|
Process |
Description |
| 1. |
Request for an Audit |
The Corporate Internal Audit Group (CIAG) will be requested
to perform an operational, financial or compliance audit by management,
department head or other personnel. |
| 2. |
Approval of Audit |
Depending on the source of the audit request, CIAG will obtain approval
for the audit from executive management or the audit committee of the board
of directors. |
| 3. |
Entrance Conference |
The department head and related vice-president will be informed in advance
that an audit has been proposed. A meeting will be held between CIAG and
the department or area under audit. At this meeting, CIAG will discuss the
purpose and objectives of the audit. In addition, the scope will be agreed
upon by all parties and dates for fieldwork will be established. This will
also be the time to raise and address any issues or concerns that should
be considered during the audit. |
| 4. |
Item Request List |
CIAG will provide the department or area under audit an item request
list, which will identify all the documents and records that will need to
be provided to CIAG to complete the audit. |
| 5. |
Fieldwork |
This is the stage where the actual audit takes place. CIAG will generally
be located at the department for fieldwork. CIAG will select a sample of
transactions to test controls as identified in the process review. All findings
will be discussed with department management before fieldwork is completed.
CIAG will coordinate with the department or area under audit and will document,
as established in the scope, the overall process, related internal controls,
audit work program, information technology systems and develop our findings
and recommendations. CIAG will gather all necessary data, identify and investigate
any discrepancies and complete all workpapers. |
| 6. |
Draft Report |
At the conclusion of fieldwork and after all workpapers are complete,
CIAG will draft a report summarizing all work performed and findings and
recommendations. This draft report will be shared with the department or
area under audit, executive management and other personnel as considered
necessary. |
| 7. |
Exit Conference |
The draft report will be discussed at this meeting including all findings
and recommendations. The department or area under audit will have the opportunity
to ask questions, address issues and respond to the findings and recommendations. |
| 8. |
Final Report |
CIAG will incorporate department management's responses into the report
and issue a final report to the department or area under audit, executive
management and the audit committee of the board of directors. |
| 9. |
Follow-up |
Depending on the nature of the audit, CIAG may perform a follow-up audit
to determine the status of its recommendations. A follow-up report will
be issued in such a case. |
