The end result of the audit process, the audit report, is a joint product of both the auditee and auditors. Under the provisions of the Act, the Inspector General has broad duties and responsibilities to provide leadership in promoting economy, efficiency, and effectiveness while preventing and detecting fraud and abuse, as well as to audit DOL's programs and operations nationwide. The IG keeps DOL agency heads and the Congress fully and currently informed about problems, deficiencies and corrective actions. The goal of the OIG is to ensure overall integrity as well as the economic, efficient, and effective management of DOL programs and operations. The IG's audit priorities, which are documented in the Annual Audit Workplan, are determined by a combination of factors including a programs' dollar value, vulnerability to fraud, waste and abuse, and prior audit coverage as well as suggestions from senior-level DOL managers and the Congress.
Many people think that an audit just examines financial operations.
An audit is a look at the past performance of an entity, program or function to determine whether funds and property were properly administered and whether the projects have met or fallen short of program intent and expectations. All audits begin with objectives which determine the type of audit to be conducted and the audit standards to be followed. The Department of Labor OIG conducts and supervises both financial and performance audits. Financial audits include financial statement and financial-related audits. Performance audits include economy and efficiency audits and program audits.