Phases of Internal Audit
This phase focuses on evidence gathering and fieldwork.
What is examination?
The population of all possible audit subjects.
What is the audit universe?
This document outlines organizational goals and key risks.
What is the strategic plan?
The planet closest to the sun.
What is Mercury?
Audit conclusions and recommendations are communicated in this phase.
What is reporting?
Used to prioritize units for audit based on risk.
What is a risk matrix?
A plan spanning 2–3 years is based on this principle.
What is risk prioritization?
This animal can’t jump.
What is an elephant?
This final phase tracks remediation and follow-up.
What is monitoring?
This aligns each audit unit with key organizational risks.
What is risk mapping?
Flexibility in the plan allows for these surprises.
What are emerging risks or unplanned events?
Plants absorb this gas from the atmosphere.
What is carbon dioxide?