Audit Process

Process for Performing an Internal Audit

  1. Planning - Gain an understanding of the organization's mission, goals and processes; and research relevant laws and regulations.
  2. Notification - Notify the department of the upcoming audit and its purpose.
  3. Opening meeting - Discuss and formulate audit objectives.
  4. Fieldwork - Perform analytical procedures and tests of selected transactions, as well as interview department personnel.
  5. Report drafting - Present draft audit report and recommendations for discussion.
  6. Management response - Request management responses to recommendations and incorporate responses into draft report.
  7. Closing meeting - Provide an opportunity to discuss the draft report and recommendations prior to final report issuance.
  8. Finalize audit report - Issue final audit report.
  9. Follow up - Review status of management's action plans within one year after final report issuance, if applicable.