W5: Internal Audit Plan Part 1: Research Summary Medicine Essay

W5: Internal Audit Plan Part 1: Research Summary
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Steps Included in an Internal Audit Plan
Phase I: Planning and Designing an Audit
In this stage, the health information manager should adequately plan the audit by describing his initial responsibilities and establishing the overall audit strategy. The strategy includes the procedures of risk assessment and its remedies. The individual should also understand the whole medical industry and the hospital's businesses and create Materiality and Assess Accepted Audit Risk (AAR) and Inherent Risk (IR) (Hut-Mossel et al., 2017).
Phase II: Performing Tests of Control and Transactions
Test of Control is an activity where the auditor examines the functional efficacy of internal controls. These internal controls include health transactions, delegation of duties, and IT General Controls. On the other hand, an auditor conducts a substantive transaction test to evaluate the department's recording of such significant data as financial information.
Phase III: Performing Analytical Procedures and Balance Information
Auditors achieve robust internal audits by performing analytical procedures to compare sets of financial information and non-financial information. This practice is essential as one can understand the whole process and predict potential events. Equally important, auditors use balance information to enhance weak internal audits. Here, an auditor selects a sample of items from the company's or industries' account balances and credible evidence as bank statements.
Phase IV: Completing the Audit and Issuing an Audit Report
After completing all the procedures and covering the hospital's financial statements and other disclosures, it is pertinent to combine the data to create a general conclusion. The auditor would then use the decision to decide whether the facility has presented correct and fair financial information. This process is highly subjective because it relies on the individual's professional judgment. Later, the manager should issue an audit report to support their statements.
Internal Audit Tool: eZ-Audit
eZ-Audit is a trusted and secure PC audit tool founded in 2001 and has had more than 17,000 worldwide customers. This tool would be a significant and appropriate solution for the hospital and its departments. Auditors use it to obtain detailed information about the operation, its software, and hardware. The application ensures users' total privacy by preventing others from accessing others' data because it does not save it on the cloud. The following are steps included in the e-Z audit submission:
* Review the institution's homepa...