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Accounting › Audit › Internal Audit Report Format

 December 20th, 2017  | Accounting, Audit

Internal Audit Report format is one of the most important documents that make sure that the best is provided to all the stake holders as soon as the audit ends. Internal audit report format is actually a predefined document according to which the auditor presents its findings and recommendations to the company. It is also to be noted that the Internal Audit Report Format should be clear and concise as it is an assurance that the business taking any decisions based on this format will make sure that the business prospers. Excellent Internal Audit report format will also make sure that the auditor is rated high as it also makes sure that the credibility of the auditor is also assessed in relation to their performance. The Internal Audit report is a document that is circulated and the important decisions are taken by the company as soon as it is published so for the good of auditor it is important to carefully choose the Internal audit report format as it will in the long also makes the company decide what they needs to do in relation to financial base or what improvements are needed in this regard. Following are some of the most important Internal Audit report format components that should be taken care of:

  1. Findings

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.

  1. Descriptions

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.

  1. Suggestions or recommendations

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.

  1. Comments

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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