This internal audit report to the audit committee chairman focuses on an audit plan for establishing an organization’s internal infrastructure. This document also includes an internal audit charter.
Internal audit will work closely with executive management and the audit committee to establish expectations for the function. Internal audit has identified audit projects that address the highest risk areas of the company and will provide an audit plan for the remainder of year that highlights these projects.
In this sample, the company has established an internal audit function in order to provide the organization with independent, objective assurance and consulting services designed to monitor the development of the system of internal controls; validate the completeness and accuracy of key processes; and generally improve the organization’s operations.