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Internal Audit (IA) standards have long established the practice
of planning audit coverage in areas of significant risk that
could lead to damages or liability, operational inefficiencies,
underachievement of objectives or reputational loss. In the
current government environment, IA planning must place even
greater emphasis on risk and other "drivers" of
audit such as government-wide priorities, key IA strategies
and policy expectations
WC Audit Planning tool is designed to:
- Establish a Workable Audit Universe and Coverage Strategy
- Integrate with Broader Management of Risk Initiatives
- Consider Strategic Planning Directions
- Provide an Annual Assessment of Overall Materiality and
Risk
- Anticipate Reporting on Risk, and
- Consider the Requirement to Provide Assurance
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