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Audit Process

Diagram of the audit process.

Stage 1: Planning

  1. Auditee Engagement
  2. Inquiry of Management and Staff
  3. Risk Assessment
  4. Audit Scope Determination

Stage 2: Fieldwork & Documentation

  1. Observations of Processes and Procedures
  2. Sampling and Testing
  3. Verification of Statements Made

Stage 3: Issue Discovery and Validation

  1. Risk Exposure Discovery and Validation
  2. Risk Exposure Presentation to Management
  3. Management Solutions Development

Stage 4:  Reporting

  1. Draft Report Development and Distribution
  2. Management Response Opportunity
  3. Final Report Distribution

Stage 5:  Issue Tracking

  1. Follow-Up Review of Solutions Implementation
  2. Periodic Status Updates on Progress