It is the process of obtaining a representation of information or of an existing condition directly from a third party. Confirmations are also used to obtain audit evidence about the absence of certain conditions. The reliability of evidence obtained through confirmations is directly affected by factors such as The form of the confirmation Prior experience with the entity The nature of the information being confirmed The intended respondent In accordance with the International Standard on Auditing ISA, Audit evidence obtained is more reliable when: It is obtained from independent sources outside the entity.
What AuditStar does I. Setting optimised media budgets For many media buyers this is the most important task: Historic and forecast brand sales are compared, as well as market shares, media spend and weights. Actual and forecast media costs, media inflation, and the impact of macroeconomics GDP, consumer confidence, retail price index, inflation are all factored in to create a bespoke media budget.
AuditStar will ensure the media brief reflects marketing and communication objectives, and check that the media strategy accurately reflects the brief. We compare the media strategy with the proposed plan and evaluate the quality and substance of the strategy — paying particular attention to consumer research, which enables AuditStar to recommend improvements before the media is bought.
Assessing media agency performance and accountability through benchmarking Many large companies mostly do not commit data to pools, so that the comparison is often likely to be with the average of smaller non-comparable advertisers.
Media quality is compared with the previous year against competition and the target. We carry out a media performance audit including the three core areas and ROI in order to identify how and where to improve performance efficiency, and not just simplistic cost savings. The first step is to assess benchmarking criteria, including marketing and media objectives, media strategy, seasonality and processes.
AuditStar then evaluates media cost and quality delivered against targets and the previous year results, using benchmarking criteria. Assessing Effectiveness of Media Spend For media and communications expenditure, we evaluate marketing performance versus targets awareness, sales, response etc.
This involves analysing cost efficiency of reach build, campaign structure, weekly weights, effect of different copy, and developing predictive models to optimise ROI. Motivating Media Agencies Aligning the media agency and client objectives plays a key part in media auditing and involves two essential actions: This contract ensures advertiser and media agency expectations are appropriately aligned.
It also helps establish important principles regarding data ownership and data management. We recommend fee levels, structures and performance KPIs linked to a variable incentive.
AuditStar will audit the entire media process from brief through to post-buy evaluation. This includes, but is not limited to: We examine the financial and non-financial processes and controls We do this by understanding the agency financial systems and processes used to buy and account for media purchase and billing, by checking the core financial controls operated by both advertiser and agency over the account, and by reviewing the health of the relationship with the advertiser.
The controls over timesheets and the time recording system are carefully examined, and matched to contracted resource.
We examine media costs and agency expenses AuditStar will check a variety of media costs including: AVB and compliance with the contract reconcile differences in respect of unbilled media. Assessing media agency contract A common understanding of the details of the contract is essential Having the appropriate contract in place is fundamental to efficient media agency management and establishing a good relationship.
The contract establishes expectations, sets the right level of service and helps deliver transparency and competitive pricing. It is essential that advertiser and agency have a common understanding of the detailed content of the contract.
AuditStar can manage or advise on the entire selection and pitch process, from initial brief through data check and candidate questions support, to timetable compliance.
We can also support the negotiations, recommend fee levels, structures and methods, in addition to performance incentive and KPIs linked to a variable incentive.AuditStar considers an effective media strategy to be fundamental to delivering the advertiser’s desired sales and consumer objectives.
We assist in defining the target audience and assess competitors’ media strategies in light of that. AUDIT EVIDENCE—SPECIFIC CONSIDERATIONS FOR SELECTED ITEMS ISA Introduction Scope of this ISA 1.
This International Standard on Auditing (ISA) deals with specific. The documentation comprises audit evidence, with the audit notes being audit working papers.
action plans and records relating to the confirmation that agreed actions were duly actioned. If necessary, confirm that closed actions have in fact been properly completed, focusing perhaps on any that were not completed promptly or on time.
3 Which of the following audit procedures should be carried out to confirm the balance owing to Carnation Co? (1) Review post year-end credit notes for evidence of acceptance of return. Welcome to eAuditNet. eAuditNet is web-based software that supports and improves efficiency in the auditing and accreditation systems of industry managed programs administered by the Performance Review Institute.
eAuditNet is developed and maintained by PRI for the benefit of industries where safety and quality are shared values, implementing a standardized approach to quality assurance. Have you been invited? Go. Opportunties Tenders Direct.