Factsheet - COSO Based Objectives and Scope

Factsheet

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Author

IIA-Australia

Date

2022 

Topics Explored

Internal Audit, Internal Audit Management

Format

Factsheet

Extract/Description

An engagement objective is about what the audit will deliver to management. They are broad statements developed by internal auditors that define intended engagement accomplishments. They may be broad, but should not be lengthy. Ideally, they are expressed in a way that requires one or more precise answers.

Key Points

1. The engagement scope is about what will be looked at by the audit. In the scope, we detail what aspects of an activity are to be examined. This might be done in a table showing which COSO Components and Principles are to be examined or evaluated.

2. The audit engagement program can then be built to include explicit consideration of the Principles, and therefore will be able to report on the in-scope portions of the COSO framework.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

No