Audit Process
Audit Risk Assessment and Planning
- Review prior audit reports and relevant information.
- Pre-audit communication with auditees to understand their concerns and activities to be audited.
- Determine process risks, audit objectives, scope and approach.
- Conduct audit kick off procedures with auditees.
Fieldwork
- Review policies, processes and procedures.
- Interview key staff about actual processes.
- Perform walkthrough, testing, and data analysis.
- Identify internal controls and evaluate their adequacy and effectiveness.
- Communicate observations and recommendations with auditees.
Reporting
- Conduct audit exit meeting.
- Obtain management feedbacks to audit recommendations.
- Issue draft audit report to auditees.
- Receive management response to draft audit report.
- Issue final audit report to auditees.
- Report audit results to Audit Committee.
Follow-Up
- Obtain management’s implementation status for agreed actions.
- Identify overdue or non-delivered actions.
- Report follow-up results to Audit Committee.
