Audits are a formal examination of a company’s financial statements. They may be performed by a governmental agency or a third-party. This is done to assess whether or not the organization is meeting its objectives.
An audit is an important part of most organizations. A good audit program will outline the process to be followed. It should include a series of action points with corresponding time frames. The criteria to be considered should be based on the best evidence available.
Often, this involves a series of meetings with management. Other stakeholders, such as quality managers, must also be involved. Some organizations conduct follow-up audits, focusing on performance issues, to ensure they have taken appropriate steps to address them.
Depending on the type of audit being conducted, there are many different procedures and tools. For example, a medical model requires an auditor to identify a problem and diagnose the problem.
Typical audits include a variety of other activities, such as collecting and analyzing data, performing compliance tests, and reviewing and testing documents. These are grouped into four main phases.
The first phase is called the planning phase. During this stage, the internal auditor meets with management and key staff members to discuss the scope of the audit. He/she may also request documents from the company such as minutes from board meetings.
The planning phase may also involve conducting a risk workshop to determine potential problems. At this point, the audit team is usually set up with regular status meetings to discuss the audit and other important issues.
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