Internal Audit Cycle
(Audit Process)

Selection Phase

Execution Phase

Reporting Phase

Follow-Up

Planning Phase

Risk Assessment each calendar year (company Ocjectives Risks)

Audit Plan for the subsequent year

Audit Plan review before execution

Information (Data) Collection

Contact with the client

Discuss purpose and Risk factors

Objective and scope

Timing of the fielwork anf report distribution

Fieldwork

Communication (status meeting)

  • Observations
    -Potentials Findings
    -Recomendations

Summary of the Audit Findings

Remediation Plan vs Time frame

Final Report

Audit findings tracking

Evidence of the resolution

Data Organization