4 Key Steps on How to Conduct a Good Internal Audit

  Assignment Help  3rd Jun 2020

An organization is a trust able entity as long as it is able to meet its goals and objectives while maintaining the authenticity of the records. This fact makes auditing a crucial part of a business organization. In this digital era where an organization is a legal object to market risks, it is become important to conduct an internal audit to maintain and enhance credit ability of the financial statement with users, stakeholders, lenders, and investors. Many companies hire their own auditors to conduct an internal audit to identify; issues that are occurring during the production process and what can be done to cover them. But are the companies making the most out of the internal audit? How do they know if the conducted audit is good or not? To resolve the confusion, here we have mention 4 steps to conduct a good internal audit. In addition, Students who are writing an assignment on the subject can hire Internal auditing assignment to write an assignment on the auditing process.

Step 1: Plan your Audit in Advance?

The first thing you need to do with the system before conducting the audit is to find out does it really stand out on its words? It doesn’t mean that lots of things need to be written in the document but it means that whatever is written is need to be correct. Apart from this, you need to comprehend:
  • Why was the audit approved to be on the initial audit?
  • How does the internal audit will benefit the organization?
  • What are the major risks you will discuss in your audit?

Step 2: Initial Document Request List

After analyzing the objective and risks, acquiring an initial document is the next possible step of conducting the audit. Along with asking the access for the process data to observe for trend and highlights, the following things should be requested as a part of the auditing process:
  • All the organization policies, charts, and documents, etc.
  • Major reports to determine the success, effectiveness, and efficiency of the organization.
  • Information about the applications used in the process.
  • Description of the master data including all the data attributes and fields.
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Step 3: Analyses Risks Incorporated with the Business Process

Conducting an internal audit on the basis of the company information make it easier to observe the effectiveness of the procedure. However, seeking out the external audit is necessary to ensure that internal audit is keeping pace with ever-changing business landscape to design controls and activities correctly. Auditors can use one of the following while evaluating the process during the audit:
  • Subject Matter Expert (SME).
  • Membership to the most relevant trade association

Step 4: Create an Audit Schedule

The scheduled date provides advance notice to the departments about the upcoming audit. This will allow them to prepare the necessary documents and records for the audit. The internal audit will also help the businesses to collect the resources necessary for the audit. An auditor should know that surprised auditing is not required as it can make disengagement and stakeholder can feel threaten by sudden action. That’s enough for today… the further steps will be discussed in the next blog until then, stay tuned to BookMyEssay and hire assignment writing help service in Australia (if needed) at an affordable price.


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