Audit planning

Management has mapped the business risks and implemented the necessary controls. This raises the question for an independent and objective assessment of this risk management system and related control mechanisms. This is the role of the internal audit function.

Often, internal audit resources are limited and must be allocated as efficiently and effectively as possible. The design of a good audit planning with attention to the different priorities is therefore crucial.

Your challenges

The design of a good audit planning is a balancing act which should answer following questions:

  • How do you ensure periodic audits of each location or process with a rotation plan?
  • How do you combine this rotation plan with the necessary flexibility to respond to urgent ad hoc control incidents?
  •  How do you find the right balance between high risk, but less material and standardised, but more material processes or entities in your audit plan?
  • How do you avoid overlap with the scope of other departments such as quality control or supplier audits by the purchasing department? Are all findings of the different departments integrated in one risk management system?
  • How can control self-assessments contribute to your audit plan?
  • How do you integrate the expertise of third parties within your audit planning to avoid blind spots in your scope?

How we help

Our extensive experience in internal audit enables us to provide a transparent and objective methodology to shape your audit planning.

An audit planning, achieved through this methodology, offers the necessary comfort to your management, Board of Directors and Audit Committee that the present risks will be identified and periodically evaluated.

Specifically, horsum can guide you in the following cases:

  • On your demand we design your entire audit plan; starting from a risk assessment.
  • We guide your audit team through the entire planning process. Resultantly,
    • We assure the objectivity of the planning process and reduce the influence of internal politics within your company.
    • We avoid the existence of blind spots. Domains in which your audit team lacks the necessary expertise are also included in your audit plan.
    • We integrate the planning of other assurance domains. In that way, we offer management more comfort related to the internal controls existing within your company.

Interested?

Is your audit planning still ad hoc and do you need a more methodological approach? Or would you like to have some refinements made to your current methodology? Please send an e-mail to info@horsum.be or call us at + 32 9 378 38 28 for more information. Discover our other internal audit services here.