Internal Audit Process - Reporting
Phase 3 - Reporting
Although the product of any internal audit is the report, the reporting process starts at the beginning of the internal audit and continues throughout the course of the audit.
The contents and structure of the report are considered during the planning phase and modified as necessary during fieldwork. Like the planning and fieldwork phases, the internal audit report continues to evolve and change over the course of the audit as new information and new perspectives are revealed.
Progress reports are provided to management throughout the internal audit. By working closely with the management and staff of the organization being audited, Corporate Internal Audit Services can ensure that the report contains no surprises. All significant issues and the related recommendations will have been fully discussed with the organization prior to the issuance of the draft report.
A first draft of the report is issued to management in order to achieve agreement on the accuracy of the information contained in the report, the suitability of the recommendations and the validity of the conclusions.
A second draft is issued as appropriate, at which time an action plan is developed by management that addresses the audit issues. The recommendations contained in an audit report suggest what needs to be done. How the recommendation is implemented is the responsibility of management.
A final report is issued that includes the action plan.
