|Planning to procure a quality |
audit requires time and attention.
an effective audit can improve your operations and possibly yield significant dollar savings.
Selecting a qualified auditor will help you achieve the benefits of an effective audit and help you avoid wasting resources on auditors that aren’t likely to produce a quality audit. If your responsibilities include hiring an independent auditor, do some research first that can help you make a sound decision and get the most for your money.
Companies and public entities should select auditors only after considering the following five basic steps for an effective audit procurement process:
- Planning—determining what needs to be done and when
- Communicating Audit Requirements and Soliciting Proposals—writing a clear and direct solicitation document and disseminating it widely
- Selecting a Qualified Auditor—authorizing a committee of knowledgeable persons to evaluate the ability of prospective auditors to effectively carry out the audit
- Writing the Agreement: Documenting Expectations—documenting the expectations of both the entity and the auditor
- Monitoring the Audit: Ensuring a Quality Audit—periodically reviewing the progress of the audit.
READ MORE/GET COMPLETE GUIDE HERE>> doa.alaska.gov (Intergovernmental Audit Forum): Choosing an External Auditor