Western Economic Diversification Canada
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Introduction

The Risk Based Audit Plan defines the approach that Western Economic Diversification Canada (WD) has used to identify and select upcoming audits from the WD audit universe. This Risk Based Audit Plan covers the three-year period of 2011-12 to 2013-14. It provides the direction and authority for the scope, objectives and timing of internal audits and their associated resources.

The following are the major characteristics of this plan:

  • This internal audit plan is multi-year (three years) and will be updated on a regular, periodic basis;
  • The plan uses a risk-based methodology, including identification of an audit universe, risk assessment and prioritization of potential areas of planned audit work;
  • The planned audit coverage addresses areas of highest identified risk over the life of the plan, and takes into consideration planned Office of the Comptroller General horizontal audit activity and other federal government assurance providers activities;
  • The plan identifies audit projects, their rationale, timetable, and associated resources. The focus is on audit assurance work; and
  • The audit plan has been reviewed and recommended by the department audit committee to the Deputy Minister, who in turn approved it and provided a copy to the Comptroller General.

Purpose

Risk based audit planning is a systematic process whereby auditable entities are identified, prioritized and scheduled for the conduct of audit activities. The plan identifies the priorities of the internal audit activity over the three-year period of 2011 to 2014.