Audit Planning and Execution Process Flowchart

Description

This flowchart illustrates the key stages in the audit planning and execution process:

1. Initiate Audit: The audit process begins by defining objectives, scoping the audit, selecting a qualified team, planning audit meetings, developing an audit plan, and allocating necessary resources.
2. Execute Audit: Once the audit is initiated, it involves a sequence of activities:
   • Conduct an entry meeting with the audited party to set expectations.
   • Request relevant documentation for review.
   • Conduct interviews and walkthroughs to gather information.
   • Gather audit evidence from various sources.
   • Align with the audited party to ensure a mutual understanding of preliminary findings.
   • Document findings systematically.
   • Hold an exit meeting to discuss and communicate the audit results.
3. Report and Follow-Up: The final stages involve preparing an audit report, reviewing it for accuracy and completeness, issuing the report to stakeholders, monitoring corrective actions, and formally closing out the audit.

This process ensures a structured, methodical, and transparent approach to conducting audits, promoting efficient results and accountability.