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Dalton, Walton, & Carlton, Inc. Project Plan: Audit

     This document describes the IT audit project undertaken by auditors at Dalton, Walton, & Carlton (DWC).  It will define the project in phases with actions in both generic and specific terms.

 

Phase 1. Initiation

1.1 Formation and selection of audit team.  Audit team members will be tentatively selected based upon the type and expected goals of the audit.  Strengths and weaknesses will be balanced and targeted towards the type of audit.  The goal is to pair one auditor to each functional area and a single contact for that area, whether it is a manager or experienced employee.

1.2 Initial meeting with DWC executive managers.  The audit team will meet initially with DWC management to introduce themselves and inform the management how the process works and the overall goals of the audit.  Auditors will lay out the audit plan project and discuss any anticipated challenges and potential focus areas.

1.3 Business orientation.  DWC managers will give an overview presentation to orient auditors to the business and its operating environment.  The overview will focus on general methods and processes.

1.4 Determine audit objectives.  Audit objectives will be established to help guide and focus audit events.  Audit objectives will be refined in the planning phase when details and additional risks become more evident.

 

Phase 2. Planning

2.1 High-Level (Strategic) Review.  Review risk assessments, previous audit results, and strategic policies/documents.  These documents will reveal strengths and weaknesses along with risks.  Once risks are understood, the next review step will help reveal whether risks are mitigated or reduced by established controls.

2.2 Tactical Review.  Review procedures and process documents. Review tactical planning documents.  These reviews focus on processes and procedures in order to identify risks that remain and pose the greatest potential for problems.  Both internal and external control requirements and regulatory requirements are reviewed.  These are focus areas for auditors.

2.3 Determine review areas.  These focus areas determine the nature and order of audit review actions.  This is the point where the audit plan is refined to become a plan of action.  Both the audit team and the management team will agree on the audit execution plan before beginning the execution phase.