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