Auditors’ request for information
The auditors gather information to determine and plan their audit procedures that need to be performed in order for them to form an opinion. Several questionnaires may be used to gather information.
Walkthroughs
During a walkthrough, the auditors follow a transaction from start to finish to gain a comprehensive understanding of how the association operates accounting cycles.
Fraud inquiries
Auditors are required to consider the risk of material misstatement of the financial statements due to fraud. Even when auditors do not suspect fraud, they will be asking questions designed to assess the risk of fraud, in compliance with auditing standards.
Audit letter requests
Auditors typically request the association to prepare request letters such as bank confirmation requests and legal letter requests to confirm the bank balances and any pending litigations.
Fieldwork visit
The auditors may visit your association on-site. During this visit, they may examine many source documents including but not limited to: bank statements, invoices, declaration, contracts, accounting reports, minutes.