Audit Project Process
There are four phases in the City of Minneapolis internal audit process. They are:
Planning Phase
- Perform risk assessment
- Define scope & objectives
- Issue engagement letter
- Develop audit program
Fieldwork Phase
- Hold entrance conference
- Perform interviews, observations, analyses, testing & documentation
- Hold exit conference
Reporting Phase
- Issue Draft Report (to audit client requesting management responses with action plans)
- Issue Final Report (after audit client has developed management responses with action plans)
Follow-up Phase
- Follow-up with audit client until action plans have been completed
Annual Risk Assessment Process
Our audit activities are selected by using a risk-based audit approach:
- Receive input from all City leaders and management
- Search emerging risks within similar cities
- Assess risk based on the likelihood of occurrence and significance of impact and set priorities
- Develop a list of audits (Audit Plan) based on available Internal Audit resources
- Present the Audit Plan to the Audit Committee for discussion and approval
Last updated Aug. 1, 2012