Internal Audit Consultant Brief
Prepared by [YOUR NAME]
Executive Summary
This brief is designed as a roadmap for the upcoming internal audit for outlining the objectives, scope, timelines, resources required, and reporting requirements. The audit team members need to use this as a guide to effectively prepare for, execute, and conclude the audit. The specific instructions and expectations towards the team members are also clear within this document.
Audit Objectives and Criteria
The audit's main objectives are to evaluate the effectiveness, efficiency, and compliance of the company's existing internal controls and procedures. The audit will use the following criteria in its assessment:
Compliance with company policies and procedures.
Legitimacy and validity of financial transactions.
Protection of company assets.
Reliability and accuracy of financial reports.
Cost-effectiveness of operations.
Scope of Work
The audit will cover all internal operations, including the following:
Financial operations, systems, and reports.
Administrative procedures.
Human resources management.
Information technology systems.
Production and operational processes.
The audit may extend or limit its scope, as deemed necessary, providing prior notice.
Timelines
Phase | Timeline |
|---|
Planning | One week |
Fieldwork | Three weeks |
Reporting | One week |
Follow-up | One week |
Resources Required
The following resources will be required:
Access to all relevant systems, documents, and personnel.
A workspace for the audit team.
A designated point of contact from the company.
Reporting Requirements
The audit team will prepare and furnish the following reports:
Audit work papers and notes.
Interim reports.
Final audit report, including findings, recommendations, and management responses.
Instructions and expectations for the audit team
The audit team is expected to comply with the highest professional and ethical standards during the audit. Instructions include:
Collaborating and maintaining professionalism with all company personnel.
Keeping all company information confidential.
Adhering strictly to the audit timelines.
Reporting any significant findings or difficulties encountered immediately.
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