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.