The Examination Phase

During the examination phase of a performance audit, audit teams must conduct procedures that will yield sufficient appropriate evidence to:

• determine whether audit criteria are met,
• conclude on audit objectives, and
• document and support these conclusions.

During the planning phase, auditors carefully consider which audit tests and procedures to include in their detailed audit program and make decisions based on (1) the type of evidence they will require to reach conclusions against their audit criteria and (2) an assessment of the time, expertise, and resources they would require to conduct each test or procedure. Ultimately, the audit team has to plan audit procedures that will provide sufficient and appropriate evidence while respecting the audit’s budget.

However, planning and conducting audit procedures may not always be easy and straightforward in an audit of financial assurances for site remediation. From mandate limitations to finding the necessary expertise, performance auditors may have to deal with a number of challenges before they can obtain all the information they seek and conclude on their audit objective(s).

This section of the Practice Guide covers:

• Evidence sources and audit tests for audits of financial assurances
• Challenges involved in auditing financial assurances for site remediation

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