Audit Preparation for Professional Services
Prepares the organization for internal or external audits by gathering documentation, coordinating resources, and managing the audit process.
Designed to meet professional indemnity requirements, client confidentiality obligations, and industry body reporting standards.
Workflow Stages
Audit Planning and Scoping
Meet with auditors to understand the audit scope, timeline, and documentation requirements.
Inputs
- Audit notification letter
- Prior audit reports
- Audit scope discussion notes
Outputs
- Audit plan and timeline
- Documentation request list
- Internal team assignments
Document Gathering
Collect and organize all requested documentation from across the organization.
Inputs
- Documentation request list
- Department contact list
- Document management system access
Outputs
- Organized document package
- Missing document follow-up list
- Document index provided to auditors
Pre-Audit Self-Review
Conduct an internal review to identify and address potential issues before the auditors begin.
Inputs
- Gathered documents
- Prior audit findings
- Self-review checklist
Outputs
- Self-review findings
- Corrective actions taken
- Briefing document for auditors
Decision Points
- • Are there issues that should be proactively disclosed?
Audit Fieldwork Support
Support the auditors during their fieldwork by providing information, answering questions, and facilitating access.
Inputs
- Auditor information requests
- System access provisions
- Interview schedule
Outputs
- Requests fulfilled promptly
- Interview notes documented
- Additional document requests tracked
Findings Response
Review audit findings, prepare management responses, and develop corrective action plans.
Inputs
- Draft audit findings
- Evidence for management responses
- Corrective action plan template
Outputs
- Management responses submitted
- Corrective action plans documented
- Timeline for remediation agreed
Decision Points
- • Are there findings that require immediate action?
Audit Closure
Review the final audit report, acknowledge findings, and begin implementing corrective actions.
Inputs
- Final audit report
- Management response confirmations
- Corrective action plans
Outputs
- Audit report acknowledged
- Corrective actions initiated
- Lessons learned documented
Frequently Asked Questions
What if auditors find a significant issue?
Significant findings are escalated to executive leadership immediately. A corrective action plan with timeline is developed and progress is tracked until resolution.
Who interacts with the auditors?
A designated audit liaison coordinates all auditor requests. Direct communication with department staff is facilitated through the liaison to ensure consistency and completeness.
How often are audits conducted?
External financial audits are conducted annually. Internal audits follow a risk-based schedule and may cover different areas each quarter.
Ready to implement this workflow in your business?
Our team can implement this workflow into your business operations with custom tools and training.