Internal audit management skills systematic audit approach
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Internal Audit Management Skills (Systematic Audit Approach). Prepared by: Mr. L.A. Smidt (CIA, CRMA). Systematic Audit Process. Step 1 = Development of the Annual Plan Step 2 = Determination of Assignments to be performed resulting from the Annual Plan

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Internal Audit Management Skills (Systematic Audit Approach)

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Internal audit management skills systematic audit approach

Internal Audit Management Skills(Systematic Audit Approach)

Prepared by: Mr. L.A. Smidt (CIA, CRMA)


Systematic audit process

Systematic Audit Process

Step 1 = Development of the Annual Plan

Step 2 = Determination of Assignments to be performed resulting from the Annual Plan

Step 3 = Assignment Planning (Preliminary Survey)

Step 4 = Risk and Control Analysis

Step 5 = Fieldwork

Step 6 = Reporting

Step 7 = Follow-Up


Systematic audit process annual plan

Systematic Audit ProcessAnnual Plan

Key things to remember during the Annual Planning process:

  • Refer to the IIA standard 2010

  • Completeness of the plan (i.e. The risk or audit universe)

  • Coordination of efforts (i.e. Combined Assurance)

  • Understand the business environment

  • Understand the key performance indicators (i.e. What must go right in order for the business to be successful)

  • Thorough understanding of the ERM framework

  • Obtain a complete view of the Business Universe as well as the ITuniverse

  • Consider current legislation (e.g. KYC in Financial Services & OHS in Mining Industries)


Risk based internal audit annual plan

Risk Based Internal AuditAnnual Plan

Refer to the following documents:

  • Annual Plan (slides) – Source: Knowledgleader.com (Protiviti)

  • Risk Based Internal Audit

  • Holistic view on Risk

  • The role of Internal Audit in ERM


Systematic audit process assignment execution reporting

Systematic Audit Process(Assignment Execution & Reporting)

Assignment Execution and Reporting

Assignment Planning

Risk and Control Analysis

Fieldwork

Audit Reporting

Follow - Up


Systematic audit process assignment execution reporting1

Systematic Audit Process(Assignment Execution & Reporting)

  • Planning the Assignment

    - Refer to IIA Standard 2200;2201;2210;2220

  • Risk and Control Assessment

  • Fieldwork

    - Refer to IIA Standard 2240;2300;2310;2320;2330

  • Reporting

    - Refer to IIA Standard 2400

  • Follow-Up

    - Refer to IIA Standard 2500


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