What to expect from an audit
There are several key stages involved in any audit. Different things happen at each stage. Here's a quick snapshot of what you can expect.
Engagement, planning and scoping
We’ll meet with relevant senior members from the area to be reviewed and discuss the scope of the audit, timing, people who need to be involved and the independence of each team member. We will identify:
- the objectives of the audit;
- any limitations to the scope;
- the risks associated with the review area;
- start date and expected duration;
- locations or areas we will need to visit; and
- an executive audit sponsor.
We’ll prepare a Memorandum of Engagement which formalises and summarises what was discussed at the previous 'preliminary consultation' meeting.
Before the audit officially gets underway, we’ll meet with management of the area to be reviewed to:
- clarify the risks, objectives, scope and proposed timing of the audit;
- give staff an opportunity to present their views and perspectives on the risks or any other matter associated with the audit;
- finalise timings and staff involvement requirements; and
- arrange access to locations, personnel, files, systems and data.
This is where we start spending a good deal of time in your area. During this stage of the audit we will start to:
- request policy and procedure documents for review;
- assess and evaluate the internal controls in place;
- identify what’s working well and any relevant process improvements; and
- review and assess key risks and controls.
We will provide you with an update on the status of the audit and our findings throughout the fieldwork so there are no surprises.
At the end of the audit, we will provide you with a draft internal audit report. This report will include the issues identified and recommendations for improvements in internal controls to address the matters raised.
You will be asked to provide your comments regarding the recommendations with an action plan on how you will address each issue. We will meet with the Executive Sponsor of the audit area to finalise the audit and the individual audit findings and management actions. The Risk Committee is provided the outcome from the audit which includes your actions and responses to the matters raised.
Your feedback is important to us. We work closely with you throughout the audit, and can discuss any feedback you may have at any point during the audit process. In addition, at the end of the audit we will provide you with a short survey. We would appreciate you completing the survey and returning to us. We can use your feedback to help us improve our service to you.