Internal Audit Handbook（2007）D3-Annual Risk-Based Audit Planning.pdfVIP

Special Topics and Supplementary Discussion D | 3 | 3.1 Annual Risk-Based Audit Planning Inventory of Possible Audit Topics 3 Annual Risk-Based Audit Planning 3.1 Inventory of Possible Audit Topics 3.1.1 Identification of Possible Audit Topics Key Points ••• • A large variety of sources may help identify possibly auditable topics. • Internal sources include Internal Audit itself and other corporate departments as well as the Key Scopes defined by Internal Audit. • Among the external sources for auditable topics are the external auditors, and other internal audit departments. At GIAS, the annual risk-based audit planning phase is divided into the following ttheoreticallyheoretically PossiblePossible sub phases: creation of risk profiles for all possibly relevant audit topics, compila- andand PracticallyPractically FeasibleFeasible AuditAudit t topicsopics tion of the audit inventory, and creation of the annual audit plan. However, the foundation of the actual planning phase is an ongoing, more or less formalized process of identifying possible audit topics. Generating audit topics is most prolific when focused on what are theoretically possible and at the same time practically feasible topics, i.e. topic and content must be plausible and have a relevant practical application. A large variety of sources may be tapped for identifying possible topics, e.g., Internal Audit itself, corporate functions, all members of management, and employees from differe