Audit includes various activities, such as audit planning, resource allocation, determining audit scope and audit criteria, reviewing and evaluating audit evidence, forming audit conclusions, and reporting to management. All these activities are integral parts of audit, and project management techniques are equally applicable for audit projects.
The following are the basic steps for managing and monitoring audit projects:
The activities mentioned in the preceding figure are performed to achieve some specific audit objectives. This is also discussed in the next topic.
Audit objectives
Audit objectives are the expected outcome of the audit activities. They refer to the intended goals that must be accomplished by the audit. Determining the audit objective is a very important step in planning the audit activity. Generally, audits are conducted to achieve the objectives mentioned here:
- To confirm that internal control exists
- To evaluate the effectiveness of internal...
