How Do You Create An Audit Plan?
Audit plan creation can begin as early as six months before the business’s audit year starts and can require considerable staff and management resources. Audit plans should consider all areas of the business and focus resources on those with the highest risk. Once you have assessed these risks, you can determine how often you perform audits and evaluate whether your staffing levels need adjustment. Review the business’s organization charts to identify all business areas and support units. Review the business’s income statement to identify all sources of revenue. Make sure they are accounted for in the organization chart. Meet with business managers to discuss any plans to open new business or support units, or to close, consolidate or sell existing units. Follow up on any anomalies between the income statement and the organization chart. Decide how to split your audit universe (the areas you will audit). Once you establish an audit universe, you will audit each unit or department on a
