An internal audit should have four general phases of activities—Planning, Fieldwork, Reporting, and Follow-up. The following provides a brief synopsis of each phase.
What are the 4 phases of an internal audit process?
Although every audit process is unique, the audit process is similar for most engagements and normally consists of four stages: Planning (sometimes called Survey or Preliminary Review), Fieldwork, Audit Report and Follow-up Review. Client involvement is critical at each stage of the audit process.
What are the 7 steps in the audit process?
- STAGE 1- APPOINTMENT. …
- STAGE 2- RISK ASSESSMENT. …
- STAGE 3- AUDIT APPROACH. …
- STAGE 4- ADMINISTRATION. …
- STAGE 5- AUDIT TEAM BRIEFING. …
- STAGE 6- CLIENT SERVICE. …
- STAGE 7- CLIENT COMMUNICATION.
