Audit Work Plan Development: The Who, What, and How

Episode Date: February 1, 2023

In this episode of Stark Integrity, Bob Wade (“Captain Integrity”) breaks down the essentials of audit work plan development, focusing on the who, what, and how of building an effective and practical audit strategy.

Bob provides a straightforward framework for compliance professionals to approach auditing in a way that is both structured and achievable.

The Purpose of an Audit Work Plan

Bob emphasizes that an audit work plan should serve as a roadmap for identifying and addressing compliance risks.

An effective plan helps organizations:

• Focus on the highest-risk areas
• Allocate resources efficiently
• Maintain consistency in audit efforts

Rather than trying to audit everything, Bob stresses the importance of being targeted and strategic.

The “Who”: Building the Right Audit Team

A key component of audit success is having the right people involved.

Bob explains that organizations should:

• Involve individuals with relevant expertise
• Leverage both internal and external resources when needed
• Avoid working in isolation—collaboration improves outcomes

He highlights that audit planning is not something you should do alone, and diverse perspectives can strengthen the process.

The “What”: Identifying Risk Areas

Bob focuses on determining what should actually be audited, noting that organizations must prioritize.

Key considerations include:

• High-risk financial arrangements
• Areas with regulatory complexity
• Historical problem areas or audit findings

Bob suggests using a structured, risk-based approach, including assigning weights or rankings to different risk categories to guide priorities.

The “How”: Executing the Plan

When it comes to execution, Bob emphasizes keeping the process practical and manageable.

He explains that:

• Auditing does not need to be overly complex
• Sampling can be an effective way to assess compliance
• Clear documentation is essential for defensibility

The goal is to develop a process that is repeatable, consistent, and easy to maintain over time.

Keeping It Simple and Practical

A recurring theme throughout the episode is simplicity.

Bob notes that:

• Auditing “isn’t rocket science”
• Overcomplicating the process can reduce effectiveness
• Practical execution is more important than theoretical perfection

By keeping the approach straightforward, organizations are more likely to actually carry out their audit plans consistently.

Practical Takeaways

The key takeaway from this episode is that effective audit work plans are focused, collaborative, and practical. Organizations should:

• Use a risk-based approach to prioritize audit areas
• Involve the right mix of expertise in planning and execution
• Keep audit processes simple and actionable
• Document findings clearly and consistently
• Treat auditing as an ongoing, repeatable process

Final Thoughts

This episode reinforces that auditing is a critical component of any compliance program—but it doesn’t need to be overwhelming.

Bob’s approach highlights that with the right structure and mindset, organizations can build effective audit work plans that reduce risk and strengthen compliance programs over time.

Click here to listen to this Stark Integrity Podcast Episode:
https://podcasts.apple.com/us/podcast/audit-work-plan-development-the-who-what-and-how/id1588939373?i=1000595124086&l=fr-FR