Frequently Asked Questions
Management is another source of requests. These originate from management's requests for assistance concerning the administration of a specific area.
Several factors influence the selecting and scheduling of audit services which include: the degree of risk or exposure to loss, type of audit, current and planned work in other major audit projects, and the availability of internal audit staff.
It will depend on the scope of an audit. An audit can last from one or two days to several months. The auditor(s) assigned to your area will give you a reasonable estimate the time they need to complete the audit, after the planning phase is finished. Your timely response to audit requests will support timely completion of the audit.
The following include specific examples of how your active involvement will enhance the audit process and the resulting product:
- Supply requested information regarding financial, operational, and information system documentation by requested dates.
- Share your concerns about internal control weaknesses.
- Request audit review and/or assessment of issues troubling to management.
- Review the engagement letter and audit work plan, and where appropriate suggest revisions.
- Ask questions if you don't understand why certain activities have been included, or excluded.
- Review the preliminary test results and begin thinking about possible corrective actions.
- Review the draft report and make suggestions for any changes or enhancements before, or during, the exit conference.
- Offer solutions to the issues addressed and project realistic time frames for completion of the management plan.
- Be proactive in monitoring and reporting the status of corrective actions.