AUI3702-SUMMARY. The Internal audit process

Determining audit assignment and overall plan Planning the internal audit Performing the engagement Audit reporting and follow-up (Communication) 1. Determine engagement objectives and scope 2. Understand the auditee objectives, including auditee objectives and assertions 3. Identify and assess risks 4. Identify key controls 5. Evaluate adequacy of control design 6. Create a test plan 7. Develop a work program 8. Allocate resources to the engagement 1. Conduct tests to gather evidence 2. Evaluate evidence gathered and reach conclusions 3. Develop observations and formulate recommendations 4. Communication 5. Perform 1. Perform observation, evaluation and escalation process 2. Conduct interim and preliminary engagement communications 3. Develop final engagement communications 4. Distribute formal and informal final communications 5. Perform monitoring and follow-up procedures The Internal audit process AUI3702-SUMMARY. Standard 2210 – Engagement Objectives Objectives must be established for each engagement. 2210.A1 – Internal auditors must conduct a preliminary assessment of the risks relevant to the activity under review. Engagement objectives must reflect the results of this assessment. Standard 2210 – Engagement Objectives Objectives must be established for each engagement. 2210. A2 – Internal auditors must consider the probability of significant errors, fraud, noncompliance and other exposures when developing the engagement objectives.