The Audit Process
Internal Audit Services Program
What is involved in the audit process?
While the scope of work and objectives of each audit may be different, auditing standards require us to follow the same audit process in every engagement. Every audit includes three phases: planning, fieldwork and reporting.
Planning
- Kick-off Meeting - We will meet with you, introduce the audit team, and work with you to determine the scope and objectives of the upcoming audit. We will also discuss the timing of the audit and identify key staff members who will participate in the audit.
- Information Gathering and Assessment - Our audit team will review your organization’s documented procedures and gather background information by meeting with key process owners. This ensures that our team understands your operations and provides an opportunity for additional discussion or questions. We use this information to develop the audit testing plan.
Fieldwork
- Evaluation and Analysis - Auditors will evaluate processes and perform testwork in order to accomplish the goals and objectives of the audit engagement. This may involve:
- Requesting additional documentation and records
- Meeting with staff to document and observe process flows
- Reviewing existing policies or procedures for accuracy and completeness
- Communication Throughout the Process - We will meet with you on a regular basis to discuss potential audit observations, findings, and recommendations. We will share observations with you as we identify them in order to avoid surprises.
Reporting
- Findings Review Meeting - We will meet with you to provide a summary of our preliminary findings and observations. This will also give us an opportunity to share our recommendations for improvement.
- Draft Audit Report - We will prepare a draft audit report based on the findings review meeting. This report will be shared with you and you will have an opportunity to respond and provide an action plan for each audit finding.
- Final Audit Report - At the conclusion of the audit engagement we will provide copies of the final audit report to management and key staff members.
