As per Standard on Internal Audit (SIA) 220-Conducting Overall Internal Audit Planning issued by ICAI, a number of specific internal audit plans are prepared for individual assignments to be undertaken covering some part

Main Objectives for preparing the Detailed Audit Plan The main objectives for preparing the detailed audit plan for any process are: Ensure all the requirement and management expectations from the audit are factored. Audit (Engagement) Plan and also in line with stakeholder. Ensure that the scope and coverage of the process is comprehensive for providing reasonable assurance. Allocate adequate time and resources to the engagement. Ensure all identified and major risks are reviewed and tested during the audit and audit procedures are conducted in an efficient and effective manner. Ensure the audit is performed in accordance to the applicable standards, regulatory requirements and available guidance. Typical audit work plan would consist of following elements: Mega and Sub process being reviewed Key activities involved in underlying process Underlying risk in the activities / sub-processes Audit Checks to be performed Sample criteria and sample to be used Data required for audit.