Internal Audit and Review Reports

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Internal audit and review reports

|by Katharine Bagshaw | |
|29 Jan 2003 | |
|Internal auditors, external auditors, and consultants who perform internal audit and review engagements provide reports to management |
|(internal audit reports). These reports are important because they provide documentary evidence of the work performed, the conclusions reached|
|and the recommendations made. The quality and presentation of such reports makes a substantial difference to the value added by
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Draft reports will often be discussed with management to confirm the findings and to establish management’s likely response. |
|Responses are often incorporated into the report. Reports will often be redrafted several times, particularly in large organisations, after |
|which the report will be issued. If management have not commented at an earlier stage, a formal response may be expected later. It is normal |
|to follow up on recommendations or agreed action points in order to establish how the issues have been dealt with. |
|External auditor reports to management deal in substance with, inter alia, issues relating to the design and implementation of internal |
|controls that have come to the external auditors’ attention during the course of the statutory audit. They generally deal with weaknesses in |
|systems, the potential consequences and provide recommendations to management. Whilst internal audit reports may appear to be similar, they |
|are different in substance. |
|Internal audit engagements are usually undertaken as part of a pre-planned program of work with a variety of objectives as part of an entity’s|
|overall corporate governance arrangements. These
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