Planning: This is a process of gathering information from interviews with departments, units, functions or members and from the financial analysis we perform. This information helps to create a clear understanding about the function or unit under audit and establishes the preliminary scope for the engagement.
Fieldwork: We spend time onsite in the department and since each department is unique in its size, purpose, staffing, procedures and issues, audit fieldwork can also be unique. We perform tests of various departments, units or function transactions. The number of transactions tested varies from audit to audit depending on the audit scope. The transactions to be tested will be provided in advance so that department or function personnel have sufficient time to gather the information before our arrival.
Reporting: This is a phase of documenting the communication. During this part of the audit, we assemble any audit issues and/or suggestions in draft form for discussion with departments, units or functions. As a result, the final report will include the issues that are resolved and the remaining issues.
Follow-up: After the report is issued, it is anticipated that all audit reports will be followed up with the department, unit or function within a reasonable timeframe.