In the Sultanate of Oman, Internal Audit (IA) functions are becoming increasingly important within their organizations, delivering advisory as well as assurance services to address important risks.

With the backdrop of the wider economic and social challenges presented by a global pandemic, the expectations of the IA function continue to grow. For the function to adapt to a changing risk landscape, it needs to be agile in all aspects of the audit approach. At times, the audit plan may need to be flexed, and the methodology and audit approach adapted to a remote working environment.

Drawing up a sound risk-based IA plan is critical for the function’s success.

The Institute of Internal Auditors (IIA) standard ‘2010 – planning’ states that “the Chief Audit Executive must establish a risk-based plan to determine the priorities of the IA function, consistent with the organization’s goals”.

This publication aims to assist Chief Audit Executives (CAEs) during their annual audit planning process. We hope it will provoke thought and facilitate discussion.

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