Audit Planning

Creating the Audit Plan simplifies and explains, with step-by-step guidance and illustrative case studies, the techniques for performing reliable and defensible audit plans for the practicing internal auditor. In today’s business environment in which companies are struggling to comply with Sarbanes-Oxley and other regulations, audits are not perfunctory formalities that rubber stamp and recap past performance; rather, they are actionable documents that play a major role in the business’s strategic planning, compliance strategies, and corporate governance. Risk-based audit planning focuses on the strategic, regulatory, financial, and business risks to which an organization has exposure. In an increasingly visible and valuable role, today’s internal auditors are expected to examine, evaluate, report, and recommend improvements on management’s risk management processes. Risk-based auditing can maximize the impact of audit’s assurance and consulting work. The second book in the new Practical Auditor Series—cobranded with The Institute of Internal Auditors (IIA)— Audit Planning: A Risk-Based Approach helps internal auditors plan a dynamic, proactive audit. With step-by-step guidance, it covers: New approaches to setting the audit context and plans A step-by-step plan for addressing corporate risk in the audit plan Practical ways to implement some of the IIA’s professional standards Sample models that break down and explain complicated concepts Controls and reviews that ensure that work meets quality standards Case studies of various audits Diagrams and checklists to help build real-world auditing skills There is no “one size fits all” audit. The goal is to customize a dynamic, defensible audit plan that addresses the needs and the risks of the particular organization. This book provides the practical guidance and tools to get auditors up to speed quickly with a real-world, risk-based approach to auditing. More now than ever before, auditing is in the spotlight; legislators, regulators, and top executives in all types of businesses realize the importance of auditors in the governance and performance equation. Previously routine and formulaic, internal auditing is now high-profile and high-pressure! Being an auditor in today's complex, highly regulated business environment involves more than crunching the numbers and balancing the books-it requires ensuring that appropriate checks and balances are in place to manage risk throughout the organization. Designed to help auditors in any type of business develop the essential understanding, capabilities, and tools needed to prepare credible, defensible audit plans, Audit Planning: A Risk-Based Approach helps auditors plan the audit process so that it makes a dynamic contribution to better governance, robust risk management, and more reliable controls. Invaluable to internal auditors facing new demands in the workplace, this book is also a "hands-on" reference for external auditors, compliance teams, financial controllers, consultants, executives, small business owners, and others charged with reviewing and validating corporate governance, risk management, and controls. The second book in the new Practical Auditor Series, which helps auditors get down to business, Audit Planning: A Risk-Based Approach gives new auditors principles and methodologies they can apply effectively and helps experienced auditors enhance their skills for success in the rapidly changing business world.