In your internal audit reports, do you provide an overall conclusion (opinion)? If so, what is your process or methodology? And what are the categories that you use for e.g. overall high risk or unsatisfactory.
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Information Security Manager in Insurance (except health)3 months ago
No. We rate individual findings on a low, medium to high-risk scale. We have a methodology to rank these.Team Lead Quality Assurance in Energy and Utilities2 months ago
Thanks for your reply
Finance Manager in Telecommunication3 months ago
Yes, we provide an overall conclusion except few exceptions. Conclusions are made based on the materiality of the findings and overall control on the audited process. One or more significant findings may result in Unsatisfactory opinion. For opinion, there are three (3) categories i.e., Satisfactory, Needs Improvement and Unsatisfactory. It may vary from organization to organization.Team Lead Quality Assurance in Energy and Utilities2 months ago
Thanks for your reply!
Internal Auditor in Transportationa month ago
We rank individual findings and based on that conclude on the overall ratingInternal Audit Specialist in Energy and Utilities23 days ago
I've experienced three approaches: 1) the use of opinions, 2) the use of no opinions, 3) the use of private opinions. The downside of opinions in reports is the auditee spends time trying to change your opinion or changing the causes that contribute to the opinion (rather than discussing the issue at hand). The political aspect is not to be ignored, too, when reporting opinions. The upside is direct and efficient communication to the audit report recipients. No opinions in an audit report can still be effective if you limit what findings go into the report. Low level findings or risk impacts would be removed. There is also a tactic to assign opinions to audits and not include the opinion in the audit report. Rather the audits that reveal poor or unacceptable opinions are handled as one offs at the C-suite level. I don't think one approach is better than the others, because not all businesses or cultures are the same.