Audit Services and Institute Compliance
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Audit Services
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Audit Process
Audit Process
What to expect from a Caltech Audit
Caltech Audit Process
The following information is intended to familiarize the audit customer with the audit process.
- Interview management and key personnel
- Review relevant documents
- Identify internal and external criteria and requirements
- Identify key risk areas and document management controls
- Develop planning memo and risk assessment
- Develop audit program to test effectiveness of management controls
- Conduct Entrance Conference
- Perform test steps to assess effectiveness of controls
- Identify, capture, and communicate strengths and opportunities
- Document observations in memo and distribute:
- Conduct weekly updates of key issues/and progress
- Develop draft executive summary and confirmed detailed observations from memos
- Discuss confirmed observations & recommendations with management to obtain clarification/additional information if needed
- Provide guidance to management on corrective action response
- Incorporate management comments/corrective actions into report
- Review updated draft report with management
- Conduct Exit Conference
- Issue final report with limited distribution
- Customer Feedback Survey to obtain feedback on audit team performance
- Follow-up Audits/Reviews to determine status of management's corrective actions. Performed after the due date on the final report.
- Provide Audit Committee with status of past due actions
- Follow-up Report/Memo to document status of management's corrective actions