This chapter discusses the need for chief audit executives to undertake audit planning to ensure that the internal audit function maximizes its value to the organization. Annual audit planning should consider organizational objectives and the risks that relate to these objectives. Often, chief audit executives will develop an audit universe as a precursor to the annual plan. The audit universe should consider each of the major processes and operations within an organization. In addition, the chief audit executive should consider developing an assurance map to identify the different assurance provided by stakeholders across the organization. Undertaking better practice, risk‐based audit planning ensures that the chief audit executive is directing resources at areas most likely to add value to the organization. Without adequate planning, the chief auditor executive may not be meeting stakeholder expectations.