This document contains two sample audit reports that can be used by auditors for measuring and improving an organization’s internal audit function.
Testing involved conducting interviews with members of company management; defining and identifying risks/areas of concern potentially preventing the company from achieving its business objectives and strategic vision; utilizing risk models to evaluate inherent risk applicability and significance to the company; leveraging knowledge obtained from other engagements; and maintaining a professional audit staff with sufficient knowledge, skills, experience and professional certifications to meet the requirements of the internal audit charter.
The following objectives are met as a result of testing:
- Risks are appropriately identified and managed.
- Interaction with the various governance groups occurs as needed.
- Employee actions comply with policies, standards, procedures and applicable laws and regulations.
- Quality and continuous improvement are fostered in the organization’s control process.