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.
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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.
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