Each engagement consists of three phases. The three major phases and subsequent steps of the audit process are as follows:
- Perform campus engagement risk assessment.
- Assign resources and staff to engagement.
- Notify executive leadership of engagement.
- Perform engagement risk assessment with input from the client, management, and audit team members.
- Develop audit scope and objectives
- Prepare audit program
- Hold entrance conference
- Develop and perform detailed testing
- Document and evaluate processes and controls
- Interview client staff members
- Perform other audit procedures to meet audit objectives
- Review work papers for completeness and accuracy
- Evaluate audit evidence and develop conclusions
- Communicate with client on an ongoing basis
- Document strengths and opportunities for improvement
- Communicate with client management regarding audit results
- Develop recommendations
- Prepare draft report
- Obtain management’s plan of action to address issues (if necessary)
- Prepare final report
- Evaluate audit performance
- Obtain engagement feedback from audit client
- Follow up on implementation of action plans (if necessary)
Last updated: 7/22/2021