Engagement Performance Evaluation
This is my first year handling the entire SMC Global Power group which comprises of 15 power entities and 10 property companies, and I must say I felt overwhelmed. Even if they are considered part of a group and may have similarities as to business/financial processes, each engagement/company poses different audit approach depending on the significant risks related to each engagement.
Be that as it may, I think I’ve done well managing the group by performing the following:
-Planning the audit as early as July 2014 taking into consideration PY experience of the team
-Identifying issues previously encountered and discuss with the team how can we address these issues this year
-Promote efficiency measure by eliminating non value adding tasks/activities
-Mentoring and coaching team members and encouraged to promote audit quality as they document their workpapers.
-Review process of work done is timely and continuous until completion
-Eaudit activities completed consistent with the agreed timeline
-Improved communication and coordination with the client in order to meet deadlines set
-Involved all team members during discussions and making them understand objectives of each audit procedure
-Escalated complex issues to the engagement partner and EQCR beyond my skillset
Apart from those items above, I also implemented time budget monitoring this year since I’ve noted that the group has a very low recovery rate. This budget monitoring is done by all team members to make the aware of all activities they are expected to do and the expected timeframe they need to complete the task. This budget monitoring