Internal auditing activity checklist

1. Internal audit objectives

• Determine if operational results and programs are consistent with planned goals
• Define the reliability and integrity of both operational and financial information
• Define the effectiveness of corporate programs and policies
• Find out whether current operations are in line with policies, procedures and regulations
• Track whether the company's resources are properly allocated and protected from loss and waste
• Generate cost effective improvements

2. Choosing and briefing internal auditor

• Choose a person from your staff depending on his/her qualification, experience and the issues to be examined
• Conduct a meeting with the person and explain the point
• Provide internal auditor with all background information needed for auditing activity, including:

• Organizational strategic policies, plans, and objectives
• Structure chart
• Lists of key personnel
• Internal procedures and operations
• Brief internal auditor and find out how well the auditor understood the instructions

3. Auditing strategy and regulatory requirements

• Check if regulatory requirements documentation is available and updated
• Find out if operational objectives are consistent with policy and strategic plan
• See if legal requirements are kept in standard and non-standard procedures
• Verify that individual roles and responsibilities on strategic plan are met by the following:
• Goals are specific and measurable
• Timeframes are set and met

4. Operational control

• Verify that operation and activities have been identified, and associated work instructions have been prepared
• Conduct interview with key personnel and managers to find evidence of systematic approach to the operational activities
• Check to see if work instructions and descriptions are in workplaces
• Verify that sufficient operational control is provided...

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