The purpose of rating audit findings is to provide management with a clear picture of the significance of control deficiencies as an aid to prioritize corrective actions.
This memo outlines a system to use when rating individual audit findings and overall audit reports. It is designed to be referenced by all members of the internal audit department when reviewing findings that are noted during an audit. In this example, it is the policy of the internal audit department to issue a written report for all audits performed. All audits will be rated except special reviews and projects. Audit ratings are based on the condition of the audit issues at the time of the audit, not at the time of the report.