The Internal Auditor shall issue their report on the basis of his best professional judgement, after consultation with the auditee, in a reasonable period of time from the completion of audit. Key elements of internal audit report are as follows:
Conclusion of internal audit report should be on the basis of audit procedures performed during the audit and the analysis of the audit evidence obtained by performing these procedures.
If internal audit is performed as per Standards on Internal Audit then the auditor shall specify the same in his report.
Since the Standards on Auditing does not mandate the auditor to follow a particular format. So, an auditor may frame his report by exercising professional judgement and may be influenced by the preferences of the recipients.
After fulfillment of all the compliance procedure Copies of draft and final internal audit reports to should be maintained in a proper manner.