What to Do Upon Receiving an Engagement Letter
8 Steps to Prepare for an Audit
Step 1
Enlist SCP’s support or a person with audit experience
Step 2
Select an internal point of contact that best represents your company
Step 3
Respond promptly – ask for an extension or provide all requests by the due date
Step 4
Be consistent! What info have you provided in the past on licensing applications, audits, call reports?
Step 5
Provide only what is requested but be thorough – e.g., if saying not applicable, explain why it is not applicable
Step 6
Be neat and organized! For example, eliminate unnecessary or duplicate documents from loan files
Step 7
Contact your SCP consultant to review the exam questionnaire and request lists to determine if the exam is limited, full scope, or targeted
Step 8
Connect with your examiner. Establish rapport. You want to be perceived as an engaged business owner vs being handled as an audit file case number
