Create a Audit Calendar

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Internal audit process might include quarterly,half-yearly or yearly auditing ,that depends upon mutual dealing and requirement of client. This page covers the internal audit work we will perform relating to respective industry and requirement.This schdeule can be dynamic also,like some areas may only need to be audited annually, while some departments may require more frequent audits.

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Areas for Auditing

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Internal Audit focuses on the specific risks relevant to the Company.  This intends to cover operations of Head Office and Plant Locations respectively.

Identifying departments that need to audited by under policies and procedures written by the organization.This can include areas as complex as manufacturing processes or as simplistic as accounting procedures.

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The major audit areas need to be covered in an Internal audit (click on tabs to view checklist) are mentioned below-

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• Procure to Pay (Click to view)

• Order to Cash (Click to view)

• Fixed Assets Review (including insurance coverage, scrapping etc.) (Click to view)

• Taxation Compliances (Direct and Indirect) (Click to view)

• Legal Compliance(Click to view)

• Treasury (Click to view)

• Product Costing (Click to view)

• Production, Planning & Control (Click to view)

• Human Resources & Payroll (Click to view)

• Insurance (Click to view)

• Information Technology General Controls (Click to view)

• Plant Maintenance & Engineering (Click to view)

• Inventory Management (Click to view)

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Alert Departments of Scheduled Audits

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It is simply common courtesy to give departments notice of an audit so they can have the necessary documents and materials ready and available for the reviewer.A surprise audit should only be done if there is suspicion of unethical or illegal activity.Department managers should not feel threatened by an auditor but view them as a valued resource to help them better manage their area.

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Interview Users

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The auditor should interview employees and ask them to explain their work process.Compare the process, as the employee explained it, to what the written policy says.Moreover after getting any bug, issue or any query ,explain it to staff before reporting it.

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Delivering the plan

 

There should be a pre-defined timetable for the delivery of reports based in turn on the availability of information from the organization.

 

Reporting the plan

 

Internal Audit Reports should be properly documented ,should be submitted within deadline and approved by management after each period.Remember,discussion on any aspect on planned work with the audit committee should be done before getting approval.