Audit Report Template 01

Ref.
Ares(2013)2774382 - 30/07/2013
Limited Distribution1
IAS Audit Report
Final Audit Report on

"Audit Title" in "Agency"
Acronym
Agency's Logo
IAS.A-200X-W AGENCY-001
Date
This IAS Audit Report is addressed to

XXX, Director, AGENCY
XXX, Chairman of the Board, AGENCY
with copies to
XXX, Contact person, AGENCY
XXX, Director-General, DG in charge (=Tutelle) XXX, Head of Cabinet of
relevant Commissioner Mr H. HOLOLEI, Head of Cabinet of Mr S. KALLAS
Mr M. KRAFF, Director CEAD Group, ECA
1 This IAS Audit Report is covered by a Marking provided for by Commission Decision 2001/844/EC, which imposes a constraint on its
use and distribution. It is destined exclusively for the Services to which it has been expressly addressed and its contents should not be
communicated to other Services or third parties without the express written consent of the Internal Audit Service. Audit Reports may
contain personal data as defined in Article 2 of Regulation 2001/45 and in this context, recipients are subject to the responsibilities
defined in this Article. Should this report inadvertently come into your possession when you are not a designated recipient it should
please immediately be given to the Security Officer of your Service or that of the IAS.
Audit of XXX in AGENCY – FINAL Report Date
ENGAGEMENT TEAM
Auditor Team Leader

Certification if any
Auditor Auditor
Auditor Auditor
AUDIT MANAGER
Manager Audit Manager

DIRECTOR
Agnieszka KAŻMIERCZAK, Director

Certified Internal Auditor
Hereby we would like to thank all staff members of the Agency who participated in this audit for
their kind and constructive co-operation.
ii
Table of Contents
1. EXECUTIVE SUMMARY ................................................................................................................ 3

1.1. OBJECTIVE AND SCOPE ................................................................................................................3
1.2. AUDIT OPINION AND MAJOR FINDINGS / OBSERVATIONS ............................................................3
1.3. STRENGTHS (IF APPLICABLE)........................................................................................................ 3
1.4. COMMENTS FROM AUDITEE .........................................................................................................3
2. FULL REPORT .................................................................................................................................. 3
2.1. INTRODUCTION ............................................................................................................................ 3
2.1.1. Reason for the Engagement .................................................................................................... 3
2.1.2. Description of Audited Activity/Process ................................................................................. 3
2.1.3. Key Figures ............................................................................................................................ 3
2.1.4. Overview of Strengths and Relevant Changes ........................................................................ 3
2.2. MAJOR OBSERVATIONS AND RECOMMENDATIONS ...................................................................... 3
ANNEX 1: AUDIT METHODOLOGY...................................................................................................... 3
ANNEX 2: COMMENTS FROM AUDITEE ............................................................................................ 3
iii
1. EXECUTIVE SUMMARY
2
1.1. Objective and Scope
The overall objective of this audit engagement is to assess the adequacy and
effectiveness of "Audit Title" in "Agency's name" (ACRONYM).
The scope of the audit covers the following:
−
XXX are not included in the audit scope.
1.2. Audit Opinion and Major Findings / Observations
[Select one of the following audit opinions]:
[Disclaimer of opinion]: Since we were unable to perform our audit engagement as

planned, because of <the scope limitations are mentioned>, we do not express an
overall audit opinion on the internal control system of <the activities/processes
audited> as described in the objectives and scope of the audit engagement.
[Satisfactory opinion]: Based on the results of our audit as described in the
objectives and scope of the audit engagement, we believe that the internal control
system in place provides reasonable assurance 3 regarding the achievement of the
business objectives set up for <the activities/processes audited>.
[Unsatisfactory opinion]: Based on the results of our audit as described in the
objectives and scope of the audit engagement, we believe that the internal control
system in place does not provide reasonable assurance3 regarding the achievement
of the business objectives set up for <the activities/processes audited>.
[Not under control]: Based on the results of our audit as described in the objectives
and scope of the audit engagement, we believe that the internal control system in
place is inadequate and that the business objectives set up for <the
activities/processes audited> most likely will not be achieved in practice.
[Satisfactory opinion with qualifications]: Based on the results of our audit as

described in the objectives and scope of the audit engagement, we believe that the
internal control system in place provides reasonable assurance3 regarding the
2
For the audit methodology, see Annex 1.
3
Even an effective internal control system, no matter how well designed and operated, has inherent
limitations – including the possibility of the circumvention or overriding of controls – and therefore
can provide only reasonable assurance to management regarding the achievement of the business
objectives and not absolute assurance.
1
achievement of the business objectives set up for <the activities/processes

