Where and how is a compliance audit conducted?
The OLMS team primarily conducts the audit on-site at the union headquarters. At the start of the audit, the union is asked to provide the electronic general ledger. The audit team reviews the electronic general ledger as a starting point to understand the records of union financial transactions and to identify the volume of transactions for the audit period. The audit team may require copies of certain IU documents to retain in OLMS records. No original records will be removed from the union’s headquarters. When the majority of on-site work has been completed, the audit team reviews the results of the audit and drafts the closing letter, which OLMS issues at the conclusion of the audit. The audit team makes every effort to conduct the audit in an efficient and timely manner.
