What contingency plans should auditable entities develop?

Auditable entities should develop contingency plans for executing audits during crises because such scenarios can significantly disrupt regular audit processes and operations. Crises may arise from various sources, including natural disasters, economic emergencies, or sudden changes in regulatory requirements. Having a robust plan in place ensures that audits can be conducted effectively despite these challenges.

This preparedness includes establishing protocols for remote auditing, identifying essential personnel and their roles, and ensuring that communication channels remain open during disruptions. By focusing on maintaining audit integrity and ensuring compliance even in more difficult circumstances, auditable entities can uphold their accountability and transparency, which are critical components of effective governance.

While upgrading technology, improving employee morale, or expanding audit teams may be beneficial for the overall health of the audit function, they do not directly address the urgent need to maintain audit operations during crises. Therefore, the emphasis on crisis execution plans is paramount to ensure continuity and resilience in the auditing process.