A strategic audit plan is crucial for a business, no matter the size, be it a small or large organisation. When developing a strategic audit plan, there are various steps one should consider. The auditors at GCS Malta outline these steps in the following article.
Keep lines of communication open.
Communication is vital to developing successful audit processes. Lorin Venable, states that ” I spend half my time communicating with our stakeholders.” Such stakeholders include the Defense department leaders, military services personnel and congress. The expectations are determined from communication and listed in detail the approach in the plan. Communication needs to continue until the end of the process.
Build in flexibility.
The plan is not fixed but needs to be a good, sound plan. Your plan should be well thought out, and you must agree with your client, whether it is the mom-and-pop retail business down the street or the Department of Defense. Due to such changes caused by disruptions to the plan, it is required to have a flexible plan. Venable recommends reviewing available guidance on flexibility and tools available.
Consider Human Resources.
Before implementing your strategic plan, you need to ensure you have the resources needed available. Venable says our audit plan builds in strategies to shift resources to help teams that may need extra help without hindering the workload of the other teams.
Monitor your audit plan all year.
Starting each January, auditing is a continuous process. Such scanning processes include monitoring rules; guidance pushed out through the federal government and the Defense Department, and standard accounting and auditing guidelines and updates.
Why GCS Malta?
The auditors at GCS Malta have the various experience to cater to and aid businesses with such issues. So leave all audit planning with our auditors. Get in touch today for more information.
