Balancing the Scorecard
Our department prepares a balanced scorecard on a monthly basis to track metrics important to our team. We arrange the scorecard into four quadrants: Stakeholders, Controls, People, and Department. Under “Stakeholders,” we track progress against our audit plan (audits in process, reports issued, audit and reporting life cycles). We track our audit ratings and testing exception rates under the “Controls” quadrant. For “People,” we track utilization rates (actual vs. planned) and total hours incurred vs. planned. Our “Department” quadrant tracks our department’s actual spending vs. budget/forecast. Although pretty basic, this scorecard has been helpful in keeping my department’s management team focused on getting through an ambitious audit plan.
What types of metrics do your departments track? Are your teams tracking their time? I heard a collective (but polite) groan when I announced we’d need to start down this path ... after all, wasn’t the ability to stop turning in a time sheet one of the benefits most enjoyed after leaving public accounting?
Speaking of which ... I don’t think I’ve posted my time for weeks. Not setting a very good example. I’ll go do that now.
Posted on Jun 22, 2010 by Kiko Harvey
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