How Do You Write An Internal Audit Plan?
The Institute of Internal Auditors requires that the chief audit executive establish risk-based plans that drive internal audit activity. Audit planning is a process that identifies all business areas; assesses the risk of each using a standard methodology; and uses available audit and financial resources to determine which audits will be performed during a year. Once planning is complete, a written internal audit plan should be developed and communicated to management. The plan should include background information; a summary of the risk rating methodology and staffing allocations; and audit plan details. Include a summary of the document’s purpose to explain to readers what an internal audit plan is and what makes it useful. The St. Louis Federal Reserve Bank indicates that the audit plan can be used by executive management to oversee both the business’s and the audit department’s performance during the year. Include the internal audit department’s mission statement and objectives. E
