Question

1. What is a champion?
2. What occurs in each stage of the audit life cycle?

Answer 1

1. a person who has surpassed all rivals in a sporting contest or other competition. champion is a person who has defeated all opponents in a competition or series of competitions, so as to hold first place.

2. An audit cycle is the accounting process that auditors employ in the review of a company's financial information.

The audit cycle typically involves several distinct steps and may include the identification process, where the company meets with auditors to identify the accounting areas that need to be reviewed; the audit methodology stage, where the auditors decide how the information will be collected for review; the audit fieldwork stage, where the auditors test and compare accounting samples; and the management review meeting stage, where the findings are presented by the auditors to the company's management team.

1. Planning Phase------During the planning phase of each project, the Internal Audit staff gather relevant background information and initiate contact with the client.

2. Execution Phase----Once the audit is planned, fieldwork is executed by the Internal Audit staff. Clients are kept informed of the audit process through regular status meetings. We discuss audit observations, potential findings, and recommendations with the client as they are identified.

3, Reporting Phase-------A summary of the audit findings, conclusions, and specific recommendations are officially communicated to the client through a draft report. Clients have the opportunity to respond to the report and submit an action plan and time frame. These responses become part of the final report which is distributed to the appropriate level of administration.

4. Follow-Up-----Internal Audit follows up on all audit findings within one year of when the report was issued.