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Internal Audit Approach
Audit Needs Assessment
Aim – to identify a suitable audit programme
- Assess previous internal audit coverage, if any;
- Assess self-assessment frameworks;
- Review external auditor's requirements;
- Test for compliance against existing framework; and
- Identify absence of key controls within risk areas
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Develop an Operational Audit Plan
Aim – set out objectives in agreement with the Board
- Set out timings of each audit based on priority;
- Set out objectives and scope of each audit
- Define resources & staff require for each audit; &
- Set date for issuing of planned report
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The Individual Audits
Aim – depending on the risk that is being focused upon:
- To include compliance testing; and
- Identifying areas where key controls are missing
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Debrief meeting
Aim – gain agreement on recommendations:
- Recommend future action to rectify areas of weak controls; and
- Gain agreement from the Board or Management team on the actions needed to be implemented and the timeframes for such action.
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Report
Aim – to gain a clear statement of compliance & actions:
- Categorise recommendations in terms of risk; and
- Gain comments from staff on each area as to how they propose to implement recommendations, who will do it, and the timeframes for implementation with reference to the debrief meeting above.
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