All Countries
Compliance
Internal Audit Test Plan

Internal Audit Test Plan Template for Malaysia

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Internal Audit Test Plan

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Internal Audit Test Plan

"I need an Internal Audit Test Plan for a mid-sized manufacturing company in Malaysia, focusing on supply chain controls and inventory management processes, to be implemented starting March 2025."

Celebrated by
Collaborations with
Investors
Document background
The Internal Audit Test Plan is a crucial document used by organizations operating in Malaysia to establish a systematic approach to evaluating internal controls and risk management processes. It is designed to comply with Malaysian regulatory requirements while incorporating international best practices in internal auditing. The document becomes necessary when planning and executing internal audit engagements, providing a structured framework for risk assessment, control testing, and compliance verification. The Test Plan is particularly important in the Malaysian context due to specific requirements under the Companies Act 2016 and Malaysian Code on Corporate Governance, which mandate robust internal control systems and regular evaluation of their effectiveness. It includes detailed testing procedures, sampling methodologies, and documentation requirements tailored to meet both local regulatory expectations and international auditing standards.
Suggested Sections

1. Executive Summary: Overview of the audit plan, key objectives, and scope

2. Audit Objectives: Detailed description of audit goals, aligned with organizational objectives and regulatory requirements

3. Scope and Limitations: Clear definition of what is included and excluded from the audit scope

4. Risk Assessment: Analysis of key risks identified and their impact on audit planning

5. Audit Methodology: Description of audit approach, techniques, and standards to be followed

6. Resource Allocation: Details of audit team, roles, responsibilities, and time allocation

7. Testing Procedures: Detailed test plans for each audit area, including control testing approaches

8. Documentation Requirements: Standards for audit documentation and evidence collection

9. Quality Assurance: Procedures for ensuring audit quality and compliance with standards

10. Reporting Protocol: Framework for communication of findings and reporting structure

Optional Sections

1. Industry-Specific Considerations: Additional procedures for specific industry requirements, used when the organization operates in regulated sectors like banking or insurance

2. IT Systems Review: Detailed testing procedures for IT systems and controls, included when there are significant technology components

3. Fraud Risk Assessment: Specific procedures for fraud detection and prevention, included when there are heightened fraud risks

4. Environmental Compliance: Testing procedures for environmental regulations, included for organizations with significant environmental impact

5. Third-Party Vendor Review: Procedures for reviewing vendor relationships and controls, included when significant outsourcing exists

Suggested Schedules

1. Appendix A - Audit Timeline: Detailed timeline of audit activities and milestones

2. Appendix B - Risk Matrix: Detailed risk assessment matrix and scoring criteria

3. Appendix C - Test Scripts: Detailed testing procedures and scripts for each audit area

4. Appendix D - Document Request List: Comprehensive list of required documents and information

5. Appendix E - Compliance Checklist: Checklist of relevant Malaysian regulatory requirements

6. Appendix F - Interview Schedule: List of planned interviews and discussion points

7. Appendix G - Sampling Methodology: Details of sampling approaches and sample size calculations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Audit Criteria
Audit Evidence
Audit Objective
Audit Procedures
Audit Program
Audit Risk
Audit Scope
Audit Trail
Control Environment
Control Testing
Core Business Process
Deliverables
Documentation Standards
Engagement Letter
Finding
Internal Control
Material Weakness
Materiality
Risk Assessment
Risk Matrix
Sampling Methodology
Significant Deficiency
Test Plan
Testing Procedure
Working Papers
Audit Committee
Board of Directors
Chief Audit Executive
Management
Process Owner
Regulatory Requirements
Control Activities
Risk Register
Compliance Framework
Professional Standards
Quality Assurance
Root Cause
Substantive Testing
Test Script
Walkthrough
Clauses
Scope Definition
Authority and Access Rights
Confidentiality
Independence and Objectivity
Professional Standards Compliance
Risk Assessment
Methodology
Resource Allocation
Documentation Requirements
Quality Assurance
Communication Protocol
Reporting Requirements
Data Protection
Evidence Collection
Sampling Procedures
Testing Methodology
Regulatory Compliance
Record Retention
Professional Ethics
Conflict of Interest
Team Responsibilities
Timeline and Deadlines
Performance Standards
Change Management
Issue Resolution
Technology Usage
Security Requirements
Stakeholder Communication
Relevant Industries

