1. Internal Audit Management Skills (Systematic Audit Approach)
Prepared by: Mr. L.A. Smidt (CIA, CRMA)

2. Systematic Audit Process
Step 1 = Development of the Annual Plan
Step 2 = Determination of Assignments to be performed resulting from the Annual Plan
Step 3 = Assignment Planning (Preliminary Survey)
Step 4 = Risk and Control Analysis
Step 5 = Fieldwork
Step 6 = Reporting
Step 7 = Follow-Up

3. Systematic Audit Process Annual Plan
Key things to remember during the Annual Planning process:
Refer to the IIA standard 2010
Completeness of the plan (i.e. The risk or audit universe)
Coordination of efforts (i.e. Combined Assurance)
Understand the business environment
Understand the key performance indicators (i.e. What must go right in order for the business to be successful)
Thorough understanding of the ERM framework
Obtain a complete view of the Business Universe as well as the IT universe
Consider current legislation (e.g. KYC in Financial Services & OHS in Mining Industries)

4. Risk Based Internal Audit Annual Plan
Refer to the following documents:
Annual Plan (slides) – Source: Knowledgleader.com (Protiviti)
Risk Based Internal Audit
Holistic view on Risk
The role of Internal Audit in ERM

5. Systematic Audit Process (Assignment Execution & Reporting)
Assignment Execution and Reporting
Assignment Planning
Risk and Control Analysis
Fieldwork
Audit Reporting
Follow - Up

6. Systematic Audit Process (Assignment Execution & Reporting)
Planning the Assignment
- Refer to IIA Standard 2200;2201;2210;2220
Risk and Control Assessment
Fieldwork
- Refer to IIA Standard 2240;2300;2310;2320;2330
Reporting
- Refer to IIA Standard 2400
Follow-Up
- Refer to IIA Standard 2500

7. Questions?