Internal audit planning is essential to ensure effectiveness and compliance across the organization. The IIA’s Global Internal Audit Standards emphasize that a strategic, well-structured plan—aligned with organizational objectives—is key to an effective internal audit program. 

Below are five effective ways to plan internal audits in accordance with the Standards—for internal audit professionals and business leaders seeking to strengthen control and risk-management processes. 

1. Define a Risk-Based Strategy

A core expectation in the Standards is risk-based internal auditing. Internal audit should understand governance, risk management, and control processes to design a strategy that targets what matters most. 

How to apply it 

• Identify key risks through leadership interviews, document reviews, and data analysis. 

• Assess likelihood and impact in relation to strategic objectives. 

• Prioritize audit engagements so resources focus on the most critical areas. 

A risk-based plan allocates resources efficiently and ensures audit work adds measurable value. 

2. Build an Annual, Dynamic Internal Audit Plan

The Internal Audit Plan should be updated regularly to reflect changes in the risk landscape and organizational priorities and remain aligned with strategy. 

Key steps 

1. Define internal audit objectives aligned to enterprise goals. 

1. Identify and prioritize audit engagements, addressing highest-risk areas first. 

1. Allocate resources efficiently, considering team capabilities. 

1. Include emerging audits to respond to unforeseen risks. 

1. Refresh the plan as internal and external conditions change. 

A dynamic plan enables timely, risk-responsive assurance. 

3. Coordinate with Other Assurance Functions

Working with Compliance, Risk Management, and External Audit helps optimize effort and avoid duplication—supporting an integrated view of internal control. 

Benefits 

• Resource optimization by avoiding redundant work. 

• Broader coverage and deeper risk insights through shared information. 

• Stronger stakeholder confidence via coordinated assurance. 

Practical tips 

• Hold regular coordination meetings. 

• Share key findings and reports. 

• Clarify roles and responsibilities across assurance providers. 

4. Manage Resources Efficiently

Effective planning depends on appropriate human, financial, and technology resources. The audit leader should ensure the team is sufficiently staffed, skilled, and equipped. 

Actions 

• Assess team skills and competencies; upskill where needed. 

• Consider co/outsourcing for highly specialized areas if internal expertise is limited. 

• Invest in audit technology and data-analytics tools to improve efficiency and quality. 

A well-equipped team executes deeper, more effective audit work. 

5. Communicate Effectively with Stakeholders

Communication is central to planning and delivery. Build relationships and maintain clear, timely, and transparent communication with stakeholders. 

Strategies 

• Involve senior management and the Board early to secure alignment and sponsorship. 

• Maintain open communication with audited areas, clarifying objectives and scope to reduce resistance. 

• Deliver clear, actionable reports highlighting key findings and practical recommendations. 

Strong communication increases engagement and elevates audit’s value. 

Conclusion

Internal audit planning should be strategic, risk-based, and aligned with the Standards. By applying these five strategies— 

1. Risk-based strategy,
2.  Dynamic annual plan,
3.  Coordination with assurance providers,
4.  Efficient resource management, and
5.  Effective stakeholder communication— organizations can strengthen internal audit and drive continuous improvement in governance, risk management, and internal controls. 

As strategic partners, internal auditors should ensure planning is robust, flexible, and aligned with the expectations of senior management and the Board—maximizing internal audit’s value across the organization.