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Governance, Risk, Audit & Privacy · Intermediate

Audit Universe

Complete inventory of auditable entities, processes, systems, and risks in an organization.

Definition

The audit universe lists all potential audit areas so internal audit can risk-rank them and build an annual or multiyear audit plan. It should be updated as the business changes.

Example

The audit universe includes 140 applications, 12 business processes, and 35 key vendors.

Exam tip

Use risk assessment of the audit universe to prioritize the audit plan.

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