Risk Insights: Sound Planning Precedes Effective Annual Internal Audits

Internal audit planning is built from the annual risk assessment and related risk response plan and incorporates the objectives of the internal audit function charter. That development of the internal audit function reflects the priorities and principles incorporated into the internal audit strategy, which serves as a foundation for all internal audit activity. 

Internal audit planning is conducted annually and includes monitoring significant financial reporting and operational processes that pose high to moderate risk. Based on updated organizational and process-level risk assessments, planning also acknowledges new potential risks posed by various changes that occurred within the past year or are anticipated for the current year.

In the Weaver Risk Insights document, Sound Planning Precedes Effective Annual Internal Audits, learn more about:

• Determining the scope for internal audit planning
• Incorporating annual risk considerations
• Determining timing and human resources needs
• Residual benefits of developing the internal audit function

Or, for a discussion specific to your organization, please contact Alyssa Martin or Jody Allred, Weaver partners in risk advisory services.