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In this section the auditor presents all the findings in relation to the financial position of the company. These include both favorable and unfavorable circumstances through which the financial situation has passed in the past. It is the opening of the report so it is very important to make sure that this part of internal audit report format is carefully written giving the company an insight of what is happening with respect to the finances of the company.
It is the explanations of all the findings of the auditor that were presented in the first section of the report. In case of unfavorable findings it is very important to point out all the loop holes or flaws within the system of the company. This section also makes sure that the audit concerns are not only raised but are presented to the board of governors in such a manner which enlightens them about the room of improvements that have to be made in this regard.
This party of the Internal Audit report Format is very important for the management as in this section the recommendations are made by the auditors to make the situation better and the plan of action is also devised in it. The auditor also makes sure that the issue prevention strategy is also defined in this regard which makes sure that the best possible plan is implemented eliminating all the issue in future.
This is the last section of the internal audit report and it makes sure that the auditor has provided all the clarifications that are important in relation to any action plan in relation to risk mitigation that the auditor plans to take in future or has taken already.
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