Audit summary is the report that is prepared culminating and combining all the details of the audit of the procedure. It is the complete documentation of the audit that was conducted which includes the information of the auditors, the goals and objectives of the audit, the method that was adopted, the findings, conclusion or the result of the process, etc.
10+ Audit Summary Templates in PDF | DOC
1. Audit Summary Report Template
2. Audit Summary Template
3. Audit Summary Notes Template
4. Audit Summary Notes Template in PDF
5. External Audit Summary Template
6. Audit Summary Example
7. Internal Audit Summary Template
8. Audit Summary Template in PDF
9. Audit Summary Form Template
10. Audit Summary Template in DOC
11. Audit Risk Management Summary Template
Why is an Audit Summary Report Important?
Summary Reports cab be used for a variety of purposes. This can be used to brief readers on the details of any events, processes, procedures, etc. It can be prepared as the complete documentation of the analysis that was performed. A summary report can also be prepared as a document that is formulated at the end of the completion of any project.
Judging from its nature or the ways it is use
d in case of an audit the summary report plays the same role. A process that takes place in an organization has to be documented. An audit also falls under the category of the various process that takes place in an organization. To show that an audit has been conducted it is very important that the summary report is prepared.
An audit summary report contains every single information that is associated with an audit. In every organization, audits are conducted every now and then to keep the internal control factors under check. The summary report is the report that the auditor produces after he completes the audit.
What are the Different Types of Audit Summary?
The unqualified opinion is the audit summary that is prepared by the auditor to pass the department or the organization in every aspect. It is the summary that is the result of the audit which says that the records are free of errors and misrepresentations. This type of summary produced by the auditor means that the records and the documents were maintained according to the standards and the guidelines. In many summaries likes this there is a mention of the word “independent” in the title section. This means the summary has an unbiased opinion formulated by a third party.
There can occur a situation when the auditor finds that though there are no misrepresentations in the records the records were not well-maintained. The summary that the auditor prepares is a qualified opinion. The writing is very much similar to the unqualified opinion. However, this summary includes an additional paragraph that states the reason for the summary being qualified.
When both cases are negative, the auditor prepares this kind of report. In case the auditor after auditing finds out that the documents and records were loosely maintained and there are misrepresentations and errors in the records, they prepare the adverse opinion summary report. Although the reason can be an error in the judgment or presentation, it is considered fraud. In this type of scenario the company corrects everything and gets it re-audited.
If there occurs any situation that the auditor is unable to complete an accurate audit report, the auditor issues the disclaimer opinion summary. There can be a variety of situations based on the circumstances. In this opinion summary, the auditor states that the status of the company or the department of the organization could not be determined.
What is Considered a Good Audit Summary?
The audit summary is an essential part of the audit process that the auditor has observed on-site. The summary that can be considered as a good audit summary if the outcome of the audit is good. The audit summary is very important for an organization. Therefore, if all the factors are in favor of the organization, consequently the outcome of the audit or the evaluation will be good and positive. Hence, the auditor will be able to prepare a good audit summary.
To summarize, for an organization to get a good audit summary report, the department that is being audited should have the records and the documents devoid of any kind of error and misrepresentation. All the documents should be well-maintained and should be well-organized.