Comprehensive Audit Report: Cromwell's Internal Audit Meeting Steps

This report presents an analysis of an internal audit conducted for Cromwell, focusing on the meeting procedures involved in the final stage of the audit. The report details the auditor's experience, the challenges faced, and the strategic planning involved in conducting a two-day audit. It outlines a step-by-step approach to the closing meeting, including thanking stakeholders, explaining the audit's purpose, presenting findings, confirming non-conformities, providing a summary, drawing conclusions, receiving the report, suggesting improvements, and addressing questions. The report emphasizes the importance of each step in ensuring a successful audit and providing valuable recommendations for organizational improvement, particularly in the operational and manufacturing departments. The auditor's role in facilitating a clear understanding of the audit process and its findings is highlighted, along with the significance of addressing stakeholders' concerns and providing actionable insights.

Running head: AUDITING
AUDITING
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
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Being a part of the internal audit for Cromwell was an honor for the auditor. Full
dedication was shown while doing the auditing program for such a reputed company was a great
experience. Performing the audit program in just two days was a huge and very difficult task for
the auditor. Gathering the most effective people from the organization who would have a better
idea regarding the procedures of audit and some the financial calculations. Few of the people
may not support the audit program and it is important to find out those officials who would
support the program and also help the auditor to find out some of the loopholes and the current
conditions of operations department. It is well known by the auditor that the workers were not
following the rules and regulations of the organization and maintain the machines properly, the
store room of the chemicals and drugs are not properly maintained, the lightings of the staircase
area, proper cap was not provided to any bottle and the ceiling of the that area is also not in
proper condition. Preparing the audit proposal as per the need of the operations and the
manufacturing department and then gathering the required audit team was tough.
The internal auditor strategically planned the two days immediate audit program which
included the initial stage of the audit program and the last step which is setting up a minutes of
closing meeting to present the complete audit report. This question provides a better picture of
the last step which involves the meeting part and the members of that meeting were the board of
directors of Cromwell, the stakeholders and the audit team members (Wildapricot.com., 2020).
The following below points must be properly and step wise followed by the auditor to complete
the audit program successfully:

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 Step 1 - Thanking the auditees: this is the initial step of the board meeting where the
internal auditor or the audit leader must thank all the audit members and the board of
directors to help him conduct the audit program successfully and allow him to visit and
analyze all the financial data and operational department of that organization without any
hassle. He must thank all the audit members especially because of them such an
emergency audit program was possible in such short time span. Their cooperation and
knowledge helped him to conduct the program so fast.
 Step 2 - Thanking the management: The next step is to thank the management for
allowing him to conduct the audit program and also visit the operational and
manufacturing department. The management also helped the auditor to extracted required
an authentic financial data and information of the organization to get a trusted audit
report.
 Step 3 - Explaining the auditees the exact reason for auditing: now the next step is to
explaining or reminding the auditees with the exact reason of auditing. This step involves
the description of proper audit program along with the difference which is stated in
Cromwell and management department’s current condition. This will also involve the
current situation of the operational and manufacturing department and the reason behind
the situation.
 Step 4 – Stating the whole sample of system: now the important step is to explain the
auditees and the audit team members that all the audit framework is properly maintained
while the audit program was conducted. This step also involves following up the previous
sample by the audit leader so that a proper audit program can be conducted.

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 Step 5 – Presenting the findings: this step involves specifying and helping the
management to understand which audit method was used by the auditor in detail. The
purpose of audit program and selection of the roper audit method for conducting the
program in such a short time span should be clearly explained in the meeting
(Smallbusiness.chron.com., 2020).
 Step 6 – Confirming the observation and the non-conformities: the detail of every
issue must be presented in that meeting noted by the audit leader. The issues in the
operating and the manufacturing department must be clearly explained here so that the
issue is mainly focused by the board of directors and certain steps are taken accordingly
for the betterment of the organization in future (QuickBooks., 2020).
 Step 7 – Closed Summary: this step is important for the audit leader because here the
summary of the whole audit process is to be explained to the management about how the
whole audit program was completed in just two days step wise (Managementhelp.org.,
2020).
 Step 8 – Final conclusion: now the next step is to explain and share how satisfactory or
unsatisfactory was the whole audit program for audit leader. The whole audit process
conducted was smooth or not and how difficult it was to extract all the important
financial data & information for making a better audit report for the organization
(Inc.com., 2020).
 Step 9 – Receiving of the report: now the audit leader will specify to the board of
directors regarding when the actual and full audit report will be provided to them so that
they can officially publish it on their official website following the rules. That audit

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report will contain the full detail of the conduction of the audit report and which steps and
methods were thoroughly followed (Iia.org.uk., 2020).
 Step 10 – Suggestion: it is the most important step because here the audit leader will
suggest the organization some of the steps which can be followed by them to improve the
situation of the operational and manufacturing department so that the production gets
improved which will result in more selling and earning profit. This will ultimately
increase the financial condition of the organization and help holding their market position
(Englishclub.com., 2020).
 Step 11 – Questions: the final step involves questions and queries from any of the
member present in the meeting. The members can ask for more clarification regarding
any of the steps involved in the audit process and audit leader is bound to explain it
clearly. This step is very important because each and every member present in that
meeting must understand the details of audit report (Cleartax.in., 2020).

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Englishclub.com. (2020). Closing a Meeting | Business English | EnglishClub. Retrieved 7
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Iia.org.uk. (2020). What is internal audit? | About us | IIA. Retrieved 7 March 2020, from
https://www.iia.org.uk/about-us/what-is-internal-audit/
Inc.com. (2020). 7 Ways to End Every Meeting on a Positive Note. Retrieved 7 March 2020,
from https://www.inc.com/peter-economy/7-effortless-ways-to-end-every-meeting-on-a-
positive-note.html
Managementhelp.org. (2020). Basic Sample of Board of Directors Meeting Minutes. Retrieved 7
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QuickBooks. (2020). Duties of Auditor: Who is Auditor ? & Check Their Basic Rights -
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Wildapricot.com. (2020). How To Write Effective Meeting Minutes with Templates and
Examples. Retrieved 7 March 2020, from https://www.wildapricot.com/articles/how-to-
write-meeting-minutes