This audit report presents an anticipated two-year internal audit plan, including details of each audit area.
In this sample, the company established an internal audit function. The results of the internal audit strategy analysis were presented to the board of directors. Subsequent to this meeting, the company's executive management and the audit committee requested and contributed to the creation of an internal audit plan.
The plan included in this document incorporates the following assumptions: an outsourced internal audit function will be created to enhance risk management practices at the company; the internal audit plan will be based on an estimated annual budget; the plan will be flexible to allow for focus on changing or evolving risks; and the plan will include a prioritization of the audit areas included in the strategy document.