Audit Planning

Posted on Nov 1, 2010

It’s that time again. Creating or updating the audit plan for the next calendar year. Most audit groups probably create a risk-based plan — which essentially means we start with some sort of risk assessment and determine the audits that should be on the plan — then try to figure out if there are enough hours to complete the work we propose to do. There is a brief discussion among the audit leadership team. Managers and directors trying to get more hours and resources. CAEs thinking that 250 hours for an audit is an enormous amount of time — nostalgically remembering their days in public accounting when they used to be able to complete audits in record time (conveniently forgetting that those jobs were always miserably over budget). Seniors and staff wondering why everyone is huddled behind closed doors all the time — secretly hoping that there are exotic locations to travel to on the new plan and that the travel budget is reasonable.

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