An internal audit is most useful when management treats it as a structured review rather than a document collection exercise. Begin by confirming the scope, responsible contacts and expected timetable.
Before fieldwork begins
- Confirm the process owners and key contacts.
- Organize policies, procedures, reports and reconciliations.
- Review earlier findings and evidence of corrective action.
- Identify unusual transactions, system changes and known control issues.
- Agree how questions and requests will be tracked.
Early preparation reduces disruption and allows the audit team to focus on risks, causes and useful recommendations.