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AUDIT PROGRAMS AND ESTABLISHING THE AUDIT UNIVERSE (Assessing Internal…
AUDIT PROGRAMS AND ESTABLISHING THE AUDIT UNIVERSE
Defining the Scope and Objectives of The Internal Audit Universe
Potential audible entities in terms of both
the business units or areas of operation within the enterprise
Audible
units or activities
within and accrose business units
Define several audit focal points
Assessing Internal Audit Capabilities and Objectives
Establish high-level control objectives for each of the audit universe candidates
Asses high-level risks for audit universe candidates
Coordinate the internal audit activity with other audit and governance interests
Develop high-level control objectives for audits designated by the audit universe
Develop a preliminary control assessment questionnaire for each audit
"Selling" the Audit Universe to the Audit Committee and Management
Audit universe schedule sould be prepared and updated on annual basis for audit committee review and approval
"Sell" means approval request
Audit Universe Time and Resources Limitations
Determine audits that are required on annual or semiannual basis
Determine if time and resources are available for reviews
Should not be more than 5 years, preferably 3 years
Assembling Audit Programs: Audit Universe Key Components
Audit Program Formats and Their Preparation
Types of Program Audit Evidence
Audit program is a tool for planning, directing, and controlling audit work and a blueprint for action, specifying the steps to be performed to meet audit objectives
Audit Universe and Program Maintenance
Audit universe document should be updated with regular quarterly reviews
Need to develop a standard audit program format