Internal audit

Define the audit objectives and scope

Identify the audit team members

Develop a preliminary timeline for the audit

Gather relevant background information and documents

Conduct a risk assessment to identify key areas of focus

Schedule meetings with key stakeholders

Prepare audit programs and checklists

Ensure all necessary tools and resources are available

Communicate the audit plan to relevant departments

Conduct interviews with staff and management

Perform tests of controls and substantive procedures

Document findings and evidence collected

Evaluate compliance with policies and regulations

Draft the audit report outlining findings and recommendations

Review the report with the audit team for accuracy

Present findings to management and stakeholders

Finalize and distribute the audit report

Here are some additional steps you could include in the Reporting section of your internal audit checklist

Ensure compliance with relevant auditing standards and guidelines

Include management responses and action plans in the report

Schedule a debrief meeting with management to discuss the report

Collect feedback from management on the report for future improvements

Archive the audit report and supporting documentation securely

Monitor the implementation of recommendations and action plans

Evaluate the effectiveness of the audit process after report distribution

Prepare a summary report for the audit committee or board, if applicable

Conduct a post-audit review to assess overall audit performance

Update the audit universe and risk assessments based on findings

Develop an action plan for addressing audit findings

Schedule follow-up meetings to discuss progress

Monitor the implementation of recommendations

Conduct a follow-up audit, if necessary, to ensure compliance

Here are some additional steps you might consider adding to the Follow-Up section of your internal audit checklist

Review and update the audit findings documentation to reflect current status

Communicate findings and progress updates to relevant stakeholders

Assess the effectiveness of implemented recommendations through feedback from stakeholders

Set specific timelines for each action item in the action plan

Identify and address any barriers to implementation of recommendations

Provide training or resources to staff responsible for implementing changes

Record and analyze any changes in risk exposure resulting from implemented recommendations

Create a follow-up report summarizing progress and outstanding issues for management review

Ensure that all action items are clearly assigned to responsible individuals or teams

Evaluate the overall impact of changes made in response to audit findings on organizational processes