HOW LONG WILL THE AUDIT TAKE?
Audits may last from several days to several months and will vary in length depending on a company's size, complexity, and the specific audit objectives. Not all the time devoted to the audit will be evident to you because of the amount of preparation, analysis, and related work needed to document the effort. The auditor assigned to your unit will give you an estimate of the time needed to complete the audit after the initial meeting.
ARE AUDITORS LOOKING FOR FRAUD WHEN PERFORMING AUDITS?
Auditors are not specifically searching for the existence of fraud when performing audits. We are more concerned with ensuring that adequate systems of internal control exist to reduce the risk of fraud. In situations where internal controls are weak, our testing is designed to determine if indications of fraud exist.
WHAT ARE INTERNAL CONTROLS?
Internal controls encompass a unit's entire set of methods and procedures that are used in the day-to-day activities of the unit. These methods and procedures safeguard the unit's assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed policies. Effective internal control systems are designed to ensure that resource use is consistent with laws, regulations, and policies and those resources are safeguarded against waste, loss, and misuse.
WHAT TYPES OF ISSUES DO AUDITS ADDRESS?
Audits primarily address accountability and sometimes efficiency issues. The key questions auditors try to answer are: 1) Are adequate records maintained, 2) Were funds appropriately spent, and 3) Were amounts properly recorded. Audit projects which conform to all audit standards account for approximately twenty-five percent of staff time. The majority of staff time is spent on other projects such as reviews, research, performance measure assessments, follow-up on unresolved audit findings, and other projects to assist the departmentís management in improving its processes.
HOW WILL I KNOW WHAT THE AUDITORS FIND DURING THE AUDIT ?
Prior to the end of the fieldwork, the audit staff will conduct a meeting, or provide through other forms of communication, the tentative finding(s) with departmental management responsible for the area. A written synopsis of the tentative finding(s) may be provided to the subject or client to correct any misunderstanding of the facts involving the finding(s). Sometimes the client has additional information that could change the auditorís perception of a tentative finding. Questions regarding tentative finding(s) can be resolved through this process. For those issues that remain unresolved, the auditor will prepare a draft report of the audit finding(s). A formal exit conference will be held to discuss the factual accuracy and content of the draft report. The Audit Section normally relies on program management to obtain information from the third party (non-state agency, private firm, not-for-profit firm) for contract or grant audits.
WHAT ARE ENERGY AUDITS?
Audits aiming to understand patterns and current use of energy and identify opportunities for cost-effectively reducing energy use while still performing all required building/manufacturing functions etc.
WHAT ARE THE BENEFITS OF ENERGY AUDITS?
Financing can be arranged through TBC Bank's energy efficiency credit line, assistance in applying for this credit can be arranged by UBC.