Developing an effective audit strategy: a springboard for success

Presented by: John Chesshire

When it comes to developing an effective audit strategy, our Global Internal Audit Standards have set us a new interesting and important requirement. Standard 9.2, Internal Audit Strategy states that “The chief audit executive must develop and implement a strategy for the internal audit function that supports the strategic objectives and success of the organization and aligns with the expectations of the board, senior management, and other key stakeholders.”.

This Standard goes on. “An internal audit strategy is a plan of action designed to achieve a long-term or overall objective. The internal audit strategy must include a vision, strategic objectives, and supporting initiatives for the internal audit function. An internal audit strategy helps guide the internal audit function toward the fulfilment of the internal audit mandate”.

Many of us have an existing audit strategy, but not everyone does. Our existing audit strategies may look very different to what the Standards are expecting of us now.

So what should we be considering when we think about our own audit strategy as internal audit teams? How should we develop it, what could it cover, what does best practice look like and how do we bring our diverse stakeholders with us through the process? Ultimately, what does an effective audit strategy look like?

Course overview