The document outlines an ideal process framework for an internal audit function to elevate its value. The framework consists of 5 phases: 1. Strategic management - Developing strategic and annual audit plans based on past audit reports, risks, and other assurance information. 2. Quarterly assessment - Analyzing audit performance and adjusting the audit plan accordingly based on targets, identified risks, and areas for improvement. 3. Forecast synopsis - Establishing whether key year-end targets will be met using a forecast model and trend analysis. 4. Risk identification - Identifying risks that could impede targets and determining the appropriate audit approach like adequacy, effectiveness, or compliance audits. 5