What takes place in an internal audit?
• Planning • Data Gathering • Testing • Summarizing • Evaluating • Reporting • The Culmination of fieldwork results in a draft audit report which includes: • Purpose • Scope • Background • Overall Evaluation, Findings and Recommendations Findings are instances of noncompliance with laws and regulations, internal control weaknesses, and areas where economy and efficiency can be improved. • The draft audit report is presented to the auditee for discussion. • The Auditee is allowed a time period to provide a written reply to the findings and recommendations. • Once the response is received, the response is incorporated in the body of the report. • The final audit report is then provided to the School Board and the Superintendent.
