External Audits FAQs
The purpose and scope of the external audit should be defined clearly prior to the beginning of the review. Audits of limited duration may be defined by an announcement or engagement letter before the commencement of work. Audits more extensive in scope may require an opening conference (or meeting) prior to the beginning of the audit.
Once the external auditor has defined the scope of the audit, fieldwork will begin. External auditors may request copies of policies and procedures or other general information before actually visiting a site location. Auditors will visit RFCUNY’s central office or program sites to review the adequacy of records, test transactions, and interview personnel to gain a better understanding of operations or programs.
RFCUNY management should always have an opportunity to discuss any findings with the auditor before the conclusion of the audit. This meeting may be referred to as a closing conference and will generally take place at the completion of fieldwork at the audit site.
Many agencies issue a report (or other document) after the conclusion of the audit. Reports include findings and recommendations for corrective action, if appropriate. Agencies may request a response or action plan to address their audit recommendations, which should be completed timely.