Big4Guy
Big4GuyWelcome to Big4Guy.com. Big4Guy is an online resource where I will share with you the latest news, insights, knowledge and some experiences as a Big 4 consultant. We will discuss some of the important issues which organisations are facing today in the areas of information security, security and controls in SAP R/3, Oracle Applications, J.D.Edwards, Peoplesoft and various other ERP's. You will also find information on latest complaince regulations like Sarbanes Oxley, Basel II and so on. Big4guy will also attempt to provide valuable resources for individuals interested in examinations the CISA, CISM, CISSP, PMP and various other security certifications considered essential for entry in any Big 4 accounting, auditing and consulting firms. You are invited to post your comments and viewpoints to posts here. I sincerely hope this online journal will be useful to everyone from a budding student to a professional in the accounting, auditing, management and consultancy professions.
|
Post details: How to Make an Internal Audit WorkPlan
03/14/07
How to Make an Internal Audit WorkPlan
The main function of an internal audit department is to ensure that a sound system of internal controls exist which safeguard's the interests of the investors and Board. All internal audit needs to be structured. To make this happen the internal audit department should have a workplan based on which they should conduct the audit. So what should the internal audit workplan include? To give some guidance and provide a starting point, below are some points which I consider essential to the internal audit workplan.
1. Understanding the processes relating to the control objectives.
2. Including walkthroughs to understand the processes and transactions.
3. Conducting risk assessments, risk workshops for better risk management.
4. Testing of controls that help in mitigating risks.
5. Concluding whether controls reduce the risks to an acceptable level.
6. Discussing key control gaps with process owners.
7. Remediating control gaps noted.
Related Posts
Simple Spreadsheet Controls for SOX Compliance
Continous Auditing of Controls
How to Evaluate Internal Control Exceptions
Effect of Material Weakness on Financial Statements
Comments:
No Comments for this post yet...
Categories
Archives
Search
| Mon | Tue | Wed | Thu | Fri | Sat | Sun |
|---|---|---|---|---|---|---|
| << < | > >> | |||||
| 1 | ||||||
| 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 9 | 10 | 11 | 12 | 13 | 14 | 15 |
| 16 | 17 | 18 | 19 | 20 | 21 | 22 |
| 23 | 24 | 25 | 26 | 27 | 28 | 29 |
| 30 | ||||||
Misc
All content copyright © 2005-2008
Big4Guy.com
Do not reproduce either in part or full without the express permission of the
Webmaster
