WorksheetsModule 9: Audit Planning
Total questions: 21
Worksheet time: 11mins
What is the primary goal of the internal audit framework during audit planning?
To replace external audits
To lay the groundwork for the audit plan and execution
To focus only on financial controls
To eliminate organisational risks entirely
The audit planning stage mainly focuses on:
Final reporting and corrective actions
Audit execution and interviews
A comprehensive approach to audit processes and engagement
Only documenting nonconformities
Which of the following is typically communicated through an internal audit planning memo?
Only audit findings
Corrective action deadlines
Objectives, scope, resources, period, and deliverables
Management decisions
Which question is addressed by the audit planning process?
How will corrective actions be enforced?
Why has a process been included in the internal audit plan?
Who will approve the audit report?
When will certification be granted?
The term “audit universe” refers to:
External regulatory bodies
All audit reports issued by the organisation
All business areas and operations subject to audit
Only high-risk processes
What does the audit universe help to explain?
Financial audit techniques
The organisation’s product lifecycle
The internal audit approach and strategy
Individual auditor performance
When is the risk assessment methodology implemented?
After audit execution
Before defining audit objectives
After the audit universe is defined
During the closing meeting
Risk prioritisation in internal auditing is primarily based on:
Auditor availability
Cost of audits
Impact and likelihood of occurrence
Management preference
What is the typical duration of a strategic audit plan?
1 year
2 years
3–5 years
10 years
The strategic audit plan is best described as:
A fixed plan that never changes
A short-term operational checklist
A long-term, adaptable internal audit plan
A report issued after audits
The annual audit plan is mainly designed to:
Define organisational strategy
Evaluate and mitigate risks in the upcoming fiscal year
Replace the strategic audit plan
Address only past audit findings
Who typically provides sign-off for the annual audit plan?
External certification bodies
Finance department
Asset Management Owner and ISO 55001 Steering Committee
Operational staff
The execution stage of the audit process primarily relates to:
Audit planning memos
Audit fieldwork activities
Strategic planning
Corrective action tracking
What is the purpose of the audit engagement charter?
To record audit findings
To define objectives, scope, and ISO 55001 references
To approve corrective actions
To close the audit
Why is a kick-off (entrance) meeting conducted at the start of an audit?
To issue the final report
To confirm objectives, timing, logistics, and data needs
To approve corrective actions
To assess auditor competence
Audit objectives should be:
Broad and flexible
Confidential and informal
Clear, measurable, and attainable
Defined only by top management
What is the main purpose of an audit program?
To store audit reports
To define audit steps mapped to ISO 55001 clauses
To evaluate auditor performance
To approve corrective actions
Working papers are primarily used to:
Communicate audit results to regulators
Capture and organise audit evidence and findings
Replace the audit report
Assign corrective actions
Which activity ensures consistency and completeness of audit evidence?
Risk prioritisation
Supervision and review milestones
Strategic planning
Stakeholder sign-off
What is the main objective of the closing (exit) meeting?
To train auditors
To negotiate audit scope
To review observations, confirm accuracy, and agree on next steps
To issue the final certificate
If critical risks are identified during audit fieldwork, the auditor should:
Wait until the final report
Ignore them until the next audit cycle
Issue an interim memo highlighting urgent nonconformities
Escalate only after certification
