Methodology - Assurance - Audit
Methodology - Assurance - Audit
Planning phase
- Obtaining preliminary client information and nature of their business
- Enquiring about the controls in place
- Ascertaining the statutes, rules and regulations governing the client and its reporting requirements
- Risk assessement
- Enquiring about the volume of work involved and based on above to assess the time required
- Staff allocation based on skill set required, volume of work involved and reporting due dates
Execution phase
The audit/review/verification processes are a composite of:
- Risk assessment & controls overview, analytical process reviews, trend analysis; followed by
- Detailed transaction checks, software testing in case required and physical audits
Reviewing & Summarizing
- Periodically reviewing the various observations and test results
- Summarizing the pending observations and matters for discussion with the client
Management discussions, follow-ups and conclusions
- Discussions with the client on pending issues and summarize follow-ups, in case required
- Review follow-ups and conclude observations
Reporting
- Draft report as per regulatory framework / client engagement / scope for discussion
- Issuing final report after management discussions
Follow-ups
- In case of compliance reporting
- In case of subsequent audits/repeat assignments