Audit Process

THE AUDIT PROCESS WHAT OCCURS DURING THE AUDIT PROCESS? Although every audit project is unique, the audit process is similar for most engagements and normally consists of four stages: Planning, Preliminary Review, Field Work, and Audit Report. Your involvement is critical at each stage of the audit process. As in any special project, an audit results in a certain amount of time being diverted from your department’s usual routine. One of our key objectives is to minimize this time and avoid disrupting your ongoing activities. HOW WE WORK WITH YOU The most successful audit projects are those in which the department and Internal Audit have a constructive working relationship. Our objective is to have your continued involvement at every stage, so that you, our client, understand what we are doing and why we are doing it. Generally the following process will occur once a department, area, function or other activity is selected for audit. I. PLANNING During this phase, Internal Audit will obtain a basic understanding of the audit project through research and data gathering related to the audit project. Data may include files of prior audits in your area (if any), from either the Internal Audit Department or other regulatory agencies as well as Board policies, administrative regulations, policies and procedures manual, financial reports (for payroll and non-payroll transactions), shared audit programs, TSPR, relevant communications ...