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Thread: 04 Standard on Internal Audit - SIA 4 Reporting

  1. #11
    AAS
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    Default Action Taken Report Paragraph of internal audit

    Action Taken Report Paragraph

    21. The Action Taken Report paragraph should be appended after the observations and findings and should include:

    (a) Status of compliance / corrective action already taken / being taken by the auditee with respect to previous internal audit observations;

    (b) Status of compliance / corrective action not taken by the auditee with respect to previous internal audit observations and the reasons for non compliance thereof; and

    (c) Revised timelines for compliance of aft open items in (b) above and fixation of the responsibility of the concerned process owner.

  2. #12
    AAS
    Guest

    Default Date of internal audit

    Date

    22. The date of an internal auditor's report is the date on which the internal auditor signs the report expressing his comments and observations.

  3. #13
    AAS
    Guest

    Default place of signature of internal audit

    Place of Signature

    23. The report should name the specific location, which is ordinarily the city where the internal audit report is signed.

  4. #14
    AAS
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    Default Internal Auditor's Signature

    Internal Auditor's Signature

    24. The report should be signed by the internal auditor in his personal name. The internal auditor should also mention the membership number assigned by the Institute of Chartered Accountants of India in the report so issued by him.

  5. #15
    AAS
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    Default Communication to Management in internal audit

    Communication to Management

    25. The internal audit report contains the observations and comments of the internal auditor, presents the audit findings, and discusses recommendations for improvements. To facilitate communication and ensure that the recommendations presented in the final report are practical from the point of view of implementation, the internal auditor should discuss the draft with the entity's management prior to issuing the final report. The different stages of communication and discussion should be as under:

    (a) Discussion Draft - At the conclusion of fieldwork, the internal auditor should draft the report after thoroughly reviewing his working papers and the discussion draft before it is presented to the entity's management for auditee's comments. This discussion draft should be submitted to the entity management for their review before the exit meeting.

    (b) Exit Meeting - The internal auditor should discuss with the management of the entity regarding the findings, observations, recommendations, and text of the discussion draft. At this meeting, the entity's management should comment on the draft and the internal audit team should work to achieve consensus and reach an agreement on the internal audit findings.

    (c) Formal Draft - The internal auditor should then prepare a formal draft, taking into account any revision or modification resulting from the exit meeting and other discussions. When the changes have been reviewed by the internal auditor and the entity management, the final report should be issued.

    (d) Final Report - The internal auditor should submit the final report to the appointing authority or such members of management, as directed. The periodicity of the Report should be as agreed in the scope of the internal audit engagement. The internal auditor should mention in the Report, the dates of discussion draft, exit meeting, Formal Draft and Final Report.

  6. #16
    AAS
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    Default Limitation on Scope of internal audit

    Limitation on Scope

    26. When there is a limitation on the scope of the internal auditor's work, the internal auditor's report should describe the limitation.

  7. #17
    AAS
    Guest

    Default Restriction on Usage and Report Circulation Otherwise Than to the List of Intended Recipients

    Restriction on Usage and Report Circulation Otherwise Than to the List of Intended Recipients

    27. The internal auditor should state in the Report that the same is to be used for the intended purpose only as agreed upon and the circulation of the Report should be limited to the recipients mentioned in the Report Distribution List.

  8. #18
    AAS
    Guest

    Default Effective Date of Internal Audit

    Effective Date

    28. This Standard on Internal Audit is applicable to all internal audits commencing on or after __________. Earlier application of the SIA is encouraged.

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