Audit Plan

06/07/2021.

The audit plan is the crucial area of the audit primarily conducted at the beginning of the audit process to ensure that appropriate attention is devoted to important areas and to identify the important problems. Moreover, it is related to the concept of developing a general strategy and using a detailed approach for the expected nature, timing and extent of the audit. The audit plan addresses a few of the questions, such as:

  • What are the audit objectives?
  • Where will the audit be done?
  • When will the audit occur?
  • Who are the auditors?
  • How will the audit be done?

Advantages of Audit Plan

The audit plan is really important for any kind of industry in any sector or country and a few of the general benefits it can provide you are:

  • It helps the auditor to know the scope of the audit program.
  • It enables the company to handle important problems in time.
  • It helps in keeping the audit costs at a reasonable level
  • Ends the issue of misunderstanding with the client
  • Gives audit work a proper direction and enables the auditor to do the work smoothly.

General description of any Audit plan

The auditor should develop and document an audit plan that includes a description of:

  • The planned nature, timing, and extent of the risk assessment procedures
  • The planned nature, timing, and extent of tests of controls and substantive procedures
  • Other planned audit procedures required to be performed so that the engagement complies with PCAOB standards.

How to perform an Audit Plan through software?

The description of the whole process is given below through which you can perform the whole audit plan process through the software. This software helps you to perform all the tasks without going to any office and you can do it directly through your computer once the data is provided online on the cloud service. 

  • In the software, the audit model is present on the 9th
  • Then click on it will take you to another page.
  • On the left side of this page, there are different audit types present.
  • You can click on the 1ST Party Audit (Internal Audit).
  • In this, you will four things:
  • Customs
  • Documentation
  • GRC
  • ISO 27001
  • You can then click on the documentation option to go for its audit.
  • You can then add any kind of file through the option given on the page.
  • You can add the Policies/ Standards option for audit in the documentation.
  • After that, another huge list of options is provided through which you can choose one, for example, software development policy.
  • After this, you can select the person who is performing the audit of that particular policy.
  • You can select the due date and time for the particular audit.
  • Once the file of the audit is created, you can click on the controls to see which questions are being asked or the task needed to be done by the Auditee.
  • Each task has a specific code that can help you to find it.
  • You can edit and delete all the questions present in a specific policy.
  • You can then forward the whole policy questions to the auditee directly through the email from this software.
  • The Auditee does not have to own the software, he can simply open the link which you sent and can answer all the questions by adding the answers in the same file.
  • Once the Auditee has finished everything, you can send this file to the auditor or directly to their email address with time and date.
  • The auditor can open the file directly through the link that you sent him/her and they can perform their task on it.
  • If you handling all these tasks of compliance, you will be able to see all the comments that the auditor provided.
  • Through this software, all the work of the auditee and auditor can be done online and no one has to come to the office.

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