual

Manual sections

Modifications

Section 4052—Planning phase advisory committee meeting

Clarification made to indicate that the Product Leader, as well as the Special Examination Practice Team, should be invited to advisory committee meetings. The participation of key Internal Specialists and the Auditor General is at the AAG’s discretion.

Section 8014—Reporting phase advisory committee meeting

Section 8015—Auditor General Message Briefing

The Auditor General Message Briefing is no longer mandatory—now the nature and timing of briefing the Auditor General is at the discretion of the AAG.

Section 8031—Communication of the special examination report to the audit committee

The sign-off requirements (for report content) are moved from the final report to the Board to the report to the Audit Committee. The section also clarifies the “date of the report” being the date of submission to the Audit Committee.

Section 8032—Submitting the special examination report to the board of directors

Updates to TeamMate

  • Clarification of roles and responsibilities of various players regarding the nature and timing of consultations and approvals for special examinations.
  • Modification of the Auditor General’s involvement in the planning and reporting phase. The timing and the nature of the AG involvement is now at the AAG’s discretion.
  • The Risk-Based Planning and Scoping procedure steps were streamlined.
  • Report sign-off requirements are moved from the final report to the Board to the report sent to Audit Committee.

Update to Templates

Template

Modifications

Special Examination Plan

The standard Plan Template has been modified and streamlined for better alignment with the documentation from the Risk-Based Planning and Scoping process.

Special Examination Report

The standard Report Template has been updated to add standard text for the general conclusion at the end of the report.

Key production dates

Template streamlined from 6 to 3 pages to only reflect key dates in the special examination process.

SE sign-off requirements in TM

A new template has been added to highlight the sign-offs required by senior staff in specific TeamMate steps.

Summary SE Roles & Responsibilities

A new template has been added to highlight the revised roles and responsibilities of the engagement team, the internal specialists, the Special Examination Practice Team, the Product Leader and the Auditor General.

Acceptance

Template updated to include new section on General Considerations (as approved by the Executive Committee).

Differences of Opinion

Template updated to remove references to the Deputy Auditor General.

Independence confirmation

Form updated to clarify the independence period