Regular audits have been one of the factors that helps in improving overall business performance. This can also facilitate what your business goals have achieved that may give insights to a particular organization. Based on a research, one the reasons why audits have to be carried out on a regular basis is to provide quality management system. Audits are a requirement themselves. It is always a good idea to hold on into both the internal and external audits to make sure that you have maintained the standards. In this article, you will be able to learn about audit action plans which can be beneficial for your business endeavor.
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1. Audit Action Plan Template
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3. Smart Audit Action Plan Template
4. Audit Corrective Management Action Plan
5. Internal Audit Action Plan
6. Internal Audit Improvement Action Plan
7. Performance Audit Action Plan
8. Organizational Self Audit Action Plan
9. Finance External/Internal Audit Action Plan
10. Audit Committee Development Action Plan
11. Sample Audit Action Plan
What is an Audit Action Plan?
The action plan itself comprises of the audit findings that is raised in various reports such as audit report, management report and information systems audit findings. Some of the things needed to be considered in creating an audit action plan are the addressing of audit findings, setting action plans that should be addressed within the internal and external audit, carrying out responsibilities by each of the staffs with regards to the action plan, and developing an action plan that is enough for a year to be able to resolve specific matters.
Speaking of internal audit, there are four phases that we need to talk about. First phase is the preparation. Second phase is the performance. Third phase is the reporting. Fourth phase is the follow up.
Phase 1: Preparation
When you are going to prepare for an audit, it should follow the six steps which includes notification, team selection, gathering of documentation, time table, audit plan and a checklist. Notification means you have to notify the auditee about the scope and objectives as well as the criteria and methods following an audit. Team selection means you have to select a team that someone who is suitable to become a lead auditor.
Gathering of documentation means you should be able to gather the important audit documentation for the purpose of reviewing to have a full understanding of the processes. Timetable means you should have to create a specific timetable that is efficient. Audit plan means you have to create an audit plan that is practical. Checklist means you have to combine all your checklist for the performance phase.
Phase 2: Performance
There are usually four steps that you need to take in the performance phase. These are the opening meeting, audit team meeting, conducting an audit and closing meeting. Opening meeting means introducing the team members to the lead auditor and discussing the objectives as well as their overall expectations. Audit team meeting means having to evaluate the findings and concerns and finding solution to the problem. Conducting an audit refers to the process of questioning, listening, observing, and recording of skills with the use of a checklist. Lastly is the closing meeting. It refers to having a summary of audit to be presented.
Phase 3: Audit Reporting
The report consists of a summary sheet that includes the audit number, objectives, name of auditor, list of conformities and other observations.
Phase 4: Follow Up
This is required to make sure that the auditee takes action that involves rectification of the nonconformities. The audits should be prepared, performed and reported to ensure the effectiveness.
What is included in the planning process of an audit action plan?
The planning process includes designing objectives for the audit, considering the risks associated with the objective, and designing specific audit procedures.
What is audit checklist?
An audit checklist is a tool used for comparing practices and processes with regards to business. It contains all the things that are needed for the completion of an internal audit.
What are the three types of audit?
The three types of audit includes external audits, internal audits and internal revenue service audits.
Action plans are created for a specific purpose in business. Audit action plans are said to be well-scooped and well-maintained which is essential in putting up an implementation plan for efficiency. You cannot have an audit without a plan. Financial statement audits means having to formulate about the objectives required for every financial item.
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