In many organizations, internal audit will be prompting the audit committee to ensure that the board is fully engaged in strategic planning. Application of audit testing tests of controls testing for monetary misstatement reduction of risk audit assurance at different levels of internal control effectiveness simultaneous testing of controls and. Internal audit will demonstrate our capabilities to deliver an enhanced and valuable service. Assist campus leadership in the discharge of their oversight, management. Additionally, our audit plan includes various central it projects and many of our other audit projects are. Utilize project management techniques to monitor and measure success on. Member crowe horwath international kuwait 30 november 2016 version 115. In terms of specialist audit areas it can be challenging for a small audit team to ensure that all bases are covered, and filling any gaps can be expensive. Strategic plan for the internal audit service, setting out the departments vision for 20162020. With strategic plan, it provides the means for the audit to look forward to the future needs of a company and create actionable steps to meet them. Its remit is governed by the internal audit charter which is approved by the audit committee. A welltailored and effectively communicated strategic plan can lead to a. Strategic internal audit plan pwc 4 2 strategic internal audit plan.
A strategic plan provides a clear prescription for inter nal audits evolution for maintaining its relevance and value as the business transforms. Internal audit strategic plan 20182021 risk category corporate objective assurance area 201819 days 20192020 days 202021 days financial risk risk of failing to manage finances in accordance with. Improving internal audit performance through strategic planning. Internal audit strategic plan 2015 university of california. This document, the office of internal audits six year strategic plan, is the roadmap that. It outlines the vision, mission, values, themes, key result areas, objectives, strategies, measures and targets that will guide us in setting priorities in 20162020. The outline that follows is derived from the business strategy audit see references. Developing a 2025 strategic plan of the internal audit function kristiina lagerstedt. Four steps to formalize internal audits strategic impact. The proposed internal audit plans described below have been prepared to direct internal audit. In one case, i saw that i needed to move the internal audit function from performing a series of audits of major factories basically one at a time to.
By understanding the needed competencies for tackling a strategy audit, internal audit can help improve governance, risk management, and internal controls in an organizations strategic. Developing a 2025 strategic plan of the internal audit. Internal audit will continue to champion the education of stakeholders on the 3 lines of assurance model, which promotes governance and management oversight responsibilities. Internal audit annual plan vs internal audit strategic plan cyclical 7step process for high functional performance context and change dependent needs dedicated resources and prioritising mini. Strategic planning using the internal audit capability model.
The office of the internal auditor 2017 audit strategy and plan. Developing the internal audit strategic plan practice guide. Internal audit strategic planning making internal audits. Annual plan development process the goal of the office of internal audit is to develop an audit plan that provides coverage of significant areas of risk, while concurrently providing coverage of a broad range. An audit of the maturity level of your strategic planning. The mfma requires that an annual internal audit plan is prepared. Jul 19, 2016 strategic plan for the internal audit service, setting out the departments vision for 20162020. A systematic and structured process can be used to develop the internal audit strategic plan, helping to enable the internal audit activity to achieve its vision and mission. This document, the office of internal audits six year strategic plan, is the roadmap that will assist us in achieving our goal of being the preeminent provider of. Internal audit operational plan 201516 and audit strategy. Pages developing the internal audit strategic plan practice guide.
The 2018 office of internal audit strategy and plan are presented to the audit committee for consideration and approval. Office of internal audit strategic plan fyfy19 page 2 version 1. Mar 08, 2017 internal audit strategic framework mission charter of the internal audit entity setting up a comprehensive, low cost internal audit methodology effective internal audit process flow streamlined policy, sop for efficient financial data capturing in the system and business operations. New political orientations provided by the incoming commission for the. Iia highlights five key strategies for internal audit success. To facilitate effective communication and planning, we have prepared a draft riskbased internal audit plan for the financial year ending 30.
The strategic plan complements and supports uvics policy on internal audit policy gv0220 and is not intended to substitute that policy. Internal audit and strategy a vital connection internal audit and strategy every organisation has a vision, but to ensure goals are fulfilled, an awareness of risk factors, and having assurance around. Unlocking the strategic value of internal audit three steps to transformation. Internal audit annual plan template modern mindset.
Our strategic plan 20162020 communicates our commitment to work and improve the accountability and performance of the wa public sector. The strategic plan is supported by the audit charter, which sets out the roles and responsibilities of internal audit, the annual audit plan which outlines the internal audit work which will be undertaken each year and the quality assurance and improvement programme which outlines service development actions. Internal audit professionals are universally recognized as indispensable to effective governance, risk management, and control. To incorporate strategic risk into the audit plan, internal audit should obtain a seat at the table during strategic decision making.
