Audit Committee Report — Internal Audit Update

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Audit Committee Report - Internal Audit Update

This tool contains two sample reports that can be used by auditors for evaluating and improving the audit committee’s internal audit plan.

In these samples, internal audit activities include establishing the company’s internal audit budget and obtaining audit committee approval for the internal audit plan, meeting with management and external auditors for yearly risk scoping exercises, and testing the operating effectiveness of key controls in conjunction with walk-throughs. The goals are discussed:

  • Continue to increase dialogue and the depth of discussions with the audit committee beyond regularly scheduled meetings.
  • Organize procedures to consider late-year transactions and proper application of internal controls.
  • Provide company-focused insights into technical areas and contribute to the board’s risk oversight process.
  • Suggest internal audit procedures beyond SOX, focusing on organizational improvement and areas crucial to corporate success.

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