What is an audit universe?

An audit universe is defined as a comprehensive list of all audit entities and areas that can be subject to auditing. It serves as the foundational framework from which internal auditors can identify, assess, and prioritize areas for potential audits within an organization. This list encompasses all aspects of the organization, including departments, processes, systems, and risks that may require scrutiny.

By maintaining an audit universe, an organization ensures that it has a broad and thorough overview of its auditing landscape, allowing for comprehensive coverage and the ability to allocate audit resources effectively. It can also aid in ensuring compliance with relevant regulations and internal policies by indicating where attention is needed.

The other options, while related to the audit process, do not accurately capture what the audit universe specifically represents. For instance, a comprehensive plan for internal audits refers more to the strategic approach an organization might take when scheduling and conducting audits, but does not encapsulate the full scope of available audit entities. Similarly, a guide for external auditors would pertain to resources aimed at supporting external audit processes rather than the internal framework of possibilities. Lastly, a tool for documenting audit results addresses a different facet of the auditing process entirely, focusing on recording findings, rather than the preliminary identification of what can be audited.