Planning of the internal audit
- For each audit the audit team/internal auditor prepares an audit plan.
Letter of authorization
- The internal auditor should be provided with a letter of authorization signed by the head of the internal audit unit;
- The letter of authorization of the head of the internal audit unit should be signed by the head of the subject;
- The letter of authorization of the external expert for performing internal audit engaged by the head of the subject should be signed by the head of the internal audit unit.
- Sending a letter to the audited organizational units asking for information on the systems and processes that are subject of the audit;
- Organizing an initial meeting with heads of the audited organizational units;
- A copy of Internal Audit Charter should be handed to all persons present at the meeting.
Preparing an Audit Program for each internal audit
- The head of the internal audit unit or internal auditor signed by him prepares a program for each audit and specifies internal auditors for the specific audit.
- Field work consists of objective collection of evidence for passing professional assessments on the systems and processes subject to the audit and performance of the all audit procedures specified in the Audit Program in order to accomplish the audit objectives;
- The audit team/internal auditors performing the field work should apply the following methodology, in line with the international standards and the best international professional practice: monitoring, confirming, verifying, research, analyses and evaluation.
Preparation of the Internal Audit Report
– Preparation of the Report should follow three stage paths:
Interim Report – is the first draft of the Internal Audit Report which is presented to the audited unit at the final meeting with the aim of achieving agreement on the content of the report and acceptance of the auditors’ recommendations;
Draft Report – is the first official version of the Internal Audit Report including the conclusions reached at the final meeting as well as executive summary;
Final Report – contains the final version of the executive summary modified in line with the accepted comments from the auditee, reply from the auditee and final schedule for the implementation of the recommendations and it is sent to the head of the subject and to the heads of the audited organizational units.