Audit Engagement Workflow Process
Initial meeting
This first step is the most important step in understanding your audit and assurance needs.
We will discuss your business including the nature of the operations, the type of audit required, your timeframes, what you want and expect from us as your auditor, as well as outlining our expectations of you to ensure a smooth process.
Quote/tender
Now that we understand your needs and the engagement type, we will provide a proposal outlining the nature of the engagement and fee proposed.
Engagement letter & scope of works
Upon acceptance of the proposed quote, we will provide you with an engagement letter, which outlines the scope of the audit, specifies the terms of the engagement, and outlines the responsibilities of both the auditor and the client in the engagement. The fee structure will be included in this letter.
Planning and preparing for the audit
Firstly, we will provide a list of preliminary information requirements. These will be managed through a centralised ‘audit manager’ platform, to ensure the requests and progress are transparent and visible by both the auditor and the client. This will appear like a ‘checklist’ of information.
We will commence the audit once all the preliminary information has been provided. At this point we will have meetings with various members of the client’s staff to obtain an appropriate understanding of the business processes, which helps to determine our audit risk and planned audit approach.
Audit fieldwork
We will work through the preliminary information you have provided, and we will apply our planned audit approach, to formulate and communicate further requests for information. This usually includes analytical review procedures and sample document requests. We will continue to add any requests to the centralised ‘audit manager’ document to ensure they remain visible to all parties involved.
Where financial statements are applicable as part of the engagement, a preliminary review of the financial statements is usually performed at this point, and the requirement for inclusion of relevant disclosures is determined.
To ensure timeliness and cost effectiveness of the engagement, it is important that all information is furnished by you in an efficient and organised manner.
Audit conclusion and communication
Once the audit fieldwork has concluded, we will communicate key audit findings to management. This is usually via an agenda of discussion points and provides management the opportunity to clarify, accept and respond to the findings, prior to a formal audit finalisation letter being prepared for the organisation’s board.
The relevant reports/declarations and a representation letter will be required to be signed by the board. We then provide our signed Auditor’s Report containing the appropriate audit opinion, and we will issue the audit finalisation letter to the board.
Feedback
Our core values include transparency, and so we ask for your honest feedback post engagement to ensure we continue to operate our engagement process with you in the most effective manner.
Initial meeting
This first step is the most important step in understanding your audit and assurance needs. We will discuss your business including the nature of the operations, the type of audit required, your timeframes, what you want and expect from us as your auditor, as well as outlining our expectations of you to ensure a smooth process.
Quote/tender
Now that we understand your needs and the engagement type, we will provide a proposal outlining the nature of the engagement and fee proposed.
Engagement letter & scope of works
Upon acceptance of the proposed quote, we will provide you with an engagement letter, which outlines the scope of the audit, specifies the terms of the engagement, and outlines the responsibilities of both the auditor and the client in the engagement. The fee structure will be included in this letter.
Audit Planning & requests for information
Firstly, we will provide a list of preliminary information requirements. These will be managed through a centralised ‘audit manager’ platform, to ensure the requests and progress are transparent and visible by both the auditor and the client. This will appear like a ‘checklist’ of information.
We will commence the audit once all the preliminary information has been provided. At this point we will have meetings with various members of the client’s staff to obtain an appropriate understanding of the business processes, which helps to determine our audit risk and planned audit approach.
Audit fieldwork
We will work through the preliminary information you have provided, and we will apply our planned audit approach, to formulate and communicate further requests for information. This usually includes analytical review procedures and sample document requests. We will continue to add any requests to the centralised ‘audit manager’ document to ensure they remain visible to all parties involved.
Where financial statements are applicable as part of the engagement, a preliminary review of the financial statements is usually performed at this point, and the requirement for inclusion of relevant disclosures is determined.
To ensure timeliness and cost effectiveness of the engagement, it is important that all information is furnished by you in an efficient and organised manner.
Audit conclusion
Once the audit fieldwork has concluded, we will communicate key audit findings to management. This is usually via an agenda of discussion points and provides management the opportunity to clarify, accept and respond to the findings, prior to a formal audit finalisation letter being prepared for the organisation’s board. The relevant reports/declarations and a representation letter will be required to be signed by the board. We then provide our signed Auditor’s Report containing the appropriate audit opinion, and we will issue the audit finalisation letter to the board.
Feedback
Our core values include transparency, and so we ask for your honest feedback post engagement to ensure we continue to operate our engagement process with you in the most effective manner.
