New Internal Auditor Onboarding – Part 2: Managing, Planning, and Delivering Audit Engagement

What Will You Learn?

• Establish and operate internal audit policies and procedures effectively
• Perform key administrative activities that support a high-performing audit function
• Identify and justify sources of potential audit engagements
• Apply risk management frameworks to prioritize the audit universe and annual plan
• Differentiate and apply assurance engagement types appropriately
• Differentiate and apply consulting engagement types appropriately
• Coordinate internal audit work with other assurance providers to reduce duplication
• Communicate the annual audit plan clearly to stakeholders
• Report significant risk and control issues in a timely, structured way
• Report on overall effectiveness of governance, risk management, and controls
• Define and use internal audit KPIs to measure value and performance
• Determine engagement objectives, criteria, and scope based on stakeholder needs and risks
• Plan engagements to identify key risks and controls efficiently
• Perform a detailed risk assessment of the audit area
• Develop a complete engagement work program aligned to risks and objectives
• Allocate resources appropriately for engagement delivery
• Conduct information gathering and preliminary surveys to understand the audit area
• Use checklists and risk-and-control questionnaires to standardize fieldwork
• Apply sampling and basic statistical analysis to support conclusions
• Use CAATs to improve audit efficiency and coverage
• Evaluate evidence for sufficiency, reliability, relevance, and usefulness
• Apply process mapping and analytical approaches to assess controls and workflows
• Use analytical review techniques to detect anomalies and trends
• Prepare high-quality workpapers and documentation that support conclusions
• Develop defensible engagement conclusions based on evidence
• Supervise engagements to ensure quality and consistency
• Conduct preliminary communications with clients to align expectations
• Apply communication quality standards and essential report elements
• Use interim reporting when urgent issues require early escalation
• Formulate practical, risk-based recommendations that improve controls
• Execute the reporting process from drafting to final issuance
• Assess residual risk after evaluating controls and recommendations
• Communicate risk acceptance appropriately and document it
• Assess engagement outcomes and client action plans
• Monitor and follow up to confirm implementation and risk reduction