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#531109 - 04/12/06 09:05 PM Internal Audit Reports
movinonup Offline
Junior Member
movinonup
Joined: Sep 2003
Posts: 35
Does anyone have a sample audit report (generic of course) that they are willing to share? We are looking at restructuring our internal audit reports to more effectively communicate risks in each particular area.

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Audit
#531110 - 04/25/06 09:58 PM Re: Internal Audit Reports
Czargazer Offline
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Czargazer
Joined: May 2003
Posts: 298
Pacific Northwest
My audit reports have morphed a bit over the years into a pretty straight forward form that presents everything in risk chunks. It looks like this:

Intro
Scope
Kudos (gotta have positive reinforcement)
Table of Contents (if there's more than a few findings)
Findings
Thank you's and conclusion

The findings section looks like this:

o Control Gap (FYI/Low/Med/High):
o Recommendation:
o Response:

All findings are reported one at a time in this format. Allows for easy response that is incorporated into the original report. The findings are broken up into sections such as Documentation, User Controls, General Concerns, etc. Definitions to each of the risk levels is also provided.
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Everyone has to make a living, mine just happens to involve thumbscrews.

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#531111 - 04/25/06 10:51 PM Re: Internal Audit Reports
HMS Pippii Offline
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HMS Pippii
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Posts: 1,636
snorkeling in warm, clear wate...
I add an Executive Summary at the top (can't assume directors read the whole report but I expect them to be able to handle one paragraph). The other thing that depends on the audit is to list the inherent risks and the internal controls (both proactive and detective). Ditto Czargaser on everything else - especially get the kudos in whereever you can find them (and those hit the executive summary).
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#531112 - 04/27/06 04:30 PM Re: Internal Audit Reports
Reed Offline
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Reed
Joined: Sep 2005
Posts: 1,251
West Coast
This is the format that I use for each audit performed, also I think there are some samples in the "tools" section

Audit Title
Date Performed:
Objective/ Purpose:
Scope:
Overall Conclusion:
Findings:
Recommendations:
Management Response:
Planned Follow-up:

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#531113 - 04/27/06 04:34 PM Re: Internal Audit Reports
RR Jen Offline
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RR Jen
Joined: May 2003
Posts: 3,760
Running and riding everywhere ...
Mine are very similar to the ones mentioned above. I include an executive summary at the top for the same reason as HMS MountainHawk. Then I have:

Objective & Scope
Findings
Recommendations
Management Response

I generally do my thank yous and kudos in person during out exit interview.
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I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

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#531114 - 04/27/06 07:30 PM Re: Internal Audit Reports
HMS Pippii Offline
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HMS Pippii
Joined: Apr 2003
Posts: 1,636
snorkeling in warm, clear wate...
I don't think anyone has mentioned a Ratings system. I put a rating of Outstanding/Satisfactory/Needs Improvement/Inadequate up with the header section. The one time I used Inadequate, the entire committee had read the entire report and was all over it. Like JLV, I make sure the kudos get mentioned verbally, but we've had executive management point it out to the appropriate people when they get complimented in an audit report and that seems to go a long way with some people - they know that they've been seen in great light by both sr mgmt and the board - we can't buy that kind of motivation for continuing to excel in the future.
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#531115 - 04/27/06 07:37 PM Re: Internal Audit Reports
RR Jen Offline
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RR Jen
Joined: May 2003
Posts: 3,760
Running and riding everywhere ...
I dont to a rating system. I did for Branch audits at my last bank...but not here.

It's something I may consider next year.
_________________________
I don't need any more negativity in my life...be positive and helpful people or I will kick you in the shins!!!

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#531116 - 04/27/06 08:04 PM Re: Internal Audit Reports
02bonne Offline
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Joined: Nov 2005
Posts: 620
My audit write up is very close to Bliss's.

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#531117 - 04/28/06 04:53 PM Re: Internal Audit Reports
Czargazer Offline
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Czargazer
Joined: May 2003
Posts: 298
Pacific Northwest
I forgot to include that we have ratings. It's only a three grade system of "Outstanding" "Satisfactory" and "Unsatisfactory", but we do have one.
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Everyone has to make a living, mine just happens to involve thumbscrews.

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#531118 - 05/04/06 08:46 PM Re: Internal Audit Reports
movinonup Offline
Junior Member
movinonup
Joined: Sep 2003
Posts: 35
Thank you all for your responses. For those of you that do use a rating system do you define them in your audit policy or elsewhere; i.e. Satisfactory: no more than one major finding and two comments, etc.? If so, I'd like to see your examples if you are willing to share. Thank you so much!!

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