From the course: Preparing for an Audit
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Paperwork and mechanics of preparation
From the course: Preparing for an Audit
Paperwork and mechanics of preparation
- In order to have an independent audit, there's a mechanical process that needs to happen. And it all begins with an RFP which stands for a request for proposal. The company, organization seeking an independent audit simply enough asks for auditors to submit proposals and engagement letters in which they propose to perform an independent audit. The responses to those RFPs are letters of proposal or LOPs. And they usually involve an engagement letter. Some of the terms will include the duration of the project, the services to be provided, the start date and completion date, as well as the obligations of the people who work at the company that's subject to the independent audit. Of course, LOPs also usually include some flowery language about the experience of the company that submitting the proposal and why they should be selected for the independent audit. But one thing needs to be certain no matter what happens in the…
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