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General Electric Company, Planning Phase

1.General Review of Company

Gain an understanding of the environment of the company

a.Perform a basic discussion with the client about the nature of the engagement and the client’s business and industry

b.Meet with key employees, or new employees

c.Communicate with predecessor auditors to gain better understanding of company

d.Observe and inspect client activities, operations, documents, reports, and premises

2.Review Gathered Documents

Analyze the following information gathered from management and staff:

˃Initial Survey – Answered by client

˃Policy and Procedure documents, financial policies & personnel manuals

˃Annual Reports – 2019, 2018, 2017, and 2016

˃Audit documentation from previous years

˃Contracts and Client Records

˃All accounting records, financial data, and minutes of directors’/management meetings

˃Representation letters from management

3.Personnel and Organization

a.Obtain and review current job descriptions for various positions within the company

b.Review personnel backgrounds and compare previous backgrounds with current position within the company

c.Observe and analyze personnel functions within all segments of the company in order to address the following:

i.Experience and training requirements are effectively working and demonstrated through company’s hired personnel

ii.Determine that the amount of personnel is adequately represented within various segments and departments of the company

iii.Internal controls are effectively being used within employee functions

*Perform test of controls and substantive procedures in order to determine internal controls are working efficiently

*Observe for proper segregation of duties

d.Review and analyze policy and procedure documents in order to properly observe personnel and management while conducting said procedures.

e.Observe employee and management behaviors (to each other and with clients of the company)

f.Conduct interview with union representative to verify that they are complying with legal requirements for the employees within General Electric Company

g.Analyze and review union documentation

i.Grievance documentation

ii.Union policies and procedures

iii.Union disbursements

iv.Meeting Minutes between union representative and employees

h.Conduct interviews on Board of Directors to confirm independence along with confirming they properly oversee development and performance or the organizational structure and internal control

i.Obtain organizational chart to verify there is an effective organizational structure and review for possible inefficiencies such as:

i.Improper lines of authority and division of duties and responsibilities

ii.Improper communication levels

iii.Ineffective control by management of operations

iv.Improper sized segments for what is needed to be accomplished by the company as a whole

v.High-levels of non-value added employees and management

j.Review employee statistics

i.Employee turnover rates

ii.Diversity statistics of current personnel

iii.Promotion rates

iv.Salary rates compared to job position

  • Account Reporting – Revenues and Expense
  • Sustainability


Reider, R. (2002). Operational Review Workbook: Case Studies, Forms, and Exercises. Wiley Professional Development (P&T).

Whittington, R., & Pany, K. (2018). Principles of Auditing & Other Assurance Services (21st ed.). McGraw-Hill Education.!/4/2/2@0:0

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