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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