Managing Your Audit Function - Governance, Risk, and Compliance Topic for Oracle Applications - page 207

12. The CAE selects the Accept option from the Actions drop-down and enters
his comments to approve the new audit plan:
Internal controls assessment
Once the audit plan is developed and approved, the fieldwork begins with
the evaluation of internal controls included in the scope of the audit plan. The
assessment phase enables the organization to maintain controls effectiveness,
identify opportunities for business improvement, and communicate findings.
Controls assessment supports audit objectives, such as compliance with laws
and regulations, safeguarding of assets, the reliability of financial statements,
operational effectiveness, and enterprise risks identified by the management.