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Audit Proccess

Although every audit activity is unique, the audit process is similar for most engagements and normally consists of four stages: Preliminary Review, Fieldwork, Audit Report, and Follow-up Review.

1. Preliminary Review

Preliminary review entails notification of the Unit's about the audit, preliminary survey, internal control review and developing of the audit program.

2. Fieldwork

The fieldwork refers to the actual execution of the Audit. This stage begins with an entry meeting, in which the objectives, activities, timelines and required information are agreed upon. It is also the implementation stage of the audit program. It is also during this phase that the auditor tests the efficiency and effectiveness of controls, risks, and functioning of system and processes of the areas under review. The fieldwork stage concludes with a list of significant findings from which the auditor will prepare a draft of the audit report.

3. Audit Report

Our principal product is the final report in which we present the audit findings, implications, and recommendations for improvements. To facilitate communication and ensure that the recommendations presented in the final report are practical, Internal Audit discusses the draft report with the Audited Unit prior to issuing the final report.

a) Discussion Draft

At the conclusion of fieldwork, the auditor drafts the report. Audit management reviews the audit working papers and the draft report before it is presented to the Audited Unit for comments and response. This draft is submitted to the Audited Unit for review before the exit conference.

b) Exit Meeting

Internal Audit meets with the Unit's management team to discuss the findings, implications, recommendations in the draft report. At this meeting, the Units' comments on the draft are taken into account.

c) Formal Draft

The auditor then prepares a formal draft report, taking into account any revisions resulting from the exit meeting and other discussions. When the changes have been reviewed by audit management and the Unit, the final report is issued to Management and the audit committee for implementation of the recommendations. Management responses are incorporated and discussed.

4. Audit Follow-Up

Within approximately six months of the final report, Internal Audit should perform a follow-up review to verify the resolution of the report findings by writing to the Unit.

The Unit's response letter is reviewed and the actions taken to resolve the audit report findings may be tested to ensure that the desired results were achieved. All unresolved findings will be discussed in the follow-up report and reported to the University Management and the Audit Committee.

Follow-up Report

The review concludes with a follow-up report which lists the actions taken by the Audited Units to address the issues raised. Unresolved findings will also appear in the follow-up report and will include a brief description of the finding, the original audit recommendation, the Unit response, the current condition, and the continued exposure to Makerere University. A discussion draft of each report with unresolved findings is circulated to the Unit before the report is issued. The follow-up review results are circulated to the original report recipients and other University officials as deemed appropriate.

 

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