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This report presents the findings from the recent review of internal controls associated with [Audit Name], completed on [Date Completed]. The audit aimed to assess the effectiveness and adequacy of these controls in mitigating risks that affect the achievement of business objectives. The review included a comprehensive evaluation of processes, significant business risks, and control mechanisms in place. Our conclusions highlight the effectiveness of these controls with minor exceptions needing attention to further enhance the control environment, resulting in a management action plan to address identified issues.
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Subject (i.e., name of audit) To: (Executive In charge of area audited – typically vp or dean-level – name (including middle initial), title, business unit) From: (include auditors who worked on project – leave room for electronic signatures) Date:
Index Executive Summary………………………….…….. Page X Background…………………………………………. Page X Conclusion............................................................. Page X Business Objectives, Scope, and Results……….. Pages X – XX Report Distribution ………………………………… Pages XX – XX
Executive Summary We have completed a review of the (Name of Audit) as of (Date Completed). The review focused on the adequacy and effectiveness of internal controls associated with…………………….. (Alternative scope language may apply to second sentence).
Background (Business Objectives, Major Process Activities and Significant Business Risks) (Two paragraphs max, typically—ok to include relevant graphics (charts, tables, flowcharts, etc. in this section)
Conclusion (Select appropriate conclusion based upon Conclusion Assessment) (Ensure font consistency between slides) Internal controls are effective in mitigating the risks specific to the achievement of business objectives. We have reviewed the results with (identify the person you reviewed or area management Identify person). OR Internal controls are effective in mitigating the risks specific to the achievement of business objectives with a few minor exceptions. However, opportunities for control enhancement were identified, as previously noted. We have reviewed the results with (identify the person you reviewed or area management) and a management action plan has been developed to address the issue identified during the review. OR Internal controls are effective in mitigating the risks specific to the achievement of business objectives except for the methods used for performing follow-up on compliance issues. We have reviewed the results with (identify the person you reviewed or area management) and a management action plan has been developed to address the issue identified during the review. OR Internal controls associated with the methods used for performing follow-up on compliance issues need improvement in order to bring the control environment to an effective level in mitigating the risks specific to the achievement of business objectives. We have reviewed the results with (identify the person you reviewed or area management) and a management action plan has been developed to address the issue identified during the review. OR Internal controls are ineffective in mitigating the risks specific to the achievement of business objectives as previously noted. We have reviewed the results with (identify the person you reviewed or area management) and a management action plan has been developed to address the issue identified during the review.
Summary of Business Objectives, Scope, and Results Business Objective 1: Scope: Results: Recommendations: (enter “None.” should there be no findings for this business objective) Management Response: (omit should there be no recommendations for this business objective)
Summary of Business Objectives, Scope, and Results Business Objective X: (repeat based on the number of business objectives in the audit scope): Scope: Results: Recommendations: (enter “None.” should there be no findings for this business objective) Management Response: (omit should there be no recommendations for this business objective)
Report Distribution (Ensure font consistency between slides) We appreciate the cooperation and assistance that your staff provided to the audit team during this review. Should you have any questions or require additional information, please do not hesitate to contact (name & phone number of audit director) or (auditor names) at (phone numbers). cc: UT President (first on cc list) UT General Counsel UT Chief Financial Officer All Direct and Indirect Supervisors of Primary Addressees (in alphabetical order) Relevant Direct Reports of Primary Addressee (in alphabetical order by last name) External Auditors (last on cc list) (In summary, the cc list should be sequenced as follows: • UT President • Direct Reports of the UT President, in alphabetical order • All other persons on the cc list, in alphabetical order • External Auditors)
