Importance of Audit Planning for Process Based Internal Audit

Abstract

For successful completion of audit assignment, one of the basic need is proper audit planning. A detailed audit plan would cut the time in field work and reporting. Due to a well thought out plan, the Internal Auditor knows which areas are more risks to be concentrated in audit and also have a subject expert to guide the team. This adds value to the audit assignment and would immensely beneficial for both the auditor as well as the audit customer. In this article, it is explained the need for process based internal audit, importance of audit planning and the steps of planning process.