Based on the result of the information provided above, the internal auditor prepares draft copies of the internal audit plans and supporting assumptions, and then discusses with the appropriate authorities in accordance with the entity’s policies and audit mandate.
The responses, suggestions and comments arising from the discussions above are incorporated into the internal audit plans and then the final audit plans are prepared, and approvals obtained from the relevant authorities including the CEO, Finance Director/CFO and Audit Committee where one exists. Getting the CEO and CFO sign off is very important to ensure that they are carried along in the audit planning processes and that their expectations have been extensively covered, and this should not compromise the internal audit independence and objectivity. The final approval of the internal audit plan is given by the Board Audit Committee where one exist or whichever authority is technically responsible for the internal audit function.
It is important to note that the audit plans are living and moving documents and never static. The audit plans should be reviewed based on the approved standard review frequency and business dynamics. Before starting field work execution of any of the audit areas contained in the audit plan, the internal auditor should conduct a cursory review of the initial assumptions for the preparation of the interna audit plans in order to validate quickly if there have significant changes that may affect the field work execution of the specific audit areas at the material time. Any significant changes should be incorporated in the update of the existing internal audit plans and the right decisions and actions done in considerations of the new changes,
The blog touched relevant knowledge elements but it is too long. Concise blogs pass messages quicker.
Dear Edu,
Thank you for your comments and the improvement needs suggested.
I totally agree with your observations especially when the target is for the experienced internal auditors who may need a quick refresher on the subject.
My thoughts for the long length are to provide reasonable total picture overview and guidance on the subject as a mentorship to the young and less experienced internal auditors and those aspiring to be in the space, and who will need more detailed insight to grasp the concepts, principles and the application in real life. Once again, thank you for investing your time and effort to read my post.