Elements and Performance Criteria
- Determine audit risk
- Develop audit plan
- Identify operating systems for the business entity being audited
- Prepare flowchart and working papers documenting business operating systems
- Assess potential for targeted activity within business entity fishing operation
- Assess potential for success in locating authentic material information and evidence related to targeted activity and audit objectives
- Select appropriate audit methodologies and types of material information and evidence
- Conduct investigative audit
- Incorporate selected audit methodologies into audit plan and adjust, as required, by the audit progress
- Conduct stocktake according to audit plan
- Perform substantive tests of transactions within the business operating systems for the time period specified in audit plan, and identify anomalies and irregularities
- Document results of investigations
- Evaluate, review and report on the audit
- Ensure information and evidence obtained is sufficient, complete, reliable and valid
- Ensure evidence meets jurisdictional requirements for admissibility of evidence
- Prepare and issue audit report to relevant authorities
- Develop knowledge of business structures and practices associated with fish production records, processing, wholesale and retail marketing
- Determine scope of audit program in the context of relevant fisheries management arrangements, fraud risk assessment and available intelligence
- Define initial audit objectives based on type of business being audited
- Determine resources required to conduct audit, and plan for their allocation