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The Audit Team Leader should complete the Financial Audit Schedule Template two to three months prior to the start of the next fiscal year and submit the Schedule to the Audit Team Leader for approval. AC1050-1 AUDIT SCHEDULE will vary according to the size and complexity of processes and controls being audited. Similarly, audit frequency depends on the associated level of risk and other factors, where the risk of material misstatement is greater, processes/controls should be audited more frequently and thoroughly. The Audit Schedule should specify the processes/controls to be audited and the estimated time frame for each audit.
The Audit Team Leader should select an Audit Team for each audit. The size of the Audit Team will vary according to the scope of the audit. Individual auditors must be competent and experienced. To be considered competent, Internal Auditors must be trained in auditing practices and the requirements of applicable standards and regulations. The Audit Team Leader should assign auditors according to their area and amount of expertise.