Audit Process

Although every audit review is unique, the audit process is similar for most engagements and normally encompasses 3 stages: Planning, Fieldwork, and Reporting.

Planning

The IAU initiates the audit process by conducting planning research on the Unit selected for review to understand its structure, major business activities and processes, and relevant laws and regulations. An entrance meeting is then held with the Unit’s management to explain the audit process, discuss the scope and objectives of the audit, and solicit input on issues or areas of special concern. Based on this information, the IAU prepares an audit program, which outlines the fieldwork necessary to achieve the audit objectives.

Fieldwork

During this stage, the IAU determines the effectiveness of controls identified by interviews, transactions testing, and documents review. The Unit under review and the relevant administrative units are expected to provide the required documents and arrange meetings for the IAU to walkthrough and test internal controls within a week upon request. The IAU keeps the Unit’s responsible staff and management updated on emerging major findings to ensure timely resolution of identified issues.

Reporting

The audit report is the main product of an audit review. This report includes the audit findings, recommendations for improvement, and management responses. The IAU discusses with the Unit’s responsible staff and various levels of management to ensure factual accuracy and the practicality of the recommendations presented. Prior to issuing the audit report to the Audit Committee and the College Council, the IAU presents it with the Unit's management responses to the President's Executive Committee (PEC). Additional comments from the PEC, if any, are incorporated into the audit report.

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+ Governance Structure

+ Audit Committee