The Audit Process
Our objectives are to ensure open communication throughout the audit process, and to minimize interference with your day to day work.
The audit process includes the following steps:
- Audit Announcement Letter – An Announcement Letter will be sent via email approximately two weeks prior to the start of the audit. The letter will identify the audit scope, objectives, anticipated duration, and the name of the auditor who will be performing the review.
- Opening Meeting – We will schedule an opening meeting to discuss the purpose and scope of the audit; and, to identify the primary contacts for the audit. We typically ask questions regarding your operations, personnel, funds, facilities, etc.; and, will ask you if you have any particular areas of concern. Further, preliminary requests for information, data, and/or documentation may be made at this time.
- Planning – Internal Audit will gather information about your operation by conducting meetings, documenting process flows, and making requests for information to develop an understanding of key processes, systems, reports, and documentation. The audit program, which outlines the specific steps to be taken to complete the audit, will be finalized.
- Fieldwork – This phase of the audit entails additional interviews/meetings, informal communications with members of your team, and reviews and analyses of documentation provided to Internal Audit. As fieldwork progresses, we will discuss any preliminary observations identified in order to ensure accuracy. We will maintain regular communications during the fieldwork phase as we intend for there to be no surprises during the audit process.
- Draft Report and Management Responses – Observations identified during fieldwork, and recommendations to mitigate risk and/or enhance operations are documented in report format. The draft report is shared with you, and you are provided the opportunity to make suggested edits with regard to the content of the report. After the draft report is finalized, Internal Audit will request that you provide management responses to each observation and recommendation, and provide dates upon which action plans will be implemented.
- Closing Meeting – The audit report will be reviewed and discussed prior to its issuance.
- Report Issuance – The Final Report which was discussed in the Closing Meeting is issued to those who received the Audit Announcement Letter.
- Follow-Up – Internal Audit will contact you on or just after the implementation dates provided in your management responses to verify that the agreed upon actions have been implemented. The Follow-Up process may entail interviews with members of your team, and reviews/testing of new procedures, policies, documentation, or system changes.