Audit Methodology Clause Samples

Audit Methodology. 14.1 Contract compliance audits will be undertaken under the provisions of clause 13 of this agreement. Other audits may occur as the result of strategic industry audits or in response to a specific complaint or a series of complaints. 14.2 The auditing of contracts for the purchase of training will use the methodology that observations will be raised for minor matters found during the audit. Where whole Service Obligations, or a significant aspect of a Service Requirement or other term or condition of this agreement is not being complied with non-compliance will be raised. 14.3 Following the audit, the auditor will provide verbal feedback to the RTO and a written report to the General Manager, Skills Tasmania. The report will then be reviewed and appropriate action taken as follows: 14.3.1 Where no observations or non-compliances were noted, a copy of the audit report will be forwarded to the RTO acknowledging its compliance with this agreement. 14.3.2 Where observations have been noted, the RTO will be expected to include these in its continuous improvement process. Observations noted in one audit may be followed up at a following audit to determine what action has been taken to rectify them. 14.3.3 If non-compliance has been identified, Skills Tasmania’s Authorised Officer will contact the RTO to negotiate an action plan to clear the non-compliance. 14.3.4 Pending clearance of the non-compliance, Skills Tasmania may elect to impose one or all of the following sanctions: • no payments will be made under existing contracts; • no new contracts will be issued; • no payments for new commencements will be made; and • in the case of User Choice, no new Training Contracts nominating the RTO will be approved. • a RTO’s Endorsed RTO status will be reviewed. 14.3.5 If the non-compliance is not cleared in the agreed timeframe and the RTO has made no attempt to re-negotiate the action plan, all payments to the RTO will be suspended until the matter is resolved. 14.4 Skills Tasmania reserves the right to impose further sanctions against the RTO if it is considered the situation warrants further action; this may include exercising its power under Clause 15 of this schedule and cancellation of all or any contracts between the RTO and Skills Tasmania. 14.5 The RTO must retain all documentation relevant to this agreement for at least seven (7) years subsequent from the year to which they pertain.

Audit Methodology. Entry conference was held with senior management of OMCs on 20 July 2018 wherein audit objectives, scope and methodology were discussed. The field audit was conducted during the period from August to November 2018. This included collection of statistical data from Retail Headquarters of OMCs and visits of audit teams to selected Retail Outlets (ROs) and offices controlling ROs. Out of total 55,013 ROs (as on 31 March 2017), 188 ROs were selected on sampling basis for detailed audit.

Audit Methodology. IT audit was conducted by adopting the following methodology: • Entry conference was held with Management in August 2018. • The table data of FICO and other related modules pertaining to the audit period, as furnished by the Company, was analysed using CAATs5. Data analysis included merging of certain data tables on common keys to identify issues. Data was also extracted using standard SAP reports and customised reports to corroborate the analysis of table data. The output files were shared with Management along with screen shots of Audit analysis while seeking response to Audit observations. • Discussions, correspondence and questionnaire issued to Management and the feedback received. Audit acknowledges Management’s efforts in extracting/ sharing the table data. Exit Conference was held with Management on 01 May 2019. Report was issued to the Ministry on 06 May 2019 and the response obtained on 29 August 2019, which has been considered while preparing this report. Audit appreciates the positive response of Management/ Ministry

Audit Methodology. (i) The first stage of the audit as carried out by ACT is to carry out Stage 1 audit, a review of the client's documentation with respect to the appropriate standard(s). This is to be performed onsite at the client's premises in conjunction with the client's management representative. (ii) On satisfying the auditor on the compliance of the documentation and site requirements (if applicable), a report is produced, and Stage 2 audit date is agreed, and an audit is carried out by the auditor(s). If further visits are required due to non-compliances found, these will be undertaken, and extra charges may be incurred by the client. The on-site audit is carried out using client manuals and procedures and by interviewing relevant members of staff regarding their working practices. (iii) After certification, if the client changes anything which significantly affects the registration, then ACT must be informed. ACT reserves the right to re-audit if necessary. (iv) Recertification requires all previously raised non-conformances to be closed off by ACT.

Audit Methodology. Audits shall be carried out against the current revision of the Authority’s documented protocol “The FSAI Audit Scheme”.

Audit Methodology. Interim Fieldwork – Financial Statement • Discussions with management to determine internal controls, perform walk-throughs, test controls, as applicable, and discuss any potential audit issues. • Determine audit procedures by area, based on results of audit planning and risk assessment. • Determine confirmation needs. • Prepare listing of audit information requested from VCTC. • Review minutes, resolutions and ordinances. • Perform tests of legal compliance. • Regular updates to VCTC staff. • Exit conference with management. Final Fieldwork‌ • Audit areas based on risk assessment. • Obtain and prepare schedules and analyses supporting the financial information. • Draft financial statements. • Discuss findings with management, if any. • Discuss proposed journal entries with management, if any. • Finalize single audit testing. • Regular updates to VCTC staff. • Exit conference with management. Reporting‌ • Review of the financial statements by the partner over the engagement • Review of financial statements by a partner not otherwise associated with the audit to obtain a “second opinion” on the completeness and adequacy of financial statement disclosures and audit procedures. • Completion of management letters and review with management. • Preparation of other communications to management and Board. • Assistance with preparation of the Data Collection Form and the preparation of the reporting package for submission to the Federal Audit Clearinghouse. • Presentation to Board at its regularly scheduled meeting, if requested. Ongoing Communication • Obtain interim financial statements throughout the year for review • Analyze significant changes and identify areas to further tailor our audit plans and to keep us up- to-date with continuing changes • Compare the interim results to year-end results for the past few years to identify potential issues in the financial reporting process • Participate periodically at your Board meetings, and any other meetings, at the Boards request.

Audit Methodology. (1) The Territory will conduct audits at the times and in the manner set out in the Audit Guide for Training Providers in the ACT. (2) The Recipient must comply with the requirements (including timeframes) specified in the Audit Guide for Training Providers in the ACT. (3) The Territory may annually publish audit results, including aggregate data in respect of the Recipient on: (a) number of audits conducted; (b) number of non-compliances identified; (c) number of RTOs suspended; and (d) financial sanction applied.

Audit Methodology. The proposal should set forth a work plan and time line, including your philosophy or approach to conducting the audit, major areas to be reviewed, the services to be performed as required in Section II of this request for proposals. Proposers should include, but not be limited to, the following information on their audit approach with the audit for VCTC: a. Proposed segmentation of the engagement. b. Level of staff and number of hours to be assigned to each proposed segment of the engagement. c. Estimated sample size and the extent to which statistical sampling is to be used in the engagement. d. Type and extent of analytical procedures to be used in this engagement. e. Approach to be taken to gain and document an understanding of the agency’s internal control structure. f. Approach to be taken in determining the laws and regulations that will be subject to audit test work. g. Approach to be taken in drawing audit samples for purposes of tests of compliance. After review of VCTC’s budgets and audits, please describe any anticipated differences in accounting methodology or suggested changes you may have with the VCTC's current methods. The proposal should identify and describe any anticipated potential audit problems, the firm’s approach to resolving these problems and any special assistance that will be requested from the agency.

Audit Methodology. Audits shall be carried out against documented processes and procedures developed by the Authority. The Authority shall incorporate into this documentation: a. The requirements of Commission Decision EU 677/2006 setting out the guidelines laying down criteria for the conduct of audits under Regulation (EC) No882/2004 of the European Parliament and of the Council on official controls to verify compliance with feed and food law, animal health and animal welfare rules. b. established practices as set out in ISO 19011: Guidelines for Quality and/or Environmental Management Systems Auditing.