About DCAA Audit - You Must Know
The audit is performed in a well manner that should be consisted with the accurate audit plan and the plan of the company that is supportive to the audit. The audit should also underline the all areas in which it is being audited with the corrective and the compulsive information, documentation and reports. A proper documentation based audit minimizes the interference in the contractor’s normal operations.
Additionally, most of the representatives of the management of the companies always add the significant findings on which they have the different meaning for many sides of the process of DCAA audit those are very considerable for having the dollar value. There are many things to form a successful DCAA Audit program that we need to place our consideration which very important to formulate the satisfactory results of the audits.
1. The initiators of the audit must insist on an entrance conference at first as through this, they will be able to introduce with the purpose and the overall plan for the presentation of the audit. It is also recommended for identifying the areas of audit to assist the gathering appropriate information.
2. The auditors should assign an internal association to know the tenure in which the organization can understand the overall perception of the company’s operations. It is also necessary to have the experience in several different departments of the organization. The auditors can have the proper understanding of the products and any other services those are associated with the company’s sell traits. It is also essential for exploring the past history of all DACC audits. In addition, this will also help to auditors to appreciate the financial and the operational significance of the organization.
3. Which should be considered by the auditors is that they should assemble the -they should assemble a well experienced management team to prevent the surprises and to manage the internal coordination on a very smooth level.
4. The members of the DCAA audit committee should establish an accurate and an accessible record system to keep the all compulsory documentation.
5. They should be very responsive for all essential processes and the activities towards the members of the organization as it will help them to form a positive relationship between them. It will also ensure the internal cooperation to the managers of the organization.
6. The auditor should maintain a detailed log to protect the interests of the organization.
7. They should not allow the audit process to get exceed from the agreed scope. This will help them to understand the internal liaison for all the areas in which the audit will be formed.
8. The auditors should also insist for a list of the required interviews of the company to control the unwanted access to the company’s personal to manage all the spontaneous interviews. In the last, the auditors should make a review of the preliminary findings that is associated with the functional and departmental clauses of the company to summarize the findings in a proper order for preparing the preliminary reports.
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