What are the characteristics of a well written Internal Audi

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.

Solution

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 .