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Acc546 - Week 1 - Beggining the Audit Report

In: Business and Management

Submitted By clopez02
Words 651
Pages 3
Beginning the Audit Report

ACC546 - Auditing

University of Phoenix Audit Engagement Checklist

Initial Date

_____ ____ 1. Research the audit engagement and apply appropriate Auditors Standards and Code of Ethics

_____ ____ 2. Determine appropriate laws/regulations that govern this area: a. state law b. federal law c. guidelines d. Other - wage/hour, etc.

_____ ____ 3. Maintain an awareness of the potential for fraud, and when appropriate: a. Design audit steps to address significant risk of fraud b. Employ audit tests to detect fraud c. Determine if suspected fraud merits investigation

_____ ____ 4. Determine if the audit should be conducted under the attorney client privilege

_____ ____ 5. Establish the audit engagement's objective and scope

_____ ____ 6. Collect data a. Policies and procedures b. Preliminary surveys c. Meeting summaries d. Other relevant and useful information

_____ ____ 7. Evaluate the relevance, sufficiency and competence of data collected

_____ ____ 8. Analyze and interpret data collected

_____ ____ 9. Develop work papers

_____ ____ 10. Review of work papers

_____ ____ 11. Communicate interim progress with auditee

_____ ____ 12. Draw conclusions

_____ ____ 13. Report audit engagement results: a. Conduct exit conference b. Prepare draft report or other communication c. Approve draft report d. Obtain management's response to report e. Include management's response in final report

_____ ____ 14. Determine next steps: a. Monitoring b. Follow-up activity c. Other

_____ ____ 15. Issue final audit report a. Distribute to all participating departments up through Sr. VP level. b. Place

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