Audit Planning: A Risk-Based Approach

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PROJECT MANAGEMENT

Internal auditors should enhance their knowledge, skills, and other competencies through continuing professional development.

—IIA Standard 1230

INTRODUCTION

This chapter sets out some of the basics regarding project management as a complement to risk-based audit planning. Many auditors get involved in long-winded projects during their career but have no particular training at planning larger projects over and above the basic audit engagement planning that relates to smaller pieces of work. Sarbanes-Oxley, ERM, control frameworks, ethics initiatives, performance management schemes, value for money initiatives, CSA programs, contingency planning, and a whole assortment of emerging topics can be led by internal audit under the consulting role. In fact, there is a call for auditors to lead on Sarbanes-Oxley preparations:

Internal auditors frequently are skilled at managing large or complicated projects, ensuring key deliverables are produced on time. The internal auditor may be asked to take on the role of lead project manager for all or part of the efforts related to complying with Section 404. A project manager may generally be responsible for monitoring progress of a project, arranging for appropriate communication of project results during the project, and monitoring adherence to the established timetable. If the internal auditor's role is restricted to these administrative tasks, objectivity would not likely be impaired. However, if the project manager's ...