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The preliminary phase also allows the Internal Auditor to identify any areas of the auditee's operations which may require special attention or consideration.
- Payroll
- Payroll time logs are managed electronically by a biometric system and are reviewed by the same employee who manages the bank reconciliations.
- "Separation of duties" an internal control problem that should be addressed to prevent fraud.
(2) Procedures
During the preliminary phase the Internal Auditor will:
? Review correspondence files, prior work papers (if applicable), and budgetary information;
? Identify significant changes in account balances over time or large variances from expectation or budget and perform an analytical review to determine the significance of these variances;
? Review organizational charts and job descriptions and the nature of the auditee's activities and functions;
? Evaluate the auditee's internal controls;
? Discuss matters with the auditee that may impact the audit;
? Determine the status of deficiencies noted during previous audits (if any);
? Inquire about problem areas which the auditee would like the Internal Auditor to review;
? Make arrangements with the auditee for the preparation of the date which will be needed during the audit; and
? Develop preliminary estimates of materiality levels and acceptable error rates...
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