Does your internal audit department prepare an annual report to the audit committee summarizing its activities during the past year?

Question

It is a very good practice to prepare such a " status or progress " report !

Saad Kapadia FCA - CIA - CFE - CISA - CRMA-FMVA · Answer

Standards promulgated by Institute of Internal Auditors requires CAE to submit Annual Report to Audit Committee indicating activities carried out by Audit Department against planned one as well as reason for deviating from plans.

Rashiduzzaman Khan Dipto · Answer

Under Good Governance Practice it is essential for Internal Audit Department to prepare an annual report to the Audit Committee.
More over it is focused a lot in Sarbanes Oxley, and also discussed detailed in Assurance part in ICAEW.

mukkur srinivasan varadhan · Answer

There was no Audit Committe in my former LLC company in Muscat. But as Incharge of the Internal Audit department, I prepared and sent to the MD.

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Does your internal audit department prepare an annual report to the audit committee summarizing its activities during the past year?

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