The following procedures should generally be followed when conducting a typical audit or review:
- IAAS will call or send an engagement letter to the unit to be audited. The letter will define the objectives of the audit or review and generally describe the process.
- IAAS will arrange an entrance conference with the auditee’s management personnel. Discussion items will include the scope of the review and the logistics of conducting the engagement. The auditee may discuss any concerns or questions and determine how to provide the input needed to facilitate the process. The typical audit/review process includes preliminary research, data collection, analysis, review, report preparation and distribution, and follow-up.
- IAAS will keep the auditee apprised of findings and preliminary recommendations throughout the course of the audit/review.
- At the conclusion of the audit or review, the auditee will be given the opportunity to review a draft of the report. The purpose of the review is to correct any factual errors in the report.
- IAAS will schedule an exit interview with the auditee to discuss the final draft of the report and receive comments.
- IAAS will issue the final reports to the president, the chairman of the Audit Committee, the provost, and the vice president or dean with specific oversight of the auditee. The auditee may also receive a copy of the final report.
- The auditee will be given a reasonable period of time to prepare a written response as to actions to be taken for each of the recommendations contained in the report. IAAS is available for any assistance the auditee may need in preparing the response, including assistance with defining and developing the actions to implement the recommendations.
- IAAS will file a copy of the auditee’s response with the original report and the response will be used in step 9 below.
- IAAS will follow up on the status of the auditee’s implementation action plan.