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DIVISION OF INTERNAL AUDIT ANNUAL AUDIT WORK PLAN For the Fiscal Year July 1, 2016, June 30, 2017Issued August 9, 2016Division of Internal Audit Suite 1800 505 Frederick St Nashville, TN 37243 Tel

How to fill out annual audit work plan

How to fill out annual audit work plan

1. Step 1: Understand the purpose of the annual audit work plan. It is a tool used by auditors to outline the scope, objectives, and timeline of the audit.
2. Step 2: Review any existing templates or guidelines provided by your organization or regulatory body.
3. Step 3: Identify the key areas or departments that need to be audited and prioritize them based on risk or importance.
4. Step 4: Define the objectives and goals of the audit for each area or department.
5. Step 5: Determine the audit procedures and methodologies to be used.
6. Step 6: Develop a timeline or schedule for conducting the audit.
7. Step 7: Assign resources and responsibilities to ensure the audit work is executed effectively.
8. Step 8: Document the audit work plan, including the scope, objectives, timelines, and assigned responsibilities.
9. Step 9: Communicate the audit work plan to relevant stakeholders, such as management and the audit committee.
10. Step 10: Implement the audit work plan by executing the planned audit procedures and documenting the findings.
11. Step 11: Monitor and report progress on the audit work plan, ensuring that deadlines are met and objectives are achieved.
12. Step 12: Review and evaluate the effectiveness of the audit work plan after completion to identify any areas for improvement or lessons learned.

Who needs annual audit work plan?

1. Organizations undergoing an annual audit, such as public companies, government agencies, or non-profit organizations, need an annual audit work plan. It helps them outline the scope and objectives of the audit, allocate resources effectively, and ensure compliance with regulations and internal controls.
2. Internal audit departments within organizations also need an annual audit work plan to plan and prioritize their audit activities throughout the year.
3. Audit committees or boards overseeing the audit function within the organization may require an annual audit work plan to review and approve the audit activities.

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What is annual audit work plan?

The annual audit work plan is a detailed outline of the audit procedures and activities that will be conducted by an organization's internal or external auditors over the course of a year.

Who is required to file annual audit work plan?

Organizations that are required to undergo an annual audit, either by law or as a best practice, are typically required to file an annual audit work plan.

How to fill out annual audit work plan?

The annual audit work plan is usually filled out by the organization's audit committee, in collaboration with the internal or external auditors.

What is the purpose of annual audit work plan?

The purpose of the annual audit work plan is to provide a roadmap for the audit process, ensuring that all necessary procedures are followed and that the audit is conducted efficiently and effectively.

What information must be reported on annual audit work plan?

The annual audit work plan typically includes information such as the scope of the audit, the audit objectives, the audit methodology, and the timeframe for completion.