C hecklist for internal audit

1. Process Understanding:
 Have we thoroughly documented the process under review?
 Do stakeholders have a clear understanding of the process and their roles
within it?
 Are there any recent changes to the process that need to be accounted for?
2. Compliance:
 Are we compliant with relevant laws, regulations, and standards?
 Have compliance risks been identified and assessed?
 Are there any outstanding compliance issues or violations that need to be
addressed?
3. Risk Management:
 Have key risks associated with the process been identified and assessed?
 Are there adequate controls in place to mitigate these risks?
 Have there been any incidents or near-misses related to identified risks?
4. Control Environment:
 Are control activities effectively designed and implemented?
 Do controls operate as intended to prevent or detect errors and irregularities?
 Have any control deficiencies been identified, and if so, are they being
addressed?
5. Documentation and Record-Keeping:
 Are all relevant documents and records maintained accurately and up-to-
date?
 Is there a standardized method for documenting activities and decisions?
 Are there any gaps or inconsistencies in the documentation that need to be
addressed?
6. Performance and Efficiency:
 Are key performance indicators (KPIs) established and monitored for the
process?
 Is performance measured against defined benchmarks or targets?
 Are there opportunities to improve efficiency or effectiveness identified during
the audit?
7. Training and Competence:
 Are employees adequately trained to perform their roles within the process?
 Is there evidence of ongoing competence development and training?
 Have any training needs or gaps been identified during the audit?
8. Communication and Reporting:
 Is there a clear process for reporting issues and concerns within the
organization?
 How are audit findings and recommendations communicated to relevant
stakeholders?
 Are there any communication challenges or barriers that need to be
addressed?
9. Continuous Improvement:
 Is there a culture of continuous improvement within the organization?
 Are lessons learned from past audits being captured and applied?
 Are there any best practices or innovations that could be implemented to
enhance the process?
10.Management Oversight:
 How involved is management in overseeing and monitoring the process?
  Are regular reviews or assessments conducted by management?
 How responsive is management to addressing issues and implementing
recommendations from audits?

This checklist can serve as a structured guide for conducting an internal audit, ensuring
thorough coverage of key areas and facilitating effective evaluation and improvement of
processes within the organization.