Topic 3: Identify Internal Audit Resource Requirements

The Chief Audit Executive must ensure that internal audit resources are appropriate, sufficient and effectively deployed to achieve the approved plan.

"Appropriate refers to the mix of knowledge, skills and other competencies needed to perform the plan. Sufficient refers to the quantity of resources needed to accomplish the plan. Resources are effectively deployed when they are used in a way that optimizes the achievement of the approved plan".

Resource management involves consideration of:

• Staffing plans
• Financial budgets
• The number of auditors required
• The knowledge of skills and other competencies required to perform the engagements.

It is the CAE's responsibility to communicate to senior management and the board what resources are available as well as any resource limitation that could potentially affect the scope of proposed engagements or execution of the engagement work schedule. 

The elimination of the proposed engagement is the least desirable course of action.