Audit

When an area is selected for Audit, we perform the following to achieve the best outcome:

1. Audit Planning
An Auditor from Accountaxpert will review the files of any prior audit performed and look at the highlighted areas. Review policies and internal controls and based on that, a list of steps will be made on how an audit process will be performed.

2. Meeting
A meeting between the manager(s) of the area being audited and the internal auditor(s). In the meeting we explain what we expect to happen in the audit and give you the opportunity to share any concerns you may have. For example, if you would like us to review a particular process or procedure in your unit, let us know at this meeting and we will try to include it in our audit.

3. Fieldwork
During this process we will likely interview employees in the department to inquire about their duties. We may flowchart the processes being reviewed to better understand and evaluate them. Also, we will perform tests of departmental documents, e.g., payroll and equipment records, to determine the adequacy of the internal controls, or safeguards, in place and compliance with applicable policies. Some of this work will be performed in our office and some in the unit being audited.

4. Report writing
The auditor in charge will write a report stating what we did, what we found, and any recommendations for improvement. When we have completed a draft of the report, we will send a copy to the department head for his or her review. At this point we will ask for management’s written response to the recommendations, which will be included in the report.

5. Follow-up
Often we will follow up to determine whether the recommendations have been implemented. If they have not been implemented, we will restate in writing the reason(s) for and importance of addressing our recommendation(s).

Both. Since we are used to of working from home throughout the world now. Similarly, we can audit your reports electronically i.e. you send us your financial reports and we will look through them to find out any red flags. However, we do field audit work as well. It depends upon the severity and requirement of the client.