What to Expect During an Audit
Our audits are a collaborative process, and we will work closely with your unit’s personnel to develop an understanding of processes, request materials for review, and discuss potential issues. While we try to minimize disruption of day-to-day operations, for us to provide quality services we will require that you provide requested information in a timely manner and that your employees be available for our questions. We will periodically discuss our progress and observations with you throughout the course of the audit. We always maintain the confidentiality of your information in accordance with our professional standards.
If we select your unit for an audit, we will notify management of the intended audit and expected timeframe. We will begin planning the audit and determining the scope of our review. Depending on the type of review, this stage typically includes an opening meeting with unit administration and management, reviewing policies and procedures, analysis of financial activity, and solicitation of feedback from central administrative personnel. We will provide a detailed request list of items needed for review. At the close of the planning phase, we will provide you with an engagement letter that outlines the audit scope, project timeline, and final deliverables.
We will perform testing of requested deliverables and hold interviews with staff to develop a deeper understanding of the unit’s processes and areas of potential improvements. This phase will demand the most attention from your unit. The auditor will document results in an audit program, which is an internal document used to ensure thorough completion of audit steps. As we identify issues during fieldwork, we will review them with your staff to ensure accuracy.
Reporting and Closing Meeting
Soon after the conclusion of fieldwork, we will provide you with a preliminary listing of audit findings and ask that you submit action plans to remediate the issues identified. With each finding, we include recommendations, which detail best practices and can help guide your response. After you have provided your action plans, we will provide a final draft report for your review. We will hold a closing meeting to review the report and discuss any final questions, if necessary.
The follow-up phase is when we truly conclude the audit. Within a year of issuing the report, we will be in contact with your unit to review the status of action plan implementation. Once your area has implemented actions to remediate all issues noted from our audit, we will close out the audit.