The most successful audit projects are those in which the client and Internal Audit have a constructive, collaborative working relationship. Our objective is to have client involvement at every stage so our audits meet the client’s expectations and add value to operations.
Although every audit project is unique, the audit process is similar for most engagements. Most audits have four phases:
- Planning
- Fieldwork
- Reporting
- Follow-up
Planning
Once an audit is assigned, the client is notified via a notification letter. The purpose of the notification letter is to make the client aware that an audit will be occurring and to give a broad objective.
The first step of client involvement is the entrance conference. During the entrance conference, we work with the client to refine the audit objective and we discuss the timing and scope of the project. This initial contact with the client is important because it is at this time that the general course of the audit is set. Clients are encouraged to discuss any concerns they have related to the audit objective. We will attempt to address the client’s concerns during the audit. Either before or during the entrance…
