Audit Process
Planning
- Planning is the process of identifying audit procedures to be undertaken during fieldwork. The extent of planning activities will vary according to the size, complexity and previous audit experience with the auditable unit.
- Prior to the commencement of fieldwork, a pre-audit meeting shall be arranged to meet the management and key personnel involved in the audit to discuss audit objectives, scope and timing.
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Fieldwork
- Fieldwork is the process of gathering and evaluating evidence as directed by the planned audit procedures, including but not limited to the following:
- Discussions and interviews with appropriate management and staff
- Examination of relevant records and documentation
- Evaluation of system of internal controls
- Performance of system walkthrough and audit tests
- Discussions and interviews with appropriate management and staff
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Reporting
- Reporting is the process to communicate audit conclusions and recommendations to auditable unit.
- Draft audit report shall be issued to auditable unit for factual confirmation which then followed by seeking management response.
- Prior to the issuance of audit report, an exit meeting shall be arranged with auditable unit to discuss audit results.
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Follow-Up Review
- Follow-up is the process to ensure that the audit recommendations in the audit reports have been adequately addressed by the management. The management shall be notified of the review timing before commencement. A review report shall be issued at the conclusion of each review.