I.4 Internal Audit Engagement Checklist Template

Code of Ethics

Signed Independence form(s)

2200
2210

Engagement Planning

• Development of a plan that includes the engagement’s objectives, scope, timing, and ressources allocations.

2201

Planning Considerations

• The strategies and objectives of the activity being reviewed and the means by which the activity controls its performance.

• The significant risks to the activity, its activity's objectives, resources, and operations and the means by which the potential impact of risk is kept to an acceptable levels (refer to the Engagement Risk Assessment Template (Proxi 1441267)).

• The adequacy and effectiveness of the activity's governance, risk management, and control processes compared to a relevant framework or model.

• The opportunities for making significant improvements to the activity's governance, risk management, and control processes.

2210

Engagement objectives(s)

In establishing engagement objectives, consideration has been given to:

• The conduct of a preliminary assessment of the risks relevant to the activity under review. Engagement objectives must reflect the results of this assessment. (Standard 2210.A1)

• The probability of significant errors, fraud, noncompliance, and other exposures when developing the engagement objectives. (Standard 2210.A2)

• Internal auditors must ascertain the extent to which management and/or the board has established adequate criteria to determine whether objectives and goals have been accomplished. (Standard 2210.A3 excerpt)

2220

Engagement scope considers the following:

• Relevant systems, records, personnel, and physical properties, including those under the control of third parties. (Standard 2220.A.1)

2230

Engagement Resource Allocation

• Determination of resource requirements to achieve the engagement’s objectives.

2240

Engagement Work Program developed and documents work performed.

• Approved prior to execution (Standard 2240.A1)

• Includes procedure for identifying, analyzing, evaluating and documenting information. (Standard 2240.A1)

2300

Performing the Engagement

• Internal auditors must identify, analyze, evaluate, and document sufficient information to achieve the engagement's objectives.

2310

Identifying Information

• Internal auditors must identify sufficient, reliable, relevant, and useful information to achieve the engagement's objectives.

2320

Analysis and Evaluation

• Internal auditors must base conclusions and engagement results on appropriate analyses and evaluations.

2330

Documenting Information

• Internal auditors must document sufficient, reliable, relevant, and useful information to support the conclusions and engagement results and conclusions.

2340

Engagement Supervision

• Engagements must be properly supervised to ensure objectives are achieved, quality is assured, and staff is developed.

2400

Communicating Results

• Internal auditors must communicate the results of engagements.

• Communication must include the engagement’s objectives, scope and results.

• Final communication of engagement results must, where include applicable conclusions, as well as applicable recommendations and/or action plans. Where appropriate, contain the internal auditors' opinion and/or conclusions. (Standard 2410.A1)

• When an overall opinion is issued, it must take into account the strategies, objectives, and risks of the organization; and the expectations of senior management, the board, and other stakeholders. The overall opinion must be supported by sufficient, reliable, relevant, and useful information. (Standard 2450 Overall Opinion)

• Acknowledgement of satisfactory performance in engagement communications (Standard 2410.A2)

2420

Quality of Communication

• Communications must be accurate, objective, clear, concise, constructive, complete, and timely.

2440

Disseminating Results

• The chief audit executive must communicate results to the appropriate parties.