The planning phase includes establishing the scope and objectives of each audit engagement. The plan document also includes budget, timeline, and resources assignments to perform the audit.
Once the audit plan is established and approved by the audit committee, the CAE communicates the audit scope and objectives to the business manager.
This communication also outlines the key audit tasks, such as a formal meeting with the managers, controls documentation requests, and other necessary audit steps.
At InFission, the CAE establishes the audit plan, which is approved by the Audit Committee. The CAE ensures that the internal audit resources are appropriate, sufficient, and effectively deployed to achieve the approved plan by communicating the resource needs to senior management and the board in the audit plan. The CAE is responsible for maintaining the audit standards, policies, and procedures.
InFission audit plan includes several audit engagements...