An audit lifecycle starts with the development of the initial audit idea and ends with writing the final audit report. In this entire process, it is very important to focus on audit objectives. Determining the audit objectives in the beginning can help in streamlining the entire audit approach. This approach once finalized applies to all audits i.e. multi-location, single location etc. So how does one go about defining audit objectives. Here are some pointers:

1. Audit objectives should be specific to every audit. During each phase of the audit, as information is received, audit objectives need to be re-looked.

2. The next step is developing an audit plan which will help in achieving the audit objectives. The audit plan is more detailed and points potential areas of deficiency and suggests recommendations.

3. Audit objectives help in keeping the audit on track. At each phase in the audit, auditors can look at the objectives and determine what changes in action is required.

4. Lastly results of the audit i.e. audit findings can be summarized and conclusions can be drawn based on audit objectives. If the audit objective was met, it would result in a unqualified audit report with some potential areas of improvement.

Related Posts

Accountability Risk Factors , How to Design Internal Controls? , IT Best Practices for Section 404