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Module 4: Planning the internal auditOverviewModules 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 inmore 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 overallstrategic audit direction for several years, to annual audit plans. You learn how to plan a specific auditengagement 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, anddeveloping ormodifying appropriate procedures for an engagement. The module concludes with a case study to reinforce theconcepts learned so far.Test your knowledgeBegin your work on this module with a set of test-your-knowledge questions designed to help you gauge thedepth of study required.Learning objectives4.1 Internal auditing processIdentify the main phases of the internal auditing process and explain their purposes; explain how toincorporate ethics into the process. (Level 1)4.2 Internal audit planning processOutline the steps for preparing the different types of plans in the planning phase of internal auditing.(Level 1)4.3 Long-term planning — OverviewExplain the steps for preparing a long-term audit plan, including how an audit universe is defined andfactors that may affect overall risk assessment. (Level 2)4.4 Long-term planning — Risk assessment matrixExplain how a risk-assessment matrix is used for long-term audit planning. (Level 2)4.5 Long-term planning — Case studyOutline the process of preparing a long-term audit plan. (Level 2)4.6 Short-term audit planningExplain how the auditor plans a short-term (annual) audit plan. (Level 2)4.7 Engagement planningDesign 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 studyDesign a plan for a specific audit engagement using information from a case study. (Level 1)Module summaryPrint this moduleCourse Schedule Course Modules Review and Practice Exam Preparation Resources4.1 Internal auditing processLearning objectiveIdentify the main phases of the internal auditing process and explain their purposes; explain howto incorporate ethics into the process. (Level 1)No required readingLEVEL 1The internal auditing process normally consists of four phases: planning, examination, reporting, andmonitoring. Exhibit 4.1-1 outlines each phase and the key steps included in each.Exhibit 4.1-1: Overview of the internal auditing process1