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Audit TemplatesIIA

Risk-Based Audit Plan Template

A template for developing an annual risk-based internal audit plan aligned with the IIA Global Internal Audit Standards.

Risk-Based Audit Plan Template

A template for developing an annual risk-based internal audit plan aligned with the IIA Global Internal Audit Standards.

Plan components

  • Planning basis — understanding of the organization's objectives, strategies and risks
  • Risk assessment — input from management, risk function, prior audit results and external intelligence
  • Universe — auditable entities mapped to objectives and risks
  • Risk rating — each entity rated by inherent risk and assurance needs
  • Resource plan — hours, skills and budget
  • Coverage — expressed as risk coverage, not percentage of locations
  • Timing — when each engagement will be performed

Approval and flexibility

  • The plan is approved by the audit committee
  • A portion (typically 15–25%) is reserved for emerging risks and requests
  • Material changes are re-approved by the committee

Documentation to retain

  1. Risk assessment methodology and inputs
  2. Auditable universe and ratings
  3. Resource assumptions
  4. Committee approval and any amendments

A plan is credible when its coverage can be explained in terms of the organization's risks.

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