For internal audit reports, do you provide an overall opinion? Can you share how you are able to go about this especially when there are multiple risks identified and different risk rankings?

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Finance Analyst in Energy and Utilities5 months ago

Yes, an overall conclusion of Controlled, Controlled with Opportunities for Improvement, Improvement Needed or Unsatisfactory. From my experiences, these conclusions are made with the joint review of the Senior Internal Auditor, Internal Audit Dept Manager and VP of Internal Audit to be made on the final report which includes Findings, Management Responses and Oppurtunities for improvement. Risks are highly dependent on the type of audit and whether there are any regulatory components.

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VP of Finance4 months ago

Audit reports have a conclusion of Satisfactory, Needs Improvement, or Unsatisfactory.

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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.

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If your audit department has a Quality Assurance Program, how are you selecting audits to review? Additionally, does anyone complete horizontal reviews, e.g. doing a full-scope review of the issue management process, scoping process, work papers, etc.? If so, how are you going about sampling or selecting for the years QA reviews?

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Director of Finance in Consumer Goods8 months ago

For Quality Assurance Audit, we have a UAT( User Acceptance Testing) and SOX compliance which looks after SLA/KPI's timelines and error free accounting and reporting. If standards are met it passes out Quality Assurance ...read more