►Internal Audit will work with management to gain an understanding of the process being reviewed and will identify the controls in place.
►Internal Audit will document the process through a narrative or flowchart or both if the documentation is not available. This is accomplished through interviews with department personnel and a walkthrough of a typical transaction.
►In addition, Internal Audit identifies controls used by the area and will perform tests of controls to help ensure that control activities are performed according to expectations and are effective in their objectives. During this phase, there will be interaction with department management and personnel to ensure accuracy of the audit observations.
►Once fieldwork and testing are completed, Internal Audit will formalize the listing of issues identified and will schedule a closing meeting.