Question

What are the characteristics of a well written Internal Audit Report that gets results? Identify the basic components that should be included in all internal audit reports.

Answer 1

INTERNAL AUDIT REPORTS AND COMPONENTS.

Internal auditing is an evaluation on organisations internal control , risk and governance activities , it also help the company with the recommendation to improve the weakness .

characterestics;

Clarity – the report made by expert should be in descant language which can be understand by their users . Internal audit report is a internally generated report so it is very important in case of clarity .

Accuracy – Accuracy is a major characterstics of internal audit report, decision made by managers are purely indepentend in the report generated , so accuracy is key .

Timeliness - The report should be released promptly immediately after the audit is concluded, within a month.

Objectivity –

The indepentend review carried out by internal auditors shouldnot introduce any bias while carrying internal auditing and don’t affect the report by any underdue influence by others

To be Concise - while auditing expert can point out many deficiency and weakness , so make sure that the report is made concise manner , because the users find difficult while deal with huge datas , so it will helpful when it is concise

components ;

- Recommentation ;

Auditor shoild include a recommendation part for the defiiciency and weakness identified during the internal auditing . During auditing the expert will find many weakness , so they will recommend suitable controls to clesn the weakness.

- comment and observation.

Auditors include an section discussing the observavation in the internal auditing , comment about the internal control , risk and governance.

-Terms of reference

Expert will include the requirement of current internal audit assignment .