To help ensure that this integrated teamwork is part of every audit engagement, each assignment has four components:
Planning: We begin each assignment by confirming out understanding of the engagement’s objectives and establishing agreed-upon procedures. The agreed-upon procedures customize our methodologies to the objectives of the engagement that were spelled out in the proposal and other correspondence, factoring in the specifics of the client’s industry and business.
Fieldwork: After we have submitted an engagement letter outlining the results of the planning process, we begin our fieldwork. Fieldwork is typically performed by one senior auditor chosen for his or her technical expertise and industry knowledge.
Review and reporting: The results of our fieldwork provide the basis for our reports. After being reviewed by the engagement senior manager and partner, a draft is then circulated to client management and the board of directors for their approval, after which the report is issued.
Communication: Throughout the engagement, we maintain regular ongoing communication regarding our progress with company management. We will also advise the board of directors of any unusual circumstances that require their attention.