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FIN - Audit Program Template
FIN - Audit Program Template
FIN - Audit Program Template
Name of Audit
Audit Program
Objectives:
Scope:
3. Conduct audit planning meeting with Audit Manager and/or Director and
document discussion held. The following should be discussed:
4. Prepare engagement memo and obtain approval from the Manager and
Audit Director.
Q:
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AUDIT STEPS TO BE COMPLETED COMPLETED W/P
BY REF
6. Send an information request list to the auditee. Items to consider:
• Relevant agreements/contracts
• Organizational charts
• Relevant reports utilized by the auditee
• Strategic documents (e.g. business plans)
7. Prepare (or update) the process narrative to document the process under
audit based on discussions held with individual familiar with the process.
8. Inquire of the auditee as to whether any relevant process flowcharts exist.
If not, consider developing one for the permanent file.
9. If the audit involves an outside company (particularly a financial
institution or insurance company), determine if a SAS 70 Report (Report
on Internal Controls Design and Effectiveness) has been issued on the
company. If so, obtain a copy and determine if this will impact the audit.
B. Fieldwork
1. First Objective
a. Conduct a walkthrough of the process to determine if there are any
design issues and to verify that procedures exist. This should be
completed by inquiry and observation with the process owner and staff.
Complete or update the process narrative
b. Perform testing of transactions to evaluate the effectiveness of the
controls
c. List general test steps to be performed (link to detailed test plan if
necessary)
d.
e.
f.
2. Second Objective
d.
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AUDIT STEPS TO BE COMPLETED COMPLETED W/P
BY REF
e.
f.
C. Communicate Results
1. As testing is completed, any issues found should be communicated to the
auditee to confirm the results.
2. After verification of the issues, a summary of findings form should be
completed and sent to the auditee so that a response (i.e., action plan and
target date) can be developed.
3. Submit workpapers for manager review as audit steps are completed.
This will help facilitate timely review.
2. Complete the Audit Report Checklist and include in the work papers.
3. Conduct an exit meeting with auditee to discuss issues noted during the
audit and obtain agreement on the issues.
4. Communicate to the auditee their responsibilities addressing the issue
found.
5. Discuss the recommendations, action plans and timelines for addressing
the issue.
6. Based on the discussion, make any necessary changes to the report and
submit for appropriate review.
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