Hi Gokulkrishna:
I was audited for my PMI-ACP application as well. If you end up getting audited, the first rule of thumb is to stay calm since the process is not too cumbersome. If I remember correctly, you'll be sent a PDF audit report for every project you submitted. What you'll need to do during the audit is identify the people who can validate what you wrote and have them sign and mail a hard copy back to PMI (I believe that the same person can be used multiple times).
Therefore, I'd do the following:
1. Identify the people who can validate what you wrote and would be willing to put a signature on the form indicating so
2. Identify back-ups in case you are unable to track down your first choices.
Other than that, sit tight and see if you get audited and focus your time on prepping for the exam
Good luck,
Jeremy