Developing an Overall Audit Plan

Audit Trails
Knowledge Center


Next Topic

Audit Trails > Forum

Pamela Patterson, Business Consultant, United States
Risk is the foremost consideration. Where in the business is the largest risk? To determine where the risk is, the audit management should develop an overall audit plan, seeking input from business management, the audit committee, risk functions, external auditors, CFO, legal, etc. (...) Read more? Sign up for free

Please register now to read all responses and to join this discussion yourself. It's easy and 100% free.

Sign up for free     Log in

  CHARLES A.C. DALMEIDA, Business Consultant, Benin

Developing an Overall Audit Plan is Complex

This is a good idea, but I think it will be complex to implement this kind of "overall audit". Anyway, COSO principles push us to realise an environment internal control.
Don't forget to consider the size of companies, weight of past, organisational change...

  RICHARD GUDOI, Business Consultant, South Africa

How to Develop an Overall Audit Plan to Mitigate Risks?

@CHARLES A.C. DALMEIDA: Really this is another area where all of us go and find gaps, yet we don't contribute or add value to the investors expectations.
The issue is when you want to follow audit plans for risk mitigation, How do you go about it? Here's a generic way forward:
- Understand the firm's objectives, its performance history.
- Find out its ways of performing tasks and duties and to achieve such outputs and outcomes.
- Find out if the operational managers and directors are knowledgeable about their duties, understand staff compliments and job profiling.
- Perform risk profiling, ranking the risks for each department. How do you do this? Get policy documents for each department and together with all of them rank the risks in agreement with the departmental heads.
- Therefrom, rank these risks according to your professional outlook.
- Include these ranked risks in your audit plan to be discussed with your CEO
- Get it to the audit committee for final discussion.
- Then implement your annual audit risk based audit plan.
The process is long, tough and enough to draw attention, especially in the value for money audit or operational auditing and fraud risk management.

More on Audit Trails
Developing an Overall Audit Plan
Pros and Cons of Outsourcing the Auditing Function?
🔥Internal Audit Report to my Manager
Best Practices
🥇Interim Versus Final Audit?
🥈Topics for Overall Audit Plan
Special Interest Group Leader

Are you an expert in Audit Trails? Sign up for free

Audit Trails
Knowledge Center


Next Topic

About 12manage | Advertising | Link to us / Cite us | Privacy | Suggestions | Terms of Service
2020 12manage - The Executive Fast Track. V15.6 - Last updated: 18-9-2020. All names of their owners.