This blog is the concluding Part 4 of our four-part weekly series on building an effective audit calendar. Over the last three weeks, we have built the foundation of an effective audit plan step by step:

• In Part 1, we discussed the importance of understanding the company’s strategy and conducting a comprehensive risk assessment.
• In Part 2, we explored the activities of defining the audit universe & prioritizing audits.
• In Part 3, we covered resource planning and developing a practical and result oriented audit plan for subsequent review and approval.

In this final part, we focus on two critical elements: communicating the audit calendar to stakeholders and ensuring its continuous monitoring to remain relevant throughout the year.

Step 7: Drafting and Presenting the Audit Calendar:

Once resources are aligned and duplication is minimized, the CAE prepares the draft audit calendar. This step is critical, as it translates risk priorities and organizational objectives into a tangible plan.

The draft should clearly link each engagement to strategic objectives and identified risks. It should also highlight the scope, timing, and responsible resources for each review.

Practical Example: A logistics company may design and present its audit calendar as follows:

• Q1: IT System Migration Review – ensuring robust project governance and data integrity (linked to digital transformation strategy)
• Q2: Fleet Maintenance– evaluating preventive maintenance practices and effective cost management (linked to safety and operational efficiency)
• Q3: ESG Reporting Assurance – validating carbon emissions reporting and supply chain sustainability metrics (linked to sustainability commitments)
• Q4: Vendor Risk Management – reviewing supplier onboarding, contract compliance, and performance monitoring (linked to cost optimization strategy)

The CAE would present this plan first to executive management for feedback and refinement, and then submit it to the audit committee for formal approval. The endorsement of the audit committee ensures strong governance alignment and secures management’s commitment to supporting audit activities during the year.

Step 8: Monitoring and Updating the Plan:

New risks may evolve anytime during the year, and so must the audit plan. A static calendar can quickly become outdated in a dynamic business environment. Continuous monitoring ensures that the audit function remains relevant and agile.

Practical approaches include:

• Quarterly risk reviews to identify new or shifting threats
• Tracking audit execution progress to adjust workloads
• Reprioritizing or adding audits when significant changes occur
• Regular updates to the audit committee for transparency

Example: During the year, a cyber breach at a competitor may trigger an unscheduled review of the company’s own incident response preparedness.

Final Thoughts:

Developing an annual audit calendar is a complex exercise that requires balancing risk coverage, stakeholder expectations, and available resources. For the CAE, it is both a governance requirement and a strategic opportunity: to position internal audit as a value-adding partner that not only safeguards assets but also enables the organization to achieve its objectives.

With this, we conclude our four-part series on building an effective audit calendar. By combining strategic alignment, risk-based prioritization, resource planning, stakeholder communication, and continuous monitoring, the CAE can develop a calendar that not only provides assurance where it matters most but also adapts in real time to changing risks.

Thank you for following along, stay tuned for more insightful blogs by the publication & research committee on strengthening internal audit practices in the coming weeks!

Disclaimer: The views expressed are solely those of the author and do not represent those of the publishing organization

About the author:

– Amit Sharma is the Vice President and Head of Audit – APAC at EXL, with over 24 years of experience in internal audits, risk management and compliance. As part of his commitment of giving back to the auditing profession, he also serves on the IIA India Delhi Branch Board of Governors and is the Chairperson of the Publications & Research committee of IIA India Delhi Branch.