Planning
What is the first thing the auditee receives to let them know an audit is starting?
An engagement memo.
What are auditors mainly doing during fieldwork?
Testing transactions and reviewing documents.
What does the auditor prepare after fieldwork that the auditee reviews?
A draft report.
Why does the auditor perform a follow-up review?
To check if corrective actions were completed.
What meeting happens at the start so auditors and management can discuss the audit?
The entrance meeting.
What do auditors test to see if they work effectively?
Internal controls.
What does the final audit report include besides observations and recommendations?
Management's response and corrective action plan.
Who gets periodic updates on the status of follow-up?
The Commissioner.
What does the auditor try to understand during planning?
The processes and internal controls.
About how long do district audits usually take?
Around two months.
What does the “Criteria” part of the Five C’s identify?
What policy was not met.
What does the auditor create that lists the test steps for the audit?
The audit program.
How long are on-site visits during district audits?
2–3 days.
What does “Consequence/Effect” explain in the report?
The risk of the issue.