INTERNAL AUDIT WORK PLANS

DO YOU DRIVE CHANGE, OR ARE YOU WAITING TO BE DRIVEN?

The Institute of Internal Auditors' definition of internal audit recommends a "disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes". A work plan achieves this.

Our recommended approach is as follows:

1. Carry out a risk assessment; report results; suggest a total number of audit days per cycle. This exercise is valuable in its own right.
2. Agree a budget and detailed internal audit work plan listing assignments.
3. Carry out work in accordance with the plan.
4. Clear findings and recommendations with management.
5. Produce a report in our house style or a format chosen by the client.
6. Follow up status of previous audit recommendations.
7. Attend periodic review meetings, including audit committee meetings.
8. Review the work plan periodically to reflect changes in risks and controls.

Costs

Our typical Work Plan Approach is based on the following day rates:

SKILL LEVEL	£STERLING per day	€EURO per day
Audit Manager/Team Leader	from 430	from 480
Senior Auditor	from 390	from 430
Audit Technician	from 340	from 375
IT Auditor/Computer Auditor/VFM	from 840	from 925

In the UK, the above amounts are usually subject to VAT but if you are a charity please enquire.
A composite rate may be negotiated instead of differential rates. Expenses may additionally be chargeable.

We can agree a fixed annual budget if preferred, for which you can opt for 12 monthly instalments.

Please enquire about costs of our other services, terms of business, ethical and other policies.