Work Plan

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 dynamic annual work plan can best achieve this.

Our recommended approach is as follows:

1. Carry out a risk assessment and report on the results. The report suggests an estimated total number of audit days per cycle. This exercise is valuable in its own right.
2. Based on the risk profile, we agree a budget and detailed work plan, listing individual assignments to be carried out.
3. Carry out work in accordance with the plan.
4. Clear findings and recommendations with management.
5. Produce a draft, and later a final 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 annually or more frequently to reflect changes in the risk and control profile and the results of recent audits.

Costs

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

In the UK, the above amounts are subject to VAT.
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 we would seek 12 monthly instalments.

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