What Are Your Responsibilities During an Audit?

Posted on Wednesday, September 06, 2017

So you’ve decided that your organization needs to have an audit.  Before the audit engagement starts, are you aware of what your responsibilities are as the auditee?  Do you know what your auditor’s responsibilities are? 

As the organization under audit, your responsibilities include the following:

Your auditor also has specific responsibilities that must be followed:

Many people also think it is the auditor’s responsibility to find fraud.  It is not.  Your auditor is not responsible for finding fraud.  If your auditor finds fraud during their audit procedures they are responsible for communicating it; however, finding fraud is not one of the purposes of an audit.

Before your audit begins, you should receive an engagement letter to sign from your auditor that outlines these responsibilities as noted above.  As you review the letter, if you have questions, make sure you ask your auditor for further explanations.

Posted by: Carrie Minnich, CPA

Posted in Mission Minded Nonprofits

Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.

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