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SCOPING THE AUDIT (FOR ON-REQUEST PROJECTS)
Client Responsibilities:
- Explain the request for audit/advisory assistance
- Provide relevant, useful, and timely information in support of the request
- Agree upon the objectives and scope of the project
- Agree to proceed with the project
AAS Responsibilities:
- Gain a clear understanding of the request for audit/advisory assistance
- Gather pertinent information to establish the service objectives and scope of work
- Obtain agreement with the objectives and scope for the project
- Obtain agreement to proceed with the project
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PLANNING THE AUDIT (FROM ANNUAL AUDIT PLAN)
Client Responsibilities:
- Select personnel who will participate in the project kick-off meeting
- Assign a point of contact to coordinate and expedite requests for obtaining information, scheduling meetings, and providing other assistance during the project
- Respond timely to the initial document request list and other requests for preliminary information
AAS Responsibilities:
- Conduct background and best practice research for the project area
- Send the initial document request list and seek other preliminary information
- Develop a plan that includes the strategy, activities, and resources to accomplish the project
- Schedule a meeting to kick-off the project
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CONDUCTING THE AUDIT
Client Responsibilities:
- Discuss project objectives, scope, and timing presented at the kick-off meeting
- Accommodate requests for interviews, walk-throughs, and other meetings
- Respond timely to requests for additional documents and other information
- Discuss all observations and recommendations presented at the closing meeting
AAS Responsibilities:
- Hold the kick-off meeting to present the project objectives, scope, and timing
- Perform interviews, conduct walk-throughs, and obtain documentation
- Understand, analyze, and assess in-scope processes and internal controls
- Identify key internal controls and test their operating effectiveness
- Document observations, risk impact, and recommendations
- Hold a closing meeting to present observations, risk impact, and recommendations
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REPORTING THE AUDIT
Client Responsibilities:
- Review the draft audit report to prepare for the exit meeting
- Provide a written management response for each recommendation with the planned corrective actions, responsible personnel, and target completion date
- Discuss the draft audit report and management responses at the exit meeting
- Agree to finalize the audit report
AAS Responsibilities:
- Draft the audit report with executive summary, body of observations and recommendations, and any relevant appendices
- Provide the draft audit report for review and to obtain management responses
- Hold the exit meeting to finalize the audit report
- Issue the final audit report with a copy to the President, Board of Governors' Committee on Audit, and other governing parties at the university
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Follow-up
Client Responsibilities:
- Take corrective actions in accordance with target completion dates
- Monitor the completion of planned corrective actions
- Respond timely to requested updates on addressing recommendations
- Provide the best available information that supports the successful implementation of corrective action plan
- Agree upon open and closed recommendations
- Continue corrective actions to close all recommendations
AAS Responsibilities:
- Perform follow-up per target completion dates
- Identify corrective actions taken to address recommendations
- Obtain updated corrective action plans for open recommendations
- Collect relevant and sufficient evidence to close recommendations
- Obtain agreement on open and closed recommendations
- Report all open and closed recommendations to the Board of Governor's Committee on Audit
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