Module 4.overall risk assessment.see red highlights.source CGA.CPA.Ontario.2015.docx - Module 4 Planning the internal audit Overview Modules 1 to 3

Module 4.overall risk assessment.see red highlights.source CGA.CPA.Ontario.2015.docx

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Module 4: Planning the internal audit Overview Modules 1 to 3 discuss the internal audit activity, the various types of audits performed by internal auditors, and the risk principles that form the basis for much of contemporary internal auditing. Modules 4 to 6 look in more detail at how internal auditors actually carry out their function. Module 4 covers the planning phase of internal auditing, from long-term planning, which sets the overall strategic audit direction for several years, to annual audit plans. You learn how to plan a specific audit engagement including determining the scope of the engagement and the engagement resource requirements, adapting programs or plans in response to new and/or emerging professional standards, and developing or modifying appropriate procedures for an engagement. The module concludes with a case study to reinforce the concepts learned so far. Test your knowledge Begin your work on this module with a set of test-your-knowledge questions designed to help you gauge the depth of study required. Learning objectives 4.1 Internal auditing process Identify the main phases of the internal auditing process and explain their purposes; explain how to incorporate ethics into the process. (Level 1) 4.2 Internal audit planning process Outline the steps for preparing the different types of plans in the planning phase of internal auditing. (Level 1) 4.3 Long-term planning — Overview Explain the steps for preparing a long-term audit plan, including how an audit universe is defined and factors that may affect overall risk assessment. (Level 2) 4.4 Long-term planning — Risk assessment matrix Explain how a risk-assessment matrix is used for long-term audit planning. (Level 2) 4.5 Long-term planning — Case study Outline the process of preparing a long-term audit plan. (Level 2) 4.6 Short-term audit planning Explain how the auditor plans a short-term (annual) audit plan. (Level 2) 4.7 Engagement plannin g Design a specific audit engagement plan (including determining the scope, objectives, and audit criteria), and list seven design areas that must be considered. (Level 1) 4.8 Engagement planning — Case study Design a plan for a specific audit engagement using information from a case study. (Level 1) Module summary Print this module Course Schedule Course Modules Review and Practice Exam Preparation Resources 4.1 Internal auditing process Learning objective Identify the main phases of the internal auditing process and explain their purposes; explain how to incorporate ethics into the process. (Level 1) No required reading LEVEL 1 The internal auditing process normally consists of four phases: planning, examination, reporting, and monitoring. Exhibit 4.1-1 outlines each phase and the key steps included in each. Exhibit 4.1-1: Overview of the internal auditing process 1
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