1. AUDIT Accompany an Audit Mission LAF TRAINING 2009

2. LAF training 20092 Objectives of the training session Participants will be able to:  To identify the different points dealt with during audit missions  To manage an audit mission day-to-day  To define key information to be obtained at the end of an audit mission

3. LAF training 20093 1. Points dealt with during an audit mission  As a general rule, the auditors always first deal with:  The most risky processes  The processes that have already received recommendations in the past  Changing processes or recently implemented processes  Processes that are explicitly pointed out by the auditees  Fixing a materiality threshold

4. LAF training 20094 1. Points dealt with during an audit mission (ctd)  For accounts certification audits:  All cycles related to posts in the balance sheet or the P/L will be analysed For instance: accounts of fixed and current assets- customer accounts – supplier accounts– banks – expenses – results – appropriation of results and reserves…  The methods used are recurring and formatted.

5. LAF training 20095 1. Points dealt with during an audit mission (ctd) For internal – external financial (non-certification) or operational audits:  The points observed will be more varied in function of:  A risk analysis  A specific request  In general, the auditors will always verify:  The validity and integrity of the financial data  The effectiveness and efficiency of the operations  The compliance of the operations with regards to rules, laws, procedures…

6. LAF training 20096 2. Day-to-day management of the auditors  Avoid logistic problems: space, phone, connections, files, requests should all be ready for the arrival of the auditors;  Avoid changing meetings that you made a long time ago;  Before a meeting, especially for explaining processes, make sure you have the updated and approved reference documents.

7. LAF training 20097 2. Day-to-day management of the auditors (ctd)  During audit missions, besides interviews planned in the calendar and if you have a key position:  Ask the auditors to regroup their questions;  Be available one hour every day for additional requests;  If you wish to, you may inform the auditor of such arrangements before he/she comes to the field.

8. LAF training 20098 2. Day-to-day management of the auditors (ctd)  Answer clearly and in a structured way;  Be complete and answer the question raised;  Make reference to procedures, existing rules, laws… preferably in written!  At the end of a meeting, ask for feedback.

9. LAF training 20099 3. Define key information to be obtained at the end of an audit mission At the end of an audit, for your field of responsibility, you must know:  What the positive points are coming from the audit;  What are the points to be improved;  What are the recommendations made; Remarks included in the report should not come as a surprise. You can already develop a plan to improve weaknesses.

10. LAF training 200910 4.Questions - Sharing experience(s)