An audit is an inspection done to check and review the documents, accounts and certain records of a business or organization to ensure that the accounts declared by the company or organization are true and that they are maintained properly as what is required of them by the law. They are usually conducted by an independent body to avoid biases in the audit reports.
There are two types of audits being conducted today. They are internal audits and external audits. In this article, we will be focusing on internal audits. We will learn what it is, why is it important, how to write one and many more. We have also included some useful internal audit report templates that you can use as visual aids or as reference whenever you need to. Check them out below!
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Why Is an Internal Audit Important?
An internal audit is an inspection that is conducted to check internal matters within a company or organization. This type of audit is done to add value to the company or organization as well as to help improve the company’s or organization’s operations or way of doing things. An audit is a systematic approach that is aimed at helping the company or organization to reach its goals and objectives. Internal audits should be conducted regularly so that the needed attention can be given to the things that should be addressed before they become a major disaster.
An internal audit assures a company or organization’s risk management are in places, as well as determining if their internal control processes are still operating effective just like what they are expected to do. Having internal audits is mandated or required by the law to ensure good governance within the company or organization. Another reason why it is considered important is because it helps determine the risks that an entity is up against, both in the financial operations and non-financial operations of a company or organization. It is also one of the key components that makes up the assurance structure of a company or organization.
How to Write an Audit Report?
An audit report is a document where all the findings in the audit is written and then presented to the management or to the involved in managing the company or organization. Writing an audit report can be a tricky and tedious task if you do not know the things that you need to consider in writing one. The steps below are created for you to be able to easily create an audit report that works.
- You need to prepare for writing an audit report. The preparation involves learning about audits, the different the types of audits that is applicable to your findings or data, learning about the types of audit opinions, setting and understanding the goals of the audit and taking into consideration the people to whom the audit report is to be presented.
- Check out any guidelines provided for writing audit reports. It us important that you check this out before starting your work because you may have to discard everything that you have worked on just to follow these guidelines. The audit report may not be presentable if the guidelines are not followed.
- Next, read the results of the audit and create an outline for what you will write. Creating an outline will help you organize the data and other details that you will be including on your report. You can also use other organization technique that you find easy to do.
- After making the outline and arranging the details of your report, the nest thing to do is write the introduction. Your audit report introduction should provide an overview of the report so that your readers will have a background of it before they get to the full report.
- After writing your introduction, you will need to write the purpose of the audit, the scope and methodology, the statement about the auditing standards, and finally the auditing summary. Write them in order.
- What you need to do next is to write the results of the audit that has been conducted as well as any recommendations that you have for the company or organization.
- Now, if you are writing this as a draft you will need to have it transferred to the actual sheet or page for your final output. Make sure to always save your work no matter which part of the writing process you are in.
- Review your work. Look for any errors or grammar lapses that you might have. Also check out the coherence of our sentences and paragraphs. Make the necessary revisions and edit those that you need to edit.
- When you are done and when you are satisfied with your work, have the file saved and then prepare it for submission.
These steps will sure help you make the writing process easier. You may also use audit report templates to create your very own audit report. It will serve as your guide for creating an effective and useful content. You ma also check out other related articles on our website, like
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Why Use an Internal Audit Report Templates?
There are pretty much a lot of reasons why you should consider using an internal report audit template. IF you want to know why, then check out the list that we have gathered for you below.
- The template will make your work easier and more convenient because it will guide you on what you must include or put on your report. It eliminates the part where you have to create an outline of your audit report.
- By using an internal audit report template, you are sure to save time and a lot of brain power and use them for more important things related to the audit report you are making.
- You can guarantee that the internal audit report you will be making is complete because the template contains a complete set of information for your audit report.
- The template allows you to create a presentable and worthwhile document that will be useful to both financial and non-financial side of the company or organization.
- There are a lot of internal audit report templates available online and are mostly for free download. You will not have any serious problems looking for one that fits your needs.
- You can easily revise or edit the template of your choice so that it be appropriate for the audit report you will be making.
Making audit reports are made quick and easy with the use of audit report templates. You can never go wrong if you try them. We hope that you are able to find this article useful and informative. And if you do, why not also check out other audit related articles that we offer on our website. To name a few are …
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