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The Audit Process at RIT

The Audit Process at RIT. Planning: Planning is done prior to the start of every engagement to assess specific risks of the business unit or business process to be audited and to establish the preliminary scope and work plan.

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The Audit Process at RIT

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  1. The Audit Process at RIT Planning: Planning is done prior to the start of every engagement to assess specific risks of the business unit or business process to be audited and to establish the preliminary scope and work plan. Fieldwork: During fieldwork, the auditors will review and evaluate the internal controls in place. This will be accomplished through reviews of process documentation, interviews, transaction testing, account analysis, data analysis, and other means as appropriate. R·I·T 1

  2. The Audit Process at RIT Reporting: At the conclusion of fieldwork, we will issue an audit report consisting of two sections: The Executive Summary provides the auditors’ overall assessment of the internal control environment and comments on issues and trends noted during the review. The Detailed Audit Issues section presents the individual audit issues that are included in the report. It also includes the related risks, management action plans and discussion items. Monitoring of Corrective Action: IACA actively monitors the implementation of management action plans throughout the year. R·I·T 2

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