The key steps in the Assurance Process are Plan, Perform, Report, and Follow-Up. This structured approach ensures that assurance activities are conducted methodically and effectively:
* Plan:Define the objectives, scope, and methodology of the assurance activity.
* Perform:Carry out the assurance activity based on the defined plan.
* Report:Document and communicate findings, conclusions, and recommendations.
* Follow-Up:Verify that recommendations are implemented and assess their effectiveness.
These steps help ensure that assurance activities provide valuable insights and drive improvements within the organization.References:
* IIA Standards for the Professional Practice of Internal Auditing
* COSO Internal Control - Integrated Framework