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Format of Internal Audit Report

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The following matters are to be observed while preparing an Audit Report in order to ensure that the report serves the purpose for which intended.

(1)          Objectivity

The comments and opinions expressed in the Report should be objective and unbiased.

(2)          Clarity

The language used should be simple and straight forward.

(3)       Accuracy

The information contained in the report should be accurate.

(4)       Brevity

The report should be concise.

(5)       Timeliness

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

 

(6)       Format

The following general guidelines may be observed while preparing the report. The content of a point / para may be divided into 4 parts.

 (a)       Title

This part gives in brief the title of the query / observation

 

(b)       Observation

Here the query / observation is to be given with all the facts and figures.

 

(c)        Department Reply

The view  point / comment of the auditee is to be mentioned here.

(d)       Recommendation

This part would specify the action / remedial measure to be taken by the auditee to improve upon the existing state of affairs.

 7.         Audit Note

At the conclusion of every audit, the audit executive has to prepare an Audit Note. The observations given in the Audit Note should be discussed with the auditee and a copy of the  Audit Note is to be handed over to the Auditee. The audit note is to be  prepared properly, accurately and should include all the data, facts and figures which the audit executive intends to incorporate in the final report. The auditee should reply to the Audit Note either on the spot or maximum within 7 days’ time.

 

8.         Final Audit Report

After the receipt of auditee’s reply to the audit note, the final audit report will be prepared. The Head of IA Department will review and approve the final report and release the same, preferably within a month, after the audit is concluded.         

 

9.         Follow up of Audit Recommendations

A regular follow up of the audit recommendations will be carried out by the Audit Executive to ensure that the audit recommendations are implemented and complied with by the auditee.  In case of non-compliance the attention of the Management would be drawn by way of separate report / Note.

The Audit executive shall keep a track of the Audit recommendations pertaining to his audit report and will continuously interact with the Head of IA / auditee for a smooth compliance and implementation of the Audit recommendations

The Audit executive will ensure that the established policies/procedures / systems/ rules etc which the auditee has implemented / complied with are consistently followed over a period of time

The IA Department will follow up the implementation of the audit recommendations by the auditee regularly and continuously.  Any pending issues, not implemented shall be enumerated in the subsequent report and fresh deadlines fixed for implementation . If there are genuine problems in implementation, the same should be brought to the attention of Management / Head of IA Department and resolved once for all.

Comments   

 
0 #3 pritesh hirapara 2014-07-05 06:33
I think we can also add root cause and its effect.
 
 
0 #2 najmul 2014-04-16 17:31
excellent
 
 
0 #1 Knight Odi-ba 2013-12-13 07:57
:lol: kindly email us your current issues and reporting standard for 21st century industry
 

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