How do you define your Audit Universe and Auditable Entities? Are you still doing an annual Audit Plan? Do you have an audit cycling requirement in your methodology?

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Director of Finance in Consumer Goods, 10,001+ employees
Audit universe means all auditable legal entities. We do annual audit plan for sample collection mythologies and target entities.
Vice President - Internal Audit and Enterprise Risk Management in Healthcare and Biotech, 1,001 - 5,000 employees
We no longer use the Audit Universe and Auditable Entities concepts in the development of our audit plan.  We leverage a comprehensive annual risk assessment, combined with ongoing risk updates throughout the year, to identify the likely audits we present to our Audit Committee for approval.  The approved audit plan has flexibility built in so that we are able to adapt during the year and focus resources on those areas that will have the most impact and value for the organization.
India Head and Director of Global Finance Shared Services in Hardware, 5,001 - 10,000 employees
We have defined the frequency of audit for various sub-functions of Finance & Accounting. We have defined cycle for ALL, 1, 2 and 3 depending upon the potential risks. The areas which have the history of out of period adjustments are covered in ALL cycle. The other areas are covered in cycle 1, 2 or 3. So, areas earmarked cycle 1, 2 or 3 are covered in year 1, 2 and 3 respectively so that we cover all areas in 3 years cycle. 

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