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Developing a Risk-based Internal Audit Plan Understand the organization. Identify, assess, and prioritize risks. Coordinate with other providers. Estimate resources. Propose the plan and solicit feedback. Finalize and communicate the plan. Assess risks continuously. Update the plan and communicate updates.

A well-developed and appropriately communicated audit manual can: * Serve as a guide to those responsible for internal audit activities. * Represent a key benchmark by which internal audit can be measured. * Be a reference for undertaking an audit assignment.

The IIA is the internal audit professions leader in standards, certification, education, research, and technical guidance throughout the world. Generally, members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security.

The purpose is to provide reasonable assurance that these processes are functioning as intended and will enable the objectives and goals to be met and also to provide recommendations for improving the operations of the office in terms of both efficient and effective performance.

Audit documentation also facilitates the planning, performance, and supervision of the engagement, and is the basis for the review of the quality of the work because it provides the reviewer with written documentation of the evidence supporting the auditors significant conclusions.

An audit manual outlines the authority and scope of the internal audit function, documents standards, and provides cohesive guidelines and procedures. These guidelines promote consistency, stability, continuity, acceptable performance standards, and a means of coordinating the efforts of audit staff effectively.

An audit is important as it provides credibility to a set of financial statements and gives the shareholders confidence that the accounts are true and fair. It can also help to improve a companys internal controls and systems.

The internal audit manual may contain guidance on how to assess the adequacy and effectiveness of controls. This should include manual controls as well as general IT controls and specific application controls. Detailed guidance on how to achieve this goal can be described in the annexes.