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#318114 - 02/17/05 08:35 PM % of time spent on audit planning??
I. Wannano Offline
Member
Joined: Sep 2004
Posts: 56
Oregon
Hi. We are trying to make some process improvements in our audit department and planning is one area that we are looking closely at. I was just wondering the % time that most of you spend, on an average, in the planning phase of each audit (not annual planning).

TIA!
KS

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Audit
#318115 - 02/18/05 03:53 PM Re: % of time spent on audit planning??
Countess Kiwi Offline
Diamond Poster
Joined: Jun 2002
Posts: 1,815
Minnesota
How much time do you currently spend on planning?

We are a community bank and if it is an area that we have done in the past and have sufficient knowledge on, the planning phase is not very long (enough time to prepare a listing of what will be needed and print off the audit program and previous audit report.)

If it is an area that we are unfamiliar with, or if there are policy/regulatory changes more time will be needed to prepare an updated audit program (or write a program). Time spent could amount to an entire day depending on the circumstances.
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