Which document outlines the audit strategy and plan for the year?

The Internal Audit Plan serves as the foundational document that outlines the audit strategy and plan for the year. It is a comprehensive guide that identifies the audits to be conducted, their objectives, and the resources required to complete them. This plan is typically developed based on a risk assessment, which helps prioritize areas that need to be reviewed, ensuring that the internal audit function focuses on the most significant risks facing the organization.

By defining clear objectives and the scope of each audit, the Internal Audit Plan provides a roadmap for the internal audit team, enabling them to allocate resources effectively and schedule audits in a way that aligns with organizational priorities. This strategic approach helps ensure that the internal audit process is proactive, relevant, and contributes to the overall governance and risk management framework of the credit union.