This tool contains two sample audit reports that can be used by auditors to summarize the results of an internal audit risk assessment to the audit committee.
In these samples, internal audit activities include conducting management interviews to understand their views of the risk environment; conducting an analysis of the risk environment by reviewing past audit results, Sarbanes-Oxley testing results, and knowledge of the business and industry; and presenting a draft plan to management and the audit committee chair.
Audit plan highlights include:
Review the new underwriting processes to verify that key controls are in place before the policy is bound.
Evaluate the processes and controls in place to provide complete and accurate data into and out of the reserving process.
Review the organization’s Gramm-Leach Bliley Act (GLBA) regulatory compliance program, specifically related to Section 501(b).
Conduct periodic store audits to ensure compliance with the expected operational procedures to be performed.