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

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