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Internal Audit Report Template (Microsoft Word)

This is a professionally structured Word template for internal auditors to report audit results clearly, consistently and in line with the Institute of Internal Auditors’ Global Internal Audit Standards. It suits internal audit functions in companies, public institutions, NGOs and financial institutions. It includes: Cover page: report number, auditee, period covered, overall opinion and a confidentiality notice. Distribution and timeline: distribution list, audit team and an audit timeline from notification to final report. Executive summary: a colour-coded overall audit opinion with its basis, a summary of findings by priority, a key findings table with action owners and dates, and positive observations. Audit details: objectives, scope, approach, conformance with standards and limitations. Rating definitions: four overall opinion levels, from Satisfactory to Unsatisfactory, and High, Medium and Low finding priorities with expected action timelines. Detailed finding cards: each follows the “5Cs” structure (Condition, Criteria, Cause, Consequence and Corrective action), followed by the management response, action owner and target date. A completed example is included. Follow-up and close: status of previous audit recommendations, conclusion and sign-off. Appendices: summary of testing performed, persons interviewed, a consolidated management action plan, and abbreviations. The template helps audit teams produce concise, evidence-based and action-oriented reports for management and the Audit Committee. How to use: Set up: replace all text in [square brackets] with the audit title, report number, auditee, period, team and dates. Write the findings: copy one finding card for each issue and complete all five Cs, putting a number on the condition where you can (for example, “12 of 40 samples”). List findings in order of priority, with High first, and delete the example. Rate: assign each finding a priority, and give the overall opinion using the rating definitions in Section 3. Agree with management: discuss the findings at the exit meeting, issue the draft, and add management’s responses, action owners and target dates. Complete the summary: write the executive summary last, and update the findings summary table and the management action plan to match. Finalise and issue: delete the guidance box, update the table of contents, obtain the Head of Internal Audit’s approval, and send the report to the distribution list. Follow up: track the agreed actions until they are closed, and report their status in the next audit using the follow-up table.