Which elements must a regulatory professional address when preparing an internal audit plan?

When preparing an internal audit plan, it is crucial for a regulatory professional to incorporate several key elements to ensure a comprehensive and effective audit process. The audit scope defines the boundaries of the audit, such as which processes or areas will be reviewed and the objectives of the audit. Addressing the importance of the process highlights the relevance of the audit and ensures that focuses are aligned with organizational goals.

Incorporating findings from previous audits allows the regulatory professional to leverage lessons learned, identify persistent issues, and assess improvements or regressions over time. The selection of auditors is equally important, as choosing qualified and impartial auditors can greatly influence the effectiveness of the audit process and the credibility of the findings.

By including these critical aspects in the internal audit plan, a regulatory professional ensures that the audit process is thorough, relevant, and capable of driving meaningful improvements within the organization. This comprehensive approach enhances the internal audit's ability to assess compliance, identify risks, and provide assurance to stakeholders.