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Sample Internal Audit Report Format

The internal audit report of ABC Company Ltd summarizes the results of an inventory audit conducted from January 1st to March 31st. The audit evaluated controls related to inventory accuracy, stock existence and completeness, and stores issuance. Some weaknesses were identified, including issues with stores issuances. The report details observations from the audit and provides recommendations. It requests management to prepare action plans to address the issues.

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Saad Khan
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1K views

Sample Internal Audit Report Format

The internal audit report of ABC Company Ltd summarizes the results of an inventory audit conducted from January 1st to March 31st. The audit evaluated controls related to inventory accuracy, stock existence and completeness, and stores issuance. Some weaknesses were identified, including issues with stores issuances. The report details observations from the audit and provides recommendations. It requests management to prepare action plans to address the issues.

Uploaded by

Saad Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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ABC Company Ltd.
Internal Audit Report
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Internal Audit Report
INVENTORY
Audit Period: ________________________
Distribution List:
Chief Ee!uti"e Offi!er #CEO$
C%O
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ABC Company Ltd.
Internal Audit Report
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EXECUTIVE SUMMARY
Background
Internal Audit Department conducted the Physical Stock Count as on __________,
detailed Examination of Stores spares issuance for the period of 1st Jan1! to
!1st "ar1!# $urthermore, %e carried out an assessment of related internal
controls and identi&ed some risky ' critical issues to (e reported#
Scope
)he scope of the audit includes*
Accuracy + completeness of Stores issuance includin, packin, material#
Assess the ade-uacy of o.erall controls and process#
Physical .eri&cation of stock#
Ob&e!ti"e and Results
)he audit e.aluated the ade-uacy of controls and processes to achie.e key
(usiness o(/ecti.es as it related to In.entory# $ollo%in, are the (usiness
o(/ecti.es and related control assessment 0Satisfactory, 1eeds Impro.ement,
and 2nsatisfactory3 and a summary of ,ood and %eak controls noted in the
audit#
Business Objectives Control Assessment
Accuracy, Existence and completeness of stock Satisfactory
Accuracy + completeness of Stores issuance includin,
packin, material
Satisfactory
Assess the ade-uacy of o.erall controls and process Needs Improvement
Control Summary
Good Controls Weak Controls
4ist do%n the ,ood
controls o(ser.ed durin,
the audit
4ist do%n the %eek controls
o(ser.ed durin, the audit
%ith (rief discussion and then
each point should (e explain
in next section in details#
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ABC Company Ltd.
Internal Audit Report
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OBSERVATIONS AND ACTION !AN
Following is a table detailing all the observations from the audit along with managements action plan to address
these issues
.
1Obser"ation ' ( #)tore Issuan!es$
Ris* Ran*in+ ,I-,
Explain the details of the observations listed down above in control summary section.
Effe!t
Explain the effect of the limitation/non compliance/ issue observed during the audit`.
Re!o..endation
Recommend the appropriate procedures to be implemented by management.
A!tion Plan #/ana+e.ent Response$
Person Responsible
Esti.ated Co.pletion
Date
s! management to "lease prepare management action plan for implementation of the above
recommendation.
#$nsert %anagement Response here&
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ABC Company Ltd.
Internal Audit Report
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Obser"ation ' 0
Ris! Ran!ing ,I-,
Explain the details of the observations listed down above in control summary section.
Effe!t
Explain the effect of the limitation/non compliance/ issue observed during the audit`.
Re!o..endation
Recommend the appropriate procedures to be implemented by management.
A!tion Plan #/ana+e.ent Response$
Person Responsible
Esti.ated Co.pletion
Date
"lease prepare management action plan for implementation of the above recommendation.
#$nsert %anagement Response here&
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ABC Company Ltd.
Internal Audit Report
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ANNE12RE 3:

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