According to the Internal Audit Magazine (iaonline.theiia.org), more than 28 percent of companies indicated permanent internal audit staff levels increased over the past year (2014). Also, more than 40 percent showed that their internal audit budgets increased over the same preceding year from the same report (CBOK 2015). With all these numbers, you might want to ask why on earth do they (the companies) take such precaution just for this program?
Companies do this for a reason and its a pretty good one. With, the expansion of the company comes its destabilization, and internal audit is the program that keeps it from getting out of control. So, for those individuals in the finance department who might be interested in making an internal audit plan, a set of steps is available below that would surely help.
5 Steps in Creating a Finance Internal Audit Report
Step 1: Keep It Short And Simple
The individuals who will read this report are busy people, people in the position to create or cancel a decision. A lengthy investigation full of jargon and nominatives would honestly turn them off. Assistants of the said leaders may read the report, but as for the reporter, it would honestly be better for the intended recipient to read the report. That’s why keeping the report short and simple is the best way to do it.
Step 2: Share Your Suggestion
The central concept of doing an internal audit is not just mainly about risk management, but also the regulation of the company’s operations when it comes to efficiency and control. Hence, on times, an auditor might think of an idea that would surely improve these factors, the report must include them. In doing so, not only will the management embrace whatever weakness (or weaknesses on that end) that the report might show. The reputation gained from such activities will surely gain some benefits in the long run.
Step 3: Remember The Basics
The report is cleaner when there are no mistakes. Grammatical errors are not beneficial for the overall documentation. As the author, see to it that the article is formally written and is concise. A single mistake could ruin the credibility of the report, so do be careful.
Step 4: Consider The Implications
As a reminder, the file is going to be read by the higher-ups. Thus, it is necessary to be greatly unbiased. Writing it in a positive light is also essential. As an example, “The team was greatly challenged by the tasks.” is better than writing it this way “The team was unproductive and did not meet the expectation.” The choice of words set the mood of the whole documentation, so make them count.
Step 5: Remember The Five Cs
Lastly, remember the five Cs of internal auditing, Condition, Criteria, Cause, Consequence, and Corrective Action. The first, Condition answers the question “What is the particular problem identified?” Criteria respond to “What is the standard that was not met?” Cause answers, “Why did the problem occur?” Consequence, “What is the risk/negative outcome (or opportunity foregone) because of the finding?” Lastly, Corrective action answers, “What should management do about the finding? What have they agreed to do and by when?” All of these things are essentials in writing the best report.
7+ Finance Internal Audit Report Templates
1. Internal Audit Report Template
The first template on the list is this Internal Audit Report (shown above) than an accomplished auditor written. This template is well-made and has enough suggestive content to help the user in making an excellent report. Do not stress yourself out by building from scratch. Download this today and make your life easier.
2. Simple Internal Audit Report Template
Sometimes, too much information could overwhelm someone. Without proper constrains, the reading could become something challenging. The Simple Internal Audit Report Template though is the perfect simple template to help you compact that information and make the read leisurely as possible. Press that download button today to start.
3. Internal Audit Report Template
This general all-purpose Internal Audit Report Template (shown above) is an excellent template. Use this and make your boss wonder at its aesthetic. It’s a sure way towards compliance. Click that download button today, and you’re on your way to something beautiful.
4. Free Finance Internal Audit Report Template
Making a finance internal audit report is challenging, especially for those who are new in the field. Even though the challenge is maybe tough, this Free Finance Internal Audit Report Template (shown above) is an exceptional template that’s both detail-oriented and concise. With this template, the report making is a breeze. This simple template is yours for free when you click that download button.
5. Free Internal Audit Report Template
The Free Internal Audit Report Template is a flexible file with its availability in diverse formats. If you need to do a fast report, this template is just for you. It’s available in Google Docs, MS Word, Pages, and Editable PDF. So, click the download now if you need this.
6. Willington Community Trust Auditor’s Report and Financial Statement
The Willington Community Trust Auditor’s Report and Financial Statement is an excellent sample if you need one. The details and the method of how its made are exceedingly well-made. Click the download button to check this.
7. OSFI – Canada Internal Audit Report On Finance
This sample is from the Office of the Superintendent of Financial Institutions in Canada. This OSFI- Canada Internal Audit Report on Finance is a worthwhile sample if you need one. Download this today to make your report clearer and great.
8. Port of Seattle Internal Audit Report
The Port of Seattle Internal Audit Report is a concise report from the federal government. This sample is an exceptional example for those individuals who are still confused about the process of internal auditing. Check this out today, click the download button.