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Internal Audit Cycle (Audit Process) - Coggle Diagram
Internal Audit Cycle
(Audit Process)
Selection Phase
Risk Assessment each calendar year (
company Ocjectives Risks)
Audit Plan for the subsequent year
Audit Plan review before execution
Execution Phase
Fieldwork
Data Organization
Communication (
status meeting
)
Observations
-Potentials Findings
-Recomendations
Reporting Phase
Summary of the Audit Findings
Remediation Plan vs Time frame
Final Report
Follow-Up
Audit findings tracking
Evidence of the resolution
Planning Phase
Information (Data) Collection
Contact with the client
Discuss purpose and Risk factors
Objective and scope
Timing
of the fielwork anf report distribution