Financial Services

Manufacturing

Healthcare

Technology

Retail

Energy

Transportation

Construction

Education

Telecommunications

Public Sector

Real Estate

Mining

Agriculture

Relevant Teams

Internal Audit

Risk Management

Compliance

Finance

Legal

Operations

Information Technology

Human Resources

Quality Assurance

Corporate Governance

Strategic Planning

Treasury

Procurement

Relevant Roles

Internal Audit Director

Chief Audit Executive

Internal Audit Manager

Senior Internal Auditor

Internal Auditor

Risk Manager

Compliance Officer

Chief Financial Officer

Financial Controller

Chief Risk Officer

Audit Committee Member

Board Director

Quality Assurance Manager

Internal Control Specialist

Governance Officer

Industries
Companies Act 2016: Primary legislation governing corporate governance, financial reporting requirements, and directors' duties in Malaysia. Sets the basic framework for corporate compliance and internal controls.
Malaysian Code on Corporate Governance (MCCG): Provides principles and best practices for corporate governance, including requirements for internal audit functions and risk management.
International Standards on Auditing (ISA): Professional standards for conducting audits in Malaysia, adopted by the Malaysian Institute of Accountants (MIA).
Malaysian Anti-Corruption Commission Act 2009: Establishes anti-corruption framework that internal audits must consider when evaluating corporate compliance programs.
Personal Data Protection Act 2010: Regulates the processing of personal data in commercial transactions; affects how internal audits handle and review personal information.
Malaysian Financial Reporting Standards (MFRS): Framework for financial reporting that internal audits must use as criteria when evaluating financial controls and statements.
Institute of Internal Auditors (IIA) Standards: International Professional Practices Framework (IPPF) adopted in Malaysia for internal audit practices and procedures.
Capital Markets and Services Act 2007: Relevant for internal audits of listed companies and financial services firms, establishing requirements for internal controls and reporting.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Third Party Confirmation Audit

Malaysian law-governed agreement for conducting third-party confirmation audits, establishing audit scope and compliance requirements.

find out more

Vouching And Tracing Audit

A Malaysian law-governed agreement for conducting detailed vouching and tracing audit services, outlining audit procedures, responsibilities, and deliverables.

find out more

Planning Analytics Audit

A Malaysian law-governed agreement for conducting Planning Analytics Audit services, including scope, methodology, and compliance requirements.

find out more

Audit Cash Confirmation

A Malaysian-compliant audit document used to obtain independent confirmation of cash balances and banking arrangements from financial institutions during external audits.

find out more

Surprise Cash Count Audit Report

A Malaysian compliance document recording the results of an unannounced cash count audit, verifying physical cash against recorded balances in accordance with local financial regulations.

find out more

Internal Audit Test Plan

A Malaysian law-compliant internal audit testing framework document that outlines comprehensive audit procedures and control evaluation methodologies.

find out more

Internal Audit Test Of Controls

A Malaysian-compliant framework for internal audit control testing that aligns with local regulations and international standards.

find out more

Internal Audit Test

A Malaysian-compliant internal audit testing framework for systematic evaluation of internal controls and risk management processes.

find out more

Financial Analytical Review

A Malaysian law-governed financial analytical review document providing comprehensive analysis of organizational financial health and regulatory compliance.

find out more

Final Analytical Review

A comprehensive analytical review document prepared under Malaysian accounting standards that evaluates a company's financial position and performance through detailed financial analysis and professional judgment.

find out more

Factual Findings Audit Report

A Malaysian-compliant audit report providing specific factual findings based on agreed-upon procedures without expressing opinions or conclusions.

find out more

Checking Vouching And Audit Report

A formal audit report prepared under Malaysian law documenting the results of checking and vouching procedures performed on financial records and supporting documents.

find out more

Audit Test Plan

A strategic planning document for audit engagements in Malaysia, outlining testing procedures and methodologies in compliance with Malaysian regulatory requirements.

find out more

Audit Test Of Details

A Malaysian-compliant audit working paper documenting detailed substantive testing procedures and results for specific financial statement components.

find out more

Audit Program For Inventories

A structured audit program for conducting inventory audits in Malaysia, aligned with local regulations and international auditing standards.

find out more

Audit Of Petty Cash

A Malaysian-compliant audit document for evaluating petty cash management procedures and controls, aligned with local financial regulations and international auditing standards.

find out more

Audit Of Inventory And Warehousing Cycle

A Malaysian law-governed agreement for professional audit services focusing on inventory and warehousing operations, ensuring compliance with local accounting and auditing standards.

find out more

Audit Of Cash And Bank Balances

A Malaysian-compliant audit program for examining cash and bank balances, aligned with local regulations and international auditing standards.

find out more

Audit Assertions For Payroll

A formal document containing assertions validating payroll compliance with Malaysian employment and tax regulations, supporting internal control and audit requirements.

find out more

Audit Assertions For Cash

A comprehensive guide for cash audit assertions and procedures under Malaysian jurisdiction, aligned with MFRS and ISA standards.

find out more

Analytical Test Audit

Malaysian law-governed agreement for conducting analytical test audits, ensuring compliance with national and international laboratory standards.

find out more

Cash Count Audit Report

A Malaysian regulatory-compliant document that records and verifies physical cash counts, reconciliation, and control measures in accordance with local financial standards.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.