audited>, except for the following issues:
Audit opinion paragraph to be followed by a description of the major observations
by clustering them, as far as possible, according to the main risks or major
processes if it would help the reader to obtain a better understanding of the issues
at stake. The focus should be on the root cause of the findings and their associated
risks, with a brief reference to the recommendations. Avoid copy and paste from
the main body of the report.
(a) First finding (Number and Title of finding in bold)/First group of
findings. Brief description of root cause of finding(s), associated risk(s) and
recommendation(s).
(b) Second finding (Number and Title of finding in bold)/Second group of
findings. Brief description of finding(s), associated risk(s) and
recommendation(s).
(c) Third finding (Number and Title of finding in bold)/Third group of
findings. Brief description of finding(s), associated risk(s) and
recommendation(s).
1.3. Strengths (if applicable)
Start with a short introductory paragraph such as "The auditors recognise the
ongoing efforts made by AGENCY to …". Then list the main strengths, i.e. the title
in bold, followed by a brief summary.
(a) First strength (Title in bold). Brief description of strength.
(b) Second strength (Title in bold). Brief description of strength.
(c) Third strength (Title in bold). Brief description of strength.
If the number/nature of the strengths does not merit this listed format, just include a
brief paragraph that describes the nature of the strengths.
Strengths can also be included as part of the description of the major observations
in section 1.2 above.
1.4. Comments from Auditee
[This section should be limited to including a reference to the auditee comments

contained in Annex 2 and/or to summarising any main differences which may exist
between the auditee and the IAS. It should only be used for Final Reports].
Team Leader Audit Manager
2
2. FULL REPORT
2.1. Introduction
2.1.1. Reason for the Engagement
Include a full description of the objectives and scope of the audit

Include the following sentence at the end of this section: This audit was conducted
in accordance with the Standards for the Professional practice of Internal Auditing.
2.1.2. Description of Audited Activity/Process
2.1.3. Key Figures
Describe population, materiality, sampling size and criteria used.
2.1.4. Overview of Strengths and Relevant Changes
(Optional – only if different from Executive Summary)
Make a specific reference to strengths that rise to the level of "good" or "best"
practice.
3
2.2. Major Observations and Recommendations
A. Cluster 1
TITLE
FINDINGS
Detail
CURRENT RISK(S)
Detail
RECOMMENDATIONS
Recommendation N° XX - Title Critical

Detail
Recommendation N° - Title Very

XX
Important
Detail
B.
Cluster 2
TITLE
FINDINGS
Detail
CURRENT RISK(S)
Detail
RECOMMENDATIONS
Recommendation N° XX - Title Important

Detail
Recommendation N° XX - Title Important

Detail
4
ANNEX 1: AUDIT METHODOLOGY
1. Audit Methodology
The audit was performed according to the IAS Guidelines and the Mutual Expectations
Paper, describing the responsibilities of the IAS and the auditees in terms of the audit
process. The Mutual Expectations Paper was attached as an annex to the Announcement
Letter sent to the auditee.
2. Follow-Up
In accordance with the IAS' follow-up policy an audit follow-up engagement is normally
planned to be conducted within one year from the issuing of the final report.
5
ANNEX 2: COMMENTS FROM AUDITEE
The reply and comments from the auditee will be attached as annex to the final version of
this report.

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Ref.

IAS Audit Report

Final Audit Report on

This IAS Audit Report is addressed to

Auditor Team Leader

Manager Audit Manager

Agnieszka KAŻMIERCZAK, Director

1. EXECUTIVE SUMMARY ................................................................................................................ 3

XXX are not included in the audit scope.

1.2. Audit Opinion and Major Findings / Observations

[Select one of the following audit opinions]:

[Disclaimer of opinion]: Since we were unable to perform our audit engagement as

[Satisfactory opinion with qualifications]: Based on the results of our audit as

achievement of the business objectives set up for <the activities/processes

1.3. Strengths (if applicable)

1.4. Comments from Auditee

[This section should be limited to including a reference to the auditee comments

Team Leader Audit Manager

2.1.1. Reason for the Engagement

Include a full description of the objectives and scope of the audit

2.1.2. Description of Audited Activity/Process

2.1.3. Key Figures

Describe population, materiality, sampling size and criteria used.

2.1.4. Overview of Strengths and Relevant Changes

(Optional – only if different from Executive Summary)

2.2. Major Observations and Recommendations

Recommendation N° XX - Title Critical

Recommendation N° - Title Very

Recommendation N° XX - Title Important

Recommendation N° XX - Title Important

ANNEX 1: AUDIT METHODOLOGY

ANNEX 2: COMMENTS FROM AUDITEE

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