This sample audit report outlines the procedures for preparing and reporting an audit plan to the audit committee. The report includes the business risk assessment process, data gathering from the integrated audit team and prior internal audit results, a business risk map, audit plan highlights along with an audit plan example, and linkage with key business risks within the organization.
When performing the risk assessment process, internal audit utilized the business risk model to create a common risk language for discussions with management. Internal audit conducted interviews with members of management to discuss objectives and goals for their areas of responsibility, strategy, risks that would threaten achievement of this strategy, and processes where the risks would manifest themselves. Audit plan highlights include integration with the external audit team on financial processes and increased focus on corporate-wide processes.