This sample memo serves as a report of an internal audit function’s high-level assessment of the company’s existing accounting policies and procedures (P&Ps).

The objectives of the review were to evaluate the completeness and adequacy of the company’s existing accounting P&Ps and identify any gaps per applicable regulations and best practices/benchmarks, evaluate the organization's adherence to existing accounting P&Ps and the existence of processes/procedures in place to facilitate adherence or performance, and communicate review results and recommendations for improvement to management. The scope of the review consisted of all the company’s existing accounting P&Ps.