Develop an efficient, effective audit strategy and revise the audit program as appropriate so it will reasonably assure timely completion of the audit in accordance with internal audit standards, and generally accepted auditing standards. Identify areas that require special consideration. The extent of the tests performed during this phase is dependent on auditor judgment, rather than on pro forma audit programs. Materiality of the amounts involved and the relative risk of the existence of errors or other irregularities are other factors to be considered when planning tests. Previous internal audit exceptions are followed up to determine whether adequate corrections have been made.
Objectives Execute the approved audit program for the audit.
Prepare audit work papers that show work accomplished to satisfy audit program steps. Prepare preliminary findings for conditions noted. Obtain management responses to preliminary findings. Hold the closing conference. Objectives Complete work paper files.