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How to prepare risk based audit plan?

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Question added by Mohammed Omer Alawad , Senior Internal Auditor , Al Emadi Enterprises
Date Posted: 2013/08/04
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To start with ,I strongly recommend a three year strategic risk -base audit plan in the case of internal audit.The process to prepare a plan can be summarized as follow: - Understanding of the business - Identification of audit universe - Identification of major risks - Risk assessment & rankings - Prepare the audit plan based on the results of the risk assessment - Present the plan for approval - Schedule resources to implement the plan

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