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Follow-Up: Internal Auditor must also review the status of actions taken by the management against the
actions agreed during previous audits and report the status of such follow up in the audit report.
Final Report: Internal Auditor should thereafter circulate Final Report and present his findings to the Audit
Committee.
(CNO—IA.080) INTERNAL AUDIT REPORT
(CNO—IA.100) KEY ELEMENTS OF INTERNAL AUDIT REPORT
(CNO—IA.120) Content and Format of Internal Audit Report:
Professional Judgment in Report: The manner in which the internal audit report is drafted and presented is
a matter of professional judgment and choice and could be influenced by the preferences of the recipients.
SIA Guidelines: The SIA does not mandate any particular format or list of contents since the Internal Auditor
is expected to exercise his best professional judgement on matters regarding how and what to report.
Assurance Reports: Where some level of assurance is being provided, the form and content of the report shall
be as per SIA 380, “Issuing Assurance Reports”.
Typical Report Contents: A typical internal audit report should include the following:
• Audit Scope performed.
• Audit period Covered.
• Executive Summary
• Summary of the critical findings
• Detailed audit findings with elaboration on business impact and root cause of such issues
• Rating of the highlighted issues (E.g., High / Medium / Low) in accordance to the rating criteria approved by
Audit Committee
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