Memos Available on KnowledgeLeader

KnowledgeLeader offers over 35 audit memo examples that offer a wide range of support to assist in your audits and audit planning. Our audit memo examples are provided in downloadable format, so they can be repurposed for use in your organization.

Check out some of KnowledgeLeader's most popular audit memo examples below. For a full list of available items, visit our Memos content area.

Audit Planning Memos | Internal Audit Memos | Internal Audit Risk Assessment Memos | Management Response Memos

AUDIT PLANNING MEMOS

	Audit Planning Memo The purposes of the audit plan are, first, to contribute to the effectiveness of the audit and, second, to contribute to the audit efficiency. This audit planning memorandum should be completed and approved as part of the initial audit planning process. In completing this document, there may be occasions when matters already documented in other work papers are relevant. There is no need to re-write such material if a specific reference can be made. This audit planning memorandum is structured so that planning documentation common to all projects is presented. All items should be read and considered on every project.
	Audit Planning Memo: Sample 2 This sample audit planning memo documents an audit approach to evaluating the adequacy of the design of new controls implemented or planned to be implemented and the effectiveness of any existing controls that, based on sample testing, have consistently been in operation during the audit sample period. This audit planning process focuses on the audit objectives, changes since the prior year's audit, scope of work, consideration of ERM, objectives or risks to be addressed, estimated timing of work, sample sizes, budget for work, consideration of IT general controls, specialists involved, expected deliverables, and auditee concerns. The objectives or risks considered in this planning process include fraud, compliance (non-regulatory), efficiency and capacity risk, business model and culture retention of human capital, client satisfaction, and internal control risk.
	Internal Audit Planning Memorandum This sample audit planning memorandum captures all details for planning an internal audit, such as the internal audit team members’ names and roles, duration of the internal audit, location of the internal audit, company business hours, key contacts, internal audit scope and approach, deliverables, high-level work program, and high-level work schedule. This sample audit planning memorandum should be completed as part of the initial audit planning process and is meant to enhance audit efficiency.
	Procurement Card Internal Audit Planning Memorandum This sample procurement card internal audit planning memorandum documents the audit approach and scope. The purpose of the audit is to assess the adequacy of internal controls, the level of compliance with established policies and procedures, and the effectiveness and efficiency of business operation. This audit planning memorandum should be completed as part of the initial audit planning process and is meant to enhance audit efficiency. This document can be used as a general guide to understand and review the procurement card memorandum. Organizations should continuously update and monitor the processes included in this document to ensure that it reflects business operations.
	Remote Locations Audit Planning Memo This sample audit planning memo documents a university's approach for planning a remote location audit. It lists the remote location project needs, proposed remote location sample, proposed scope for leased location audits, and the estimated effort. In this audit planning memo sample, the university has requested remote location audits be performed on a judgmental sample of locations, the objectives of which are to determine compliance with select university policies and procedures, determine whether key financial controls exist and are operating effectively, and determine whether reasonable security protocols are being followed. In addition, the university desires that internal audit collect data (related to staffing, revenue and other key performance indicators [KPIs]) while onsite.

INTERNAL AUDIT MEMOS

	Internal Audit Engagement Memo This internal audit memo example informs an auditee of an upcoming audit and includes the objectives of the audit, proposed timetable and audit team members. In this audit memo sample, internal audit solicits a meeting with the department head to discuss audit objectives and seek input. The team will audit results and potential recommendations of the audited area with management before scheduling an exit conference with the department head. The department head will receive a draft audit report prior to the exit conference and a final audit report after the exit conference.
	Internal Control Audit Instructions Memo This audit memo example documents instructions for reviewing and testing a company's internal control environment, which consists of the following cycles: financial reporting, tuition, purchases and payables, development, auxiliary, information technology, platform security, security management, end-user computing, and systems development lifecycle). In this audit memo example, an external auditor has been engaged to express an audit opinion on the financial statements of a company, in accordance with United States generally accepted accounting principles. The external auditor sets out the procedures that will be necessary for the internal auditor to perform in order for them to place reliance on the review and testing of the internal control environment.
	Internal Audit Project Administration Memo The purpose of this audit memo example is to document a company’s approach to administering internal audit work for a specific project. Topics include: managing changes to the overall audit plan; budgeting for overall engagement management and supervision; coordinating with other specialists; managing deadlines and budgets on individual audit assignments; reporting and managing possible budget overruns; preparing and approving the planning and scoping memoranda for individual audit assignments; reviewing or auditing documentation and related audit reports; defining updates and information to be provided to the internal audit director; and drafting of reports to senior management and the audit committee.

INTERNAL AUDIT RISK ASSESSMENT MEMOS

Internal Audit Risk Assessment Announcement Memo This audit memo sample letter from the internal audit director informs all participants of a company-wide internal audit risk assessment and solicits their participation. In this audit memo example, the company is in the process of completing a company-wide risk assessment, the goal of which is to identify the key risks in the business and industry that could impede its ability to meet current and long-term business objectives of a strategic, operational, financial and compliance nature. The results of this risk assessment are to be shared with management and would also become one of the primary information sources used in the development of an internal audit plan for the company. Therefore, the internal audit director solicits meetings with all participants to gain input about the company’s business processes as well as geographic locations.

MANAGEMENT RESPONSE MEMOS

Management Response to Internal Audit Reports Memo This audit memo sample outlines important points to consider when drafting management responses to audit observations. It focuses on the key considerations of a well-written management response, explains the S.M.A.R.T. procedure, answers frequently asked questions, and provides additional resources. At the conclusion of each audit, upon issuance of the draft report, management of the audited unit is responsible for developing and implementing an action plan that will remediate any risks associated with the observations noted during the audit. This written action plan is known as the management response. Written management responses to audit observations are a crucial step toward remediating potential risks and should address the complete action plan.