Course Content
Develop evaluation plan
This topic covers: 1.1 Obtain and interpret information on organisation’s policies, procedures and compliance requirements 1.2 Develop evaluation methodology 1.3 Prepare evaluation plan, detailing established evaluation criteria and data to be collected 1.4 Confirm approval of plan from relevant stakeholders
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Identifying and gathering evidence
This topic focuses on these three steps: 2.1 Identify sources of information according to audit plan 2.2 Interview relevant stakeholders 2.3 Gather information and documentation
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Exit meeting and performance improvement
4.1 Review, assess, and reach agreement on audit team findings according to audit plan 4.2 Prepare for exit meeting 4.3 Examine results and findings against audit objectives and present to relevant stakeholders 4.4 Confirm reporting arrangements for the quality audit with the auditee 4.5 Explain context and consequences of audit and discuss follow-up 4.6 Review and submit final audit report according to audit plan 5.1 Provide feedback on performance to audit team 5.2 Encourage and support audit team to review their own work 5.3 Provide and document advice for individual improvement
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BSBAUD512 Lead quality audit
About Lesson

Download the two examples of audit plans from the exercise files. Identify the various components of the plan in each, and see where these could be improved to use in your own audits.

An audit plan is a comprehensive blueprint designed by auditors that outlines the strategy and detailed approach for conducting an audit. It serves as a roadmap for the audit process, ensuring that the audit is performed efficiently, effectively, and in a systematic manner. The audit plan is developed after the preliminary assessment of the entity being audited and is tailored to its specific context, including the nature of its business, industry, and any associated risks.

Key Components of an Audit Plan include:

  1. Objectives: Clearly defined goals of the audit, outlining what the audit intends to achieve. This could include assessing compliance with applicable laws and regulations, evaluating the effectiveness of internal controls, or verifying the accuracy of financial statements.

  2. Scope: Specifies the boundaries of the audit, including the areas and functions to be examined, the time period covered, and the extent of the examination. It defines what is included in the audit and what is excluded.

  3. Methodology: Describes the strategies and techniques that will be employed to conduct the audit. This includes the nature, timing, and extent of audit procedures to be used in gathering and evaluating evidence.

  4. Resources: Details the allocation of resources for the audit, including the assignment of team members based on their skills and expertise, the estimated time budget for each phase of the audit, and any tools or technology that will be utilized.

  5. Schedule: A timeline for the audit, including key milestones, deadlines for completing various segments of the audit, and the timing of audit team meetings.

  6. Risk Assessment: An evaluation of the risks associated with the area being audited, including the risk of material misstatement in financial audits or the risk of non-compliance in compliance audits. The plan outlines how these risks will be addressed.

  7. Communication: Plans for how and when communication will occur both within the audit team and with stakeholders, including the format and frequency of updates and reports.

  8. Documentation: Guidelines for documenting the audit procedures performed, evidence obtained, and conclusions reached. This is crucial for supporting the audit findings and providing a basis for the audit report.

The audit plan is a dynamic document and may be adjusted as the audit progresses and new information comes to light. It ensures that the audit is conducted in a focused and effective manner, with a clear understanding among the audit team and stakeholders about the audit’s objectives, scope, and approach.

Exercise Files
Audit_Plan_Template_RTO_Trainer_Assessor_Compliance.docx
Size: 29.86 KB
Audit_Plan_Template_RTO_Management_Systems.docx
Size: 31.76 KB