Professional Documents
Culture Documents
[Report Title]
[Site or geographic location, as applicable]
Executive Summary
Internal Audit performed a review of XXX during [timeframe]. The purpose of the review was to evaluate the
adequacy of internal controls over [insert process name]. [Explain the objective of the review.]
Background
[Background of the process/control environment and why the area was chosen for review. Where driven by results
of risk assessment / other audits / SOX, so note, along with the rationale.]
Scope
[Document what was reviewed during this internal audit. If any areas / functions / cycles / accounts were
specifically out of scope for this review, note that here. Document any additional constraints and limitations in this
section. For example sample sizes, nonsubstantive testing.]
[Discuss in the terms of the objective of the audit how the audit was completed. For example: “To determine the
adequacy of controls over XXX in the property management function, we reviewed the controls related to YYY
through interviews with management, review of supporting documentation, and testing of the effectiveness of
related controls.]
Results
See Guide for Report Rating Definitions and Observation Rating Definitions.
Overall Report Rating – [insert overall rating usin g definitions in Guide]
The Observations section of this report provides detailed descriptions of each observation and recommendation.
The high and moderate priority items are summarized below,,
TITLE OF OBSERVATION 1
[Give a high level summary (generally one to two short sentences) of the issue and what could go wrong as a result
of the issue – this statement can be in cluded in Audit Committee Reporting]
TITLE OF OBSERVATION 2
[Give a high level summary (generally one to two short sentences) of the issue and what could go wrong as a result
of the issue – this statement can be in cluded in Audit Committee Reporting]
TITLE OF OBSERVATION 3
[Give a high level summary (generally one to two short sentences) of the issue and what could go wrong as a result
of the issue – this statement can be in cluded in Audit Committee Reporting]
Page
2
DRAFT
H IGH P RIORITY
A. T ITLE OF I SSUE 1
Observation
Business Impact
[High level summary of observation (one to two short
[What can go wrong (i.e. what is the risk –
sentences) – can often be pulled directly into the
can be strategic, tactical, or both) based on the
Exec. Summary section.]
current operations – the effect on the current
[Explain the details of the observation]
operations and why management should care.]
Recommendations
Management Response
1
[Recommendation]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
2
[Recommendation]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
3
[Recommendation]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
Page
3
DRAFT
B. T ITLE OF I SSUE 2
M ODERATE
P RIORITY
Observation
Business Impact
[High level summary of observation (one to two short
[What can go wrong (i.e. what is the risk –
sentences) – can often be pulled directly into the
can be strategic, tactical, or both) based on the
Exec. Summary section.]
current operations – the effect on the current
[Explain the details of the observation]
operations and why management should care.]
Recommendations
Management Response
1
[Recommendation]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
Page
4
DRAFT
C. T ITLE OF I SSUE 3
M ODERATE
P RIORITY
Observation
Business Impact
[High level summary of observation (one to two short
[What can go wrong (i.e. what is the risk –
sentences) – can often be pulled directly into the
can be strategic, tactical, or both) based on the
Exec. Summary section.]
current operations – the effect on the current
[Explain the details of the observation]
operations and why management should care.]
Recommendations
Management Response
1
[Recommendation]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
2
[Recommendation]
[Steps that management has agreed to
implement]
[Owner to resolve the identified issue, Title –
Target completion date]
Page
5