This sample outlines the audit plan for a bank, including risk assessment, gap analysis from previous year audit plan and audit schedule.

The audit plan was developed using a risk-based audit approach. Utilizing experience and understanding of the bank’s operations as well as industry knowledge, internal audit identified auditable areas, performed a risk assessment for each of these areas, and assigned each of these a risk rating of high, medium or low. The factors considered for auditing included discussions with bank management, which provided insight regarding issues and risks in the auditable areas; potential impact that the auditable area may have on the financial position of the bank; and other environmental factors, such as past audit results, changes in personnel and operations, past and current emphasis by regulators and future business strategies.