New to Internal Auditing? Steps and Advice Needed for First-Timers

Hi all,

My name is Amit. Can anyone tell me the process or steps of auditing? I have to do the internal auditing of a company, and I have never done auditing before. Kindly give your responses if you have any idea or suggestions.

Thanks! 🌀

Hi Amit,

Good to know that you are working on this assignment. You need to send a checklist of documents to be sent to you by the respective HR department. Then, you need to verify all the documents. If you need a checklist, I can forward it to your ID.

Ashwini

Audit work includes planning the audit, examining, and evaluating information, communicating results, and follow-up.

Planning The Audit

Establishing audit objectives and scope

Obtaining background information

Risk assessment

Writing the audit program

Examining and Evaluating Information

Information collected should be sufficient, competent, relevant, and useful to provide a sound basis for recommendations.

The system of controls must be determined, documented, and tested.

Communicating Results

Issuance of a written report

Conclusions and recommendations will be discussed with the appropriate levels of management prior to issuing the final report.

Reports will present the purpose, scope, and results of the audit, and where appropriate, the auditor's opinion.

The report will include any recommendations for improvement.

The Auditee's response to the recommendations will be included in the audit report.

Follow-Up

The Internal Auditor will perform a follow-up review to ensure that recommendations have been properly implemented.

For further information, follow this link: [Internal Audit Tools and Resources](http://www.knowledgeleader.com/KnowledgeLeader/Content.nsf/Web+Content/InternalAudittoolsandresources)

Thanks & Regards,

AJ