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Internal Audit Department Annual Audit Cycle: 1. Prior Risk Assessment 6. Plan Approved

The document outlines the annual audit cycle and project phases for an internal audit department. It includes steps for planning, risk assessment, fieldwork, reporting, and monitoring.

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Aulia Rifqi
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26 views2 pages

Internal Audit Department Annual Audit Cycle: 1. Prior Risk Assessment 6. Plan Approved

The document outlines the annual audit cycle and project phases for an internal audit department. It includes steps for planning, risk assessment, fieldwork, reporting, and monitoring.

Uploaded by

Aulia Rifqi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Internal Audit Department

Annual Audit Cycle

6. Plan 1. Prior Risk


Approved Assessment

2. Conduct
Research
5. Draft Stakeholder (external
Audit Plan Input benchmarking,
best practices,
etc.)

4. Assess 3. Perform
Resources
(skill sets, Risk
budget, etc.) Assessment
Internal Audit Department
Project Phases

Planning Fieldwork Reporting Monitoring


• Announce audit • Execute audit • Draft report • Request update
to client program • Review draft on status of
• Hold meeting • Communicate report with corrective
with client status and client action plans
• Identify contacts observations • Obtain from client
• Understand regularly to responses and • Perform
process client corrective procedures to
• Discuss and action plans confirm status
• Identify potential
risks & controls agree on • Email draft to • Periodically
observations Cabinet provide a status
• Agree on audit
and corrective Member for of corrective
objectives
actions review action plans to
• Develop audit the Chancellor
program • Deliver final
report and the Board

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