Practice Guide: Developing the Internal Audit Strategic Plan - eBook

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Practice Guides provide detailed guidance for conducting internal audit activities. They include detailed processes and procedures, such as:

• Tools and techniques,
• Programs
• Step-by-step approaches
• Examples of deliverables

Practice Guides are part of The IIA's International Professional Practices Framework. As part of the Recommended category of guidance, compliance is not mandatory, but it is strongly recommended and the guidance is endorsed by The IIA through formal review and approval process.

For internal audit to remain relevant, it must adapt to changing expectations and maintain alignment with organizational objectives. The internal audit strategy is fundamental to remaining relevant — playing an important role in achieving a balance between cost and value, while making meaningful contributions to the organization’s overall governance, risk management, and internal controls.

A systematic and structured process can be used to develop the internal audit strategic plan, helping to enable the internal audit activity to achieve its vision and mission. This Practice Guide, Developing the Internal Audit Strategic Plan, discusses critical steps necessary to develop a comprehensive internal audit strategic plan including:

• Understand the relevant industry(ies) & the organization’s objectives
• Consider the IPPF Standards and Guidance
• Understand stakeholder expectations
• Update the internal audit vision and mission
• Define the critical success factors
• Perform a SWOT analysis
• Identify key initiatives