As important as the budget planning at the beginning of the year and perhaps in order to provide an accurate figure are the individual audit plans. It is easy enough to guess how long an audit will take and for someone who has been auditing for a long period of time these guesses are quite accurate. However it is not very scientific and is open to error.

Initially the first step of an audit is an entrance interview with the manager of the area to be audited. This can be quite helpful in gaining an overview of the area and identifying any areas of concern that s/he may have.

The next step is to investigate the area. In the event of an application in could be advantageous to make a flow chart. Now having got an idea of the nature of the audit it is possible to draw up the audit macro plan. The plan should contain the following stages:

• Evaluation of the area (complete)

• Extraction of the data

• Analysis of data & identification of the risks

• Draft report.

• Obtaining management comment

• Issuing of report.

The draft detailed report and obtaining management comment can be done concurrently. As a risk is identified it can be documented and management comment obtained immediately.

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