Templates
Internal audit annual plan template

Internal audit annual plan template

Create a comprehensive internal audit annual plan to keep your team focused on high-priority audits, manage resources effectively, and document findings with clarity.

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  • Customize this template or build your own
  • Fill out templates via mobile app
  • Get reports and analyse your data
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or Download template as PDF
Internal audit annual plan template

Create a comprehensive internal audit annual plan to keep your team focused on high-priority audits, manage resources effectively, and document findings with clarity.

Use this template with Lumiform

  • Customize this template or build your own
  • Fill out templates via mobile app
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

The internal audit annual plan template gives you a structured framework to map out your entire year’s audit activities with precision and purpose. Unlike generic planning tools, this template helps you prioritize audits based on risk assessments, allocate resources efficiently, and align with your organization’s strategic objectives.

When facing pressure from executives to justify audit coverage decisions, you can use this template to clearly demonstrate how your plan addresses the highest-risk areas while making optimal use of limited audit resources. According to a recent study by the Institute of Internal Auditors, organizations with well-structured annual audit plans are more likely to receive adequate funding for their audit functions than those without strategic alignment.

Related categories

Preview of the template
Page 1
Audit Objectives
What are the key objectives of the internal audit plan?
How do these objectives align with the organization's strategic goals and priorities?
Audit Universe
Provide an overview of the organization's audit universe (i.e. all auditable entities, processes, and activities).
What are the key risk areas within the audit universe?
How frequently should each auditable entity/process be reviewed?
Risk Assessment
Describe the risk assessment methodology used to prioritize audit areas.
What are the key risk factors considered (e.g. financial, operational, compliance, reputational)?
How are risks scored and prioritized?
Audit Plan
List the proposed audits for the upcoming year, including the audit objective, scope, and timeline.
How were the proposed audits selected and prioritized?
What resources (e.g. staffing, budget) are required to execute the plan?
How will the plan be monitored and adjusted throughout the year?
Reporting and Follow-up
Describe the process for reporting audit results to management and the board.
How will the implementation of audit recommendations be tracked and followed up on?
What key performance indicators will be used to measure the effectiveness of the internal audit function?

Frequently asked questions

What should I include in an internal audit annual plan?

Your internal audit annual plan should include a risk assessment summary, prioritized audit areas, resource allocation details, timeline with specific dates, scope definitions for each audit, and stakeholder communication plans. Include a section for contingency time to accommodate unexpected requests and emerging risks throughout the year.

How do I prioritize audits in my annual plan?

Prioritize audits by conducting a comprehensive risk assessment that evaluates impact and likelihood of risks across your organization. Consider factors like financial materiality, regulatory requirements, time since last audit, and management concerns. Document your methodology in the plan to demonstrate the objective basis for your audit selection decisions.

How often should I update my internal audit annual plan?

Update your internal audit annual plan quarterly at minimum to ensure it remains relevant as business conditions change. After significant events like acquisitions, system implementations, or regulatory changes, conduct an immediate review. Document all plan modifications, including rationale, and secure appropriate approvals to maintain transparency with stakeholders.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.