An audit program on the other hand is a set list of instructions and procedures a person who carries out an audit and its counterparts should follow in the process of carrying out an audit. An audit plan contains all the instructions an auditor team should follow when in the process of carrying out an audit (Herzig et al.., 2013). Thus, audit programs issue out a list of schemes including the information on nature of the business, the procedures of carrying out the audit, and the duty of each and every auditor on the team. The plan also includes the period of time that is required to complete the whole auditing process. However, the auditor can decide to change the program based on the prevailing situations during the audit (Herzig et al.., 2013). The size of a business, type of good and services the businesses provide and the usefulness of the auditing strategies may also lead to the change of the audit program. Thus an audit program entails all the procedures and plans of an audit, internal control tests, verifications, and scrutiny of accounts.
In conclusion, carrying out an internal audit is very important as it makes sure that an organization is following the right rules and regulations. Therefore, the audits should be efficient, thorough, and friendly. Lastly to make sure an effective internal audit, an organization should make sure they track all the risk assessments annually and put them in a central place. Additionally, it should make sure that there is proper documentation of all audit processes and add them to the organization’s annual reports