The purpose of this memo is to document a company’s approach to administering internal audit work for a specific project.

Topics include: managing changes to the overall audit plan; budgeting for overall engagement management and supervision; coordinating with other specialists; managing deadlines and budgets on individual audit assignments; reporting and managing possible budget overruns; preparing and approving the planning and scoping memoranda for individual audit assignments; reviewing or auditing documentation and related audit reports; defining updates and information to be provided to the internal audit director; and drafting of reports to senior management and the audit committee.