Importance of Audit Planning for Process Based Internal Audit

Authors

  • C. Veeraraghavan IA & AS (Retd), Practising Cost Accountant, Chennai

DOI:

https://doi.org/10.33516/maj.v55i4.23-25p

Keywords:

No Keywords.

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.

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Published

2020-04-30

How to Cite

Veeraraghavan, C. (2020). Importance of Audit Planning for Process Based Internal Audit. The Management Accountant Journal, 55(4), 23–25. https://doi.org/10.33516/maj.v55i4.23-25p

Issue

Section

Cover Story

References

Compliance Audit Guidelines by CAG of India

COSO’s Internal Control Framework

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