This tool contains three sample audit reports that can be used by auditors to evaluate and improve the internal audit plan.
In these samples, internal audit activities include establishing the company’s internal audit budget and obtaining audit committee approval for the internal audit plan, meeting with management and external auditors for yearly risk scoping exercises, and testing the operating effectiveness of key controls in conjunction with walk-throughs.
Audit plan highlights include:
External audit teams were included in financial processes.
Focus on corporatewide processes increased.
Cash flow and working capital improvement opportunities were identified.
Information technology auditing was conducted at a significant level.
Internal audit, external audit and management performed a joint risk assessment.