Sections
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Internal Audit Process
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1. Planning
- Review prior report & relevant information
- Consult with management on their concerns
- Pre-audit communication to client unit(s)
- Define and refine objectives, scope and approach
- Conduct audit's entrance meeting with Senior Management and client unit(s)
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2. Fieldwork
- Review policy, process & procedure
- Interview key staff about actual processes
- Perform walkthrough, testing, and data analysis
- Identify internal controls and evaluate their adequacy & effectiveness
- Communicate observation(s) & recommendation(s)
- Circulate a preliminary draft report to client unit(s)
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3. Reporting
- Conduct audit's exit meeting
- Obtain management response to audit recommendations
- Issue draft audit report to client unit(s)
- Receive management response to draft audit report
- Issue final audit report to Senior Management and client unit(s)
- Report to President and Audit Committee
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4. Follow-up
- Obtain management's implementation status for agreed action(s)
- Perform quarterly review of overdue or non-delivered action(s)
- Report follow-up summary to President and Audit Committee