What Does a Typical Internal Audit Include?
Common elements of an internal audit engagement include the following: • Scheduling an opening conference to discuss audit objectives, timing, and intended report format and distribution • Evaluating internal control systems • Testing to ensure proper operation of internal control systems • Developing conclusions based on test results • Reviewing audit issues and draft audit reports with management and staff • Preparing and distributing an audit report which generally include management’s responses to the issues raised • Following up to ensure all issues raised in audit reports have been addressed
Common elements of an internal audit engagement include the following: • Scheduling an opening conference to discuss audit objectives, timing, and intended report format and distribution • Evaluating internal control systems • Testing to ensure proper operation of internal control systems • Developing conclusions based on test results • Reviewing audit issues and draft audit reports with management and staff • Preparing and distributing an audit report which generally include management’s responses to the issues raised • Following up to ensure all issues raised in audit reports have been addressed For details of the above look in Internal Audit Standard Operating Procedures
