1. Internal Audit Life Cycle1 2 3 4
Develop Internal
Audit Scope
Internal Audit
Planning and
Kick-off Meeting
Perform
Fieldwork &
Status Updates
Obtain Management
Concurrence
and Responses 8 7 6 5
Performance Standard Engagement Planning (Audit Scope, Planning and Kick-off) Internal auditors should develop and record a plan for each engagement, including the scope, objectives, timing and resource allocations.
Performance Standard Performing the Engagement (Fieldwork and Status updates) Internal auditors should identify, analyze, evaluate, and record sufficient information to achieve the engagement's objectives.
Performance Standard Communicating Results (Draft report, Exit/Wrap-up meeting, MAPs, Issue report, Audit Committee presentation, MAP follow-up) Internal auditors should communicate the engagement results.
Pre Audit Comm.
Meetings with Audit
Chair
Issue final
Internal
Audit Report
Exit Meeting with
department
Draft Internal
Audit Report
Open Issues
Follow-Up 9 10
Report to
Audit/Finance
Committee