High-Tech Company Internal Audit Plan Report to the Audit Committee

This report provides findings from a business self-assessment (BSA) at a company and also consists of a proposed internal audit plan.

A business self-assessment session is a focused discussion of risks facing the corporation and evaluation of the effectiveness of management controls designed to mitigate exposures. The objectives of the business self-assessment session were increase awareness and create common understanding of business risk (a common language); facilitate understanding of the need to manage business risks; identify and prioritize key business risks; assess current management of key business risks; and facilitate the development of an ongoing internal audit plan.

In this sample, during the self-assessment session, management discussed the definition, significance, likelihood and effectiveness of management controls over risks challenging the company. Internal audit utilized electronic voting software to measure management's perceptions regarding risks.