When I started out in business, I spent a great deal of time researching every detail that might be pertinent to the deal I was interested in making. I still do the same today. People often comment on how quickly I operate, but the reason I can move quickly is that I've done the background work first, which no one usually sees. I prepare myself thoroughly, and then when it is time to move ahead, I am ready to sprint.
Effective annual planning maximizes the internal audit function's potential to deliver high quality, value-added services. It provides an opportunity to align internal audit engagements with key organizational priorities and strategic risks, and creates an opportunity for engaging with organizational stakeholders.
Chief audit executives should consider the organization's strategic priorities and key risks as part of the annual audit planning process. In mature and established organizations they can draw on strategic documentation, including enterprise risk management planning, to inform the annual audit plan. However, where these do not exist, the chief audit executive should undertake some of this preliminary planning work before embarking on the annual planning process.
Chief audit executives are required to undertake audit planning to ensure that the internal audit function maximizes its value to the organization. This requirement is reflected in IIA Standard 2000.