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Auditing and Reporting Process
There are four basic parts to the audit process; Planning, Fieldwork, Reporting and Follow-up.
Adequate and careful planning and research of an activity is a key function. Planning is documented and should include:
Fieldwork consists of collecting, analyzing, interpreting, and documenting information to support audit results. Information should be collected on all matters related to the audit objectives and scope of work. The information should be sufficient, competent, relevant, and useful to provide a sound basis for audit findings and recommendations.
A signed written report should be issued after the audit examination is completed. Interim reports may be oral and may be transmitted formally or informally. The auditor should discuss conclusions and recommendations at appropriate levels of management before issuing final written reports. The report should be objective, clear, concise, constructive, and timely. It should present the purpose, scope, and results of the audit, and, where appropriate, reports should contain an expression of the auditor’s opinion. The reports may include recommendations for potential improvements and acknowledge satisfactory performance and corrective action. The auditee’s views about audit conclusions or recommendations may be included in the audit report.
Auditors should follow-up to determine that corrective action was taken and is achieving the desired results or that senior management or the Commission has assumed the risk of not taken corrective action on reported findings.