2010- Planning standard states that:

The external audit activity’s plan of engagements should be based on a productivity assessment, undertaken at least annually.

The internal audit activity’s project of engagements should be based on a change assessment, undertaken at least annually.

The internal audit activity’s plan of engagements should be based on a risk assessment, undertaken at least annually.

The external audit activity’s plan of engagements should be based on a process assessment, undertaken periodically.