Audit Manual

Engagement Process Guidelines

The general process* for performance of an engagement includes the following phases:

Planning Phase

  • 1. Understanding meeting held with Director of Audits and engagement team
  • 2. Distribution of the Engagement Letter to the client
  • 3. Preliminary survey of the client and engagement planning, including risk assessment
  • 4. Completion of Planning Steps, including the development of Work Program
  • 5. Planning meeting held with Director of Audits and engagement team
  • 6. Entrance Conference held with the client and engagement team

Fieldwork Phase

  • 7. Completion of fieldwork and workpaper documentation

Reporting Phase

  • 8. Drafting Report
  • 9. Review of fieldwork
  • 10. Performance of Quality Assurance Review (QAR)
  • 11. Addressing review notes
  • 12. Exit Conference held with the client and engagement team to review engagement results
  • 13. Obtaining Management Responses and Implementation Dates
  • 14. Report Vetting and Revisions

Wrap-up Phase

  • 15. Final completion of QAR and documentation of fieldwork
  • 16. Final review of Report
  • 17. Final Report Issuance
  • 18. Completion of Staff Performance Evaluations
  • 19. Performance of Administrative QAR
  • 20. Archival of workpapers

*The standard order of steps of the engagement process may vary from engagement to engagement, and some steps may occur concurrently.