Audit Process

Step 1: Planning

Internal Audit will gather preliminary information and review any prior audits in your area and prepare a preliminary audit program to follow.

Step 2: Notification

Internal Audit will notify the appropriate department personnel of the upcoming audit and its purpose and will request for an opening/entrance conference.

Step 3: Entrance Conference

Internal Audit will discuss with department management and pertinent department personnel about the purpose and objective of the planned audit as well as the audit program. The preliminary audit program may be adjusted based on the information obtained during this conference.

Step 4: Fieldwork

Internal Audit will conduct pertinent and appropriate testing of transactions as well as necessary interviews with department personnel. There will be constant interaction with the department management and personnel during this step of the process to ensure accuracy of the audit observations.

Step 5: Report Drafting

Internal Audit will begin drafting the report once the fieldwork is completed. The draft report will include any observations and recommendations for corrective action or improvement.

Step 6: Management Response

Internal Audit will forward a draft of the Audit Report to management to review the observations for accuracy and to provide their responses to the recommendations made. Management responses should include their action plan for correction and the proposed date of implementation of their corrective action plan. Clarifications and questions are welcomed as management works on their responses and corrective action plans.

Step 7: Exit Conference

Internal Audit will schedule an exit conference with department management to discuss any unresolved issues as well as other concerns regarding the draft report. Internal Audit and department management agree or disagree on some or all of the content of what will become the Final Audit Report.

Step 8: Final Audit Report Distribution

After the exit conference, Internal Audit will distribute the Final Audit Report to department management, VP for Business and Finance, the President and the Audit & Compliance Committee.

Step 9: Audit Follow-up

Internal Audit will follow-up on the department's action plans and dates of implementation in response to the audit recommendations at least annually, or 6 months at the earliest, after the Final Audit Report was issued.