Submitted by: Submitted by gp090514
Views: 633
Words: 660
Pages: 3
Category: Business and Industry
Date Submitted: 01/21/2011 11:54 PM
Beginning the Audit Report
January 15, 2011
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Audit Engagement Checklist
Initial Date
_____ ____ 1. Research the audit engagement and apply appropriate Auditors Standards and
Code of Ethics
_____ ____ 2. Determine appropriate laws/regulations that govern this area:
a. state law
b. federal law
c. guidelines
d. Other - wage/hour, etc.
_____ ____ 3. Maintain an awareness of the potential for fraud, and when
appropriate:
a. Design audit steps to address significant risk of fraud
b. Employ audit tests to detect fraud
c. Determine if suspected fraud merits investigation
_____ ____ 4. Determine if the audit should be conducted under the attorney client
privilege
_____ ____ 5. Establish the audit engagement's objective and scope
_____ ____ 6. Collect data
a. Policies and procedures
b. Preliminary surveys
c. Meeting summaries
d. Other relevant and useful information
_____ ____ 7. Evaluate the relevance, sufficiency and competence of data collected
_____ ____ 8. Analyze and interpret data collected
_____ ____ 9. Develop work papers
_____ ____ 10. Review of work papers
_____ ____ 11. Communicate interim progress with auditee
_____ ____ 12. Draw conclusions
_____ ____ 13. Report audit engagement results:
a. Conduct exit conference
b. Prepare draft report or other communication
c. Approve draft report
d. Obtain management's response to report
e. Include management's response in final report
_____ ____ 14. Determine next steps:
a. Monitoring
b. Follow-up activity
c. Other
_____ ____ 15. Issue final audit report
a. Distribute to all participating departments up through Sr. VP level.
b. Place final audit report...