CHAPTER 16 Planning Audits and Understanding Project Management

Internal auditors are faced with their own and management demands to plan and complete their internal audits in a timely fashion, making efficient use of available audit resources, and to complete internal audit reviews of the overall array of internal audit candidates in their audit universe. Even though the audit committee, senior enterprise management, or even internal audit management may request that some area or function should be audited, internal audit needs a plan to perform such individual reviews. Internal auditors should think of performing an individual internal audit as a project, a special effort that requires planning, budgeting, and the allocation of resources. Each audit is a one-time effort that requires planning, execution, and a formal audit report. This chapter first discusses the overall process of project planning and then expands those general project planning techniques to planning for individual internal audits.

Internal auditors will need to assess the effectiveness of project management internal controls in many of their operational reviews, as well as use good project management techniques in many of their internal audit activities. Effective project planning techniques are important in many areas of enterprise activity, whether it be moving office facilities, launching a new marketing effort, or implementing a new IT system, and internal auditors should have a common body of knowledge ...

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