Factsheet - Internal Audit Report Control Ratings

Factsheet

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Author

IIA-Australia

Date

2025

Topics Explored

Internal Audit, Internal Audit Management, Control

Format

Factsheet

Extract/Description

To provide an informative and balanced internal audit report,  reports can contain a rating against all objectives or scope items. And to provide even more information for a reader of the report, this can be differentiated to give a view of each of control design (adequacy) and control operation (effectiveness).  Differentiation of these two components allows an internal audit report to provide a clearer picture of what is occurring, and provides a more valuable audit outcome.

Key Points

1. The requirements of the Global Internal Audit Standards are explored, including the need for positive internal audit observations.

2. An example of a control rating assessment is provided based on an internal audit of Human Resources.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes