Brink's Modern Internal Auditing by Moeller Robert R.;

Author:Moeller, Robert R.;
Language: eng
Format: epub
ISBN: 9781119179993
Publisher: John Wiley & Sons, Incorporated
Published: 2015-11-28T00:00:00+00:00

18.3 Published Audit Reports

Although audit reports have been discussed as almost a single concept, they can take a variety of different formats and styles, ranging from Web-based documents to hard-copy paper reports. In any format, an audit report is a formal report document outlining internal audit’s concerns and recommendations following the four objectives previously discussed. In past years, management in the days before SOx sometimes placed restrictions or constraints on internal audit that limited it from preparing effective audit reports. For example, some senior managers in the past, and going back to the days of paper documents, may have declared that all audit reports must be one page or less in size. This type of request sometimes took place because internal audit functions had gotten too carried away with writing up pages and pages of audit report findings that may have seemed significant to the internal auditor but not to senior management.

Audit reporting attitudes also have changed after SOx. In the congressional hearings leading to the act, there was criticism directed at audit committees for sometimes receiving only summarized reports, at best, and not any level of detail regarding audit findings, whether from internal or external auditors. With SOx, audit committee members, and of course senior management, are to receive or have access to full copies of all audit reports. While it is their right to request summarized reports as well, they are still responsible for receiving and understanding all reported audit findings. Internal control findings must be clearly described in an internal audit report. This section will discuss formal published audit reports as well as alternative mechanisms for internal audit reporting.

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