Scenario: "Audit Walk Through"

After an audit team has been assigned to a client's audit (or engagement), team members

are typically assigned coverage of certain areas. As a former government compliance

(external) auditor, I was typically assigned anything related to personnel, e.g. payroll.

prior to beginning the audit, we would meet with the company's personnel and perform

interviews to gather information to assess risk. All information was discussed in a "Risk"

meeting or a "SAS 99" meeting.

To prepare for the risk meeting I performed the following functions (chart information):

Location: The following activities were performed after being assigned to the audit but

the audit was still in the main office.

1.. Open, rename, and date the audit plan template (beginning point) or obtain a copy of

the audit plan in progress.

2.. Obtain copies of documentation and review it (e.g., org chart, prior audit information,

etc.)

3.. Make an appointment to meet with clients personnel (No. 06 below).

4.. Perform analyses to identify higher risk areas in the company's accounts.

5.. Obtain a copy of interview questions template and adjust based on analyses results.

Location/Time: "Onsite" or at client's business for a few days.

6.. meet with client, upper management and high ranking personnel.

7.. Interview key personnel in high risk areas.

8.. Document key points.

Location: Return to main office.

9.. schedule meeting to discuss art risk with managing partner and audit team members.

Communicate the schedule to the audit team and accounting firms upper management.

10.. Prepare interview memo, review subordinate's memos, and update Audit plan.

11.. Conduct risk meeting.

12.. Note the meeting highlights and risk focal points.

13.. Prepare audit risk memo to formally document the meeting.

This is the end of this process.