Audit Methodology. 14.1 Contract compliance audits will be undertaken under the provisions of clause 13 of this agreement. Other audits may occur as the result of strategic industry audits or in response to a specific complaint or a series of complaints.
Audit Methodology. IT audit was conducted by adopting the following methodology: • Entry conference was held with Management in August 2018. • The table data of FICO and other related modules pertaining to the audit period, as furnished by the Company, was analysed using CAATs5. Data analysis included merging of certain data tables on common keys to identify issues. Data was also extracted using standard SAP reports and customised reports to corroborate the analysis of table data. The output files were shared with Management along with screen shots of Audit analysis while seeking response to Audit observations. • Discussions, correspondence and questionnaire issued to Management and the feedback received. Audit acknowledges Management’s efforts in extracting/ sharing the table data. Exit Conference was held with Management on 01 May 2019. Report was issued to the Ministry on 06 May 2019 and the response obtained on 29 August 2019, which has been considered while preparing this report. Audit appreciates the positive response of Management/ Ministry 4 Company code refers to smallest organizational unit of external accounting for which a complete, self- contained set of accounts can be created such as the balance sheet and the profit and loss statement. It could also be a separate, but not independent, commercial place of work. ONGC has multiple company codes based on the organizational structure (Asset/ Basin/ Geographical location).
Audit Methodology. Entry conference was held with senior management of OMCs on 20 July 2018 wherein audit objectives, scope and methodology were discussed. The field audit was conducted during the period from August to November 2018. This included collection of statistical data from Retail Headquarters of OMCs and visits of audit teams to selected Retail Outlets (ROs) and offices controlling ROs. Out of total 55,013 ROs (as on 31 March 2017), 188 ROs were selected on sampling basis for detailed audit.
Audit Methodology. (i) The first stage of the audit as carried out by ASM Quality Certification is to carry out Stage 1 audit, a review of the client's documentation with respect to the appropriate standard(s). This is to be performed onsite at the client's premises in conjunction with the client's management representative.
Audit Methodology. 33.8.1 Without limitation to the generality of the foregoing provisions of this clause 33, the Audit Methodology of the XxxX Solution Provider will be subject to audit by the Combined Authority from time to time. The XxxX Solution Provider shall:
Audit Methodology. The proposal should set forth a work plan and time line, including your philosophy or approach to conducting the audit, major areas to be reviewed, the services to be performed as required in Section II of this request for proposals. Proposers should include, but not be limited to, the following information on their audit approach with the audit for VCTC:
Audit Methodology a. Proposed segmentation of the engagement. Audit Schedule The following table identifies the structure of our audit for VCTC reports and the timing of each section. Engagement Timeline Activity Timing Planning, documentation of systems of internal control and compliance and transaction testing Early May Fieldwork Early October Draft reports Late October – Early November Reporting November Ongoing Communication Throughout the engagement We will meet your deadlines. By engaging in thorough audit planning and communications with management, we begin each engagement with a strong understanding of the various deadlines for each of the financial and single audits and the steps involved along the way to meet these deadlines. An audit project plan will be developed between our team and VCTC and then followed closely, and we will work with VCTC’s management team to customize our auditing services and specific timelines to your needs. We believe in clear, up-front and open communication with no surprises.
Audit Methodology. Interim Fieldwork – Financial Statement • Discussions with management to determine internal controls, perform walk-throughs, test controls, as applicable, and discuss any potential audit issues. • Determine audit procedures by area, based on results of audit planning and risk assessment. • Determine confirmation needs. • Prepare listing of audit information requested from VCTC. • Review minutes, resolutions and ordinances. • Perform tests of legal compliance. • Regular updates to VCTC staff. • Exit conference with management. Final Fieldwork • Audit areas based on risk assessment. • Obtain and prepare schedules and analyses supporting the financial information. • Draft financial statements. • Discuss findings with management, if any. • Discuss proposed journal entries with management, if any. • Finalize single audit testing. • Regular updates to VCTC staff. • Exit conference with management. Reporting • Review of the financial statements by the partner over the engagement • Review of financial statements by a partner not otherwise associated with the audit to obtain a “second opinion” on the completeness and adequacy of financial statement disclosures and audit procedures. • Completion of management letters and review with management. • Preparation of other communications to management and Board. • Assistance with preparation of the Data Collection Form and the preparation of the reporting package for submission to the Federal Audit Clearinghouse. • Presentation to Board at its regularly scheduled meeting, if requested. Ongoing Communication • Obtain interim financial statements throughout the year for review • Analyze significant changes and identify areas to further tailor our audit plans and to keep us up- to-date with continuing changes • Compare the interim results to year-end results for the past few years to identify potential issues in the financial reporting process • Participate periodically at your Board meetings, and any other meetings, at the Boards request.
Audit Methodology c. Estimated sample size and the extent to which statistical sampling is to be used in the engagement. Statistical Sampling Sampling may be performed for tests of controls, compliance testing and substantive tests of certain accounts and transactions. During our audit of basic financial statements, we will also select various transactions for testing based on materiality assessed at the appropriate level. These transactions may include such items as capital asset additions, expenditures, subsequent disbursements and subsequent receipts. We will be pleased to discuss specific sample sizes and selection methods when they are determined, either during audit planning or during fieldwork. We will select the appropriate sample size to support our conclusions in compliance with laws and regulations. We will use confirmations in the areas of cash and investments, receivables and other areas deemed necessary.
Audit Methodology. The approach we will take to gain an understanding of your internal controls includes: • Interview VCTC personnel. • Review organizational charts, accounting and procedure manuals and programs. • Write-up system narratives. • Evaluate items selected for testing. • Review controls over financial information systems. The timely completion of this work will assist us in performing our work efficiently and communicate any potential recommendations as soon as possible. In addition, our engagement approach is based on the following: • Observations we believe will help VCTC achieve its objectives will be shared. We will also be pleased to respond to inquiries you may have about financial or other business matters. • The assistance to be provided by your personnel, including the preparation of schedules and analyses of accounts, will be discussed with the finance department. The timely completion of this work will assist us in performing our work efficiently.
