Internal Audit Engagement Planning
Determine priorities of the internal audit and plan the timing and scope of audit procedures and resources
Type
Functional
Competency Area
Internal Audit
Levels
Identify components of engagement planning
Identify relevant frameworks, guidelines and standards to be applied in the engagement
Identify stages of the engagement and various stakeholders involved
Support conduct of preliminary survey and risk assessment
Develop audit procedures and programme based on engagement objectives and scope
Conduct preliminary survey and risk assessment to understand the audit environment, including key business risks and controls
Determine audit areas to address the risks identified
Develop work programmes
Revise audit programmes based on risks identified
Determine objectives and scope with consideration given to risk assessments, staff and other resources
Develop and document risk-based audit plans, objectives, scope, timing and resource allocations
Identify sources of potential engagements through risk framework
Review audit engagement objectives and scope to ensure they address the risks identified
Review and approve audit engagement programs
Revise audit plans based on business rollout plans for new technology applications
Review and approve audit engagement plan
Evaluate completeness and relevance of risk assessments
Review and approve audit engagement plans
Evaluate the relevance and the prioritisation or focus of the audit plans and their alignment with internal audit and organisational strategies
Assess whether audit plans sufficiently cover the scope, address key risks and consider expectations of senior management and board
Establish key performance indicators to measure the progress and performance of each initiative against expectations