Pages developing the internal audit strategic plan practice. The internal audit function sits within the assurance group, which provides independent oversight and assurance to the strategic commissioning board scb and to elected members. Internal audit strategic planning making internal audits vision. Additionally, our audit plan includes various central.
Chapter overall audit plan and audit program presentation outline application of audit testing selecting tests to perform design of the audit program a summary of the audit process i. Pages developing the internal audit strategic plan. Internal audit can also have the lead in investigation activities where it can works in. Strategic planning using the internal audit capability model iia austin chapter, december, 2016. Balance requests for ias services with the commitment to complete the audit plan. Our survey points to the need for internal audit to step back from the audit plan and develop a strategic plan, schwartz said.
Nov 10, 2010 frame a vision for the internal audit function. Internal audit plan preparation providing value for the organization richard arthurs cma, mba, cia. The internal audit capability model october 2006 may 2009 iia research foundation project validated in collaboration with the world bank global validation 300 people in 30 countries texas commission for environmental quality office of the city auditor austin, tx original focus public sector internal audit. The organogram above depicts the span of responsibilities combined under the chief of internal audit. The iias core purpose to lead the global profession and advance its value. Effective internal controls ensure that the financial reporting is correct. Iia global strategic plan 2015 2020 institute of internal.
Furthermore, the creation of an ongoing communication plan for internal audit strategic plan is needed in order to maintain alignment of the. Iia global strategic plan 20152020 as used in this document, the iia global strategic plan, the iia refers to and is representative and inclusive of the global network of institutes. The office of the internal auditor 2017 audit strategy and. Strategic plan 20162020 internal audit service european. The internal audit profession is strengthened by enabling iia members to engage stakeholders and provide insight on risks impacting organizations. Process of conducting an internal audit business study notes.
Even though i started each challenge with a set of experiences that tend to bias my thinking such as a belief that the head of internal audit should provide a formal annual assessment of the condition of risk management and related internal controls, the first thing i did was listen. Internal audit plan preparation providing value for the. Enhancing the strategic value of internal audit kpmg. Strategic ia planning public reporting of ia effectiveness effective and ongoing relationships. Developing a 2025 strategic plan of the internal audit function. The iias core values collaboration courage unity in diversity. A critical element to ensuring success is the development of a strategic plan for the department. Learn about the strategic planning audit in 3 simple steps. Chair of benchmarking committee strategic risk council conference board of canada. For internal audit to remain relevant, it must adapt to changing expectations and maintain alignment with organizational objectives.
Meet the challenge to enhance the value of the internal audit program. Utilize project management techniques to monitor and measure success on individual projects. Competent professionals members are competent and confident to deliver on stakeholder expectations and demonstrate the value of our profession. Its intended to give you a clear idea of how to set about conducting a selfassessment audit. Strengthening internal audits impact and influence deloitte us. This is shown in the table below which demonstrates our activity from the previous three year period along with the. The office of the internal auditor organization chart. The chief of internal audit currently oversees three complimentary assurance groups within citizens which include internal audit, anagement and internal control enterprise risk m monitoring. Clearly define the role of internal audit, assess the process and not the plan.
A strategic plan for internal audit ia online home. An audit of strategy institute of internal auditors. Maximize the strategic impact of internal audit by focusing on nine proven ways. The office of the internal auditor 2018 audit strategy and. Ia global has produced a practice guide with examples entitled developing the internal audit strategic plan explaining how to prepare an internal audit strategic plan.
Internal audit strategic plan 20182021 internal audit. Fy16 risk assessment and annual internal audit plan. Improving internal audit performance through strategic. In a broader context, strategic auditing should also help to identify improvements to the strategic management process itself so the internal auditor might audit. This is one way for internal audit to challenge the value it brings and its true alignment to the strategic priorities of the organization. In terms of specialist audit areas it can be challenging for a small audit team to ensure that all bases are covered, and filling any gaps can be. Further discussion of the objectives and tasks within each step follows.
This practice guide discusses critical steps necessary to develop a comprehensive internal audit strategic plan, including. The strategic planning audit will help you improve your strategic planning process. This practice guide, developing the internal audit strategic plan, discusses critical steps necessary to develop a comprehensive internal audit strategic plan including. To facilitate effective communication and planning, we have prepared a draft riskbased internal audit plan for the financial year ending 30 june 2012. Internal audit established a team of audit professionals to provide assurance and consulting activity, which is designed to add value and improve the corporations operations. Internal oversight division internal audit strategy 20182020. Internal audit plan objectives improve the effectiveness of campus governance, risk management and control